The Cincinnati City Planning Commission has recommended approval of a development agreement with Cincinnati Center City Development Corporation (3CDC) on a $100 million, four-parcel project at Fifth & Race streets.
The two-acre site on the northwest corner is a City of Cincinnati-owned parking lot that has long been considered prime real estate for redevelopment.
The proposed project includes an approximate 1,000-space parking garage, approximately 40,000 SF of retail/commercial space, an approximate 250,000 SF headquarters building for dunnhumbyUSA, and a potential 200-unit residential building.
Representatives from 3CDC and dunnhumbyUSA presented plans to the City Planning CommissionFriday morning, outlining the details of the development agreement.
In the agreement, the City would transfer the land to 3CDC to create the four-parcel development. 3CDC would then transfer the garage parcel back to the City, which would then lease it back to 3CDC to operate the parking facility in a "Class A" manner. The arrangement, similar to that at Fountain Square Garage, would allow 3CDC to provide dunnhumbyUSA with a certain number of non-reserved parking spaces, and maintain the rest for transient, non-monthly parkers and residents of the potential rental apartments. 3CDC would maintain ownership of the street-level retail/commercial space, and would lease the space to quality tenants, focusing on unique businesses that complement existing retail.
dunnhumbyUSA would own its own headquarters building, and the potential residential developer would own, lease and manage the rental units.
The financing plan for the $100 million project would include New Markets Tax Credits, tax increment financing, 3CDC-managed corporate loan funds, a JobsOhio loan, and conventional debt and equity. Construction would begin in Fall 2012.
The development agreement goes next to the Budget & Finance Committee on June 25 and to City Council on June 26.