OVER THE RHINE, OH (FOX19) - The next phase of a $63 million development project in Over-the-Rhine broke ground on Friday.
Phase II of Mercer Commons includes 13 historic rehabs and new construction, bringing 67 mixed-income apartments and 10,600 square feet of commercial space to the area.
It is located between East 13th and 14th Street, bordered by Vine and Walnut Street.
U.S. Bank has provided $18.6 million towards the 67 new apartments.
Representatives from 3CDC, McCormack Baron Salazar, Inc., and U.S. Bank will join city officials at the groundbreaking ceremony, planned for 1 p.m. at the corner of Mercer and Walnut Streets.
"U.S. Bank and McCormack Baron Salazar, Inc. have been critical partners in the second phase of the Mercer Commons project," said 3CDC president and CEO Steve Leeper. "Their teams went above and beyond to meet the complex financing needs for this mixed-use, mixed-income development."
McCormack Baron Salazr, Inc. is a national developer of affordable urban housing.
The entire three-phase Mercer Commons project includes the construction and renovation of 19 buildings and 26 vacant parcels of land on 2.6 acres.
In total, it will bring 126 apartments, 28 condominiums, 17,600 square feet of commercial space, a 340-space parking garage and usable green space to the community once completely finished.
Construction began with the first phase in June 2012. Both Phase I and II are expected to be complete in July 2014.