New development project announced for downtown - Cincinnati News, FOX19-WXIX TV

New development project announced for downtown

CINCINNATI, OH (FOX19) - Mayor John Cranley announced a new downtown development project Monday afternoon.

The building that currently houses Tower Place parking will be developed into a 23,000 square foot retail space at street level. Above the foot retail space will be a 920 space garage. An eight-story apartment building will be above the garage with over 200 units.

The project will be developed by the Cincinnati Center City Development Corporation.

The development, located at the corner of 4th and Race Street, will cost $77 million with the city providing about $10 million in loans and grants.

It is expected to be finished in two years.

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