AVONDALE, OH (FOX19) - Developers are pledging to invest $150 million on a mixed-use development called Uptown Gateway in Avondale that calls for a 182-room hotel, office building and University of Cincinnati’s Digital Futures Building, city leaders announced Tuesday.
Cincinnati City Council is expected to approve a 30-year tax increment financing district (TIF) for the development on the corner of Reading Road and Martin Luther King Drive.
“I believe this research innovation corridor is going to be the key differentiator of the next 20 years for Cincinnati’s accelerated growth,” Mayor John Cranley said. “This is the next big thing: Combining research, students and revitalization."
Councilman P.G. Sittenfeld introduced the proposal Tuesday during a joint meeting of Council’s Education, Innovation & Growth Committee and the Budget & Finance Committee.
“What we are announcing right now and where we are standing right now," Sittenfeld said during the news conference, "this is the future of Cincinnati’s economy: Harnessing the power of innovation, tapping bright, young entrepreneurial minds, building connectivity with world-class research institutions.
“This,” he said,"is what’s going to propel us forward as a city.”