NEW MIXED-INCOME APARTMENTS COMING TO OVER-THE-RHINE

NEW MIXED-INCOME APARTMENTS COMING TO OVER-THE-RHINE
67 units in 13 historic rehabs and one new-construction building to break ground May 31

CINCINNATI – (May 28, 2013) – The City of Cincinnati, 3CDC, and McCormack Baron Salazar, Inc., will break ground next week on the second phase of the Mercer Commons project that will yield 67 apartments, 30 of which will be affordable through the Low Income Housing Tax Credits program to those making 50-60% of area median income. This phase of the project also includes 10,600 SF of commercial space along Walnut Street, bringing much needed commercial activity to this section of Over-the-Rhine (OTR).

McCormack Baron Salazar, Inc. is the chosen developer for the second phase of Mercer Commons, and will own and manage the residential units upon completion. 3CDC, master developer and lender, will own and manage the commercial space in all three phases.

McCormack Baron Salazar, Inc. is the nation’s leading for-profit developer of economically integrated urban neighborhoods. The company has invested $2.7 billion in the construction of more than 17,000 residential units around the country, including $120 million in private investment and $603 million in Federal grants received. Helping to rebuild neighborhoods such as OTR that have deteriorated through decades of neglect and disinvestment, McCormack Baron Salazar, Inc. has made quality, affordable housing the cornerstone of its mission.

McCormack Baron Ragan Property Management Services, an affiliate of McCormack Baron Salazar, Inc., will serve as the property manager for the 67 units. The development will be managed to market-rate standards by experienced staff committed to equal opportunity in the OTR neighborhood.

3CDC solicited feedback on the Mercer Commons project through a series of community input sessions held from 2008 to 2011, involving representatives from dozens of organizations. Feedback included the need for more apartments to meet increasing demand for rental housing, and the need for quality affordable units to continue developing a mixed-income neighborhood. The project meets these community needs and creates a connection between already completed projects by redeveloping vacant buildings and parcels into a more unified district.

The three phases of the $63 million project dubbed Mercer Commons include in total the redevelopment of 19 historic buildings and 26 vacant parcels of land on 2.67 acres between East 13th and 14th streets, bounded by Vine Street on the west and Walnut Street on the east. Phase I construction is underway, scheduled for completion this fall.

The first phase of construction includes the restoration of 4 historic buildings into 11 for-sale units, the construction of 5 new townhomes, 1 mixed-use building to include 12 for-sale units and 4,000 SF of commercial space, and a new 340-space parking garage that opened earlier this month. The rehabbed condos are expected to be completed next month, and the new townhomes and mixed-use building will be completed this fall.

The May 31 groundbreaking of Phase II will be followed by a 15-month construction schedule, with apartment availability in June 2014.

Funding partners for Phase II include U.S. Bank, Ohio Housing Finance Agency, Ohio Development Services Agency, Cincinnati Development Fund, Cincinnati Equity Fund II, Cincinnati New Markets Fund, 3CDC and the City of Cincinnati. HGC Construction is the general contractor, and the design team includes City Studios, and City Architecture.