Cincinnati City Council will soon consider tax incentives for a plan to redevelop a distinctive part of Mount Auburn's skyline.
The unique three-story wedge-shaped building at 1833 Sycamore sits on an elevated perch above the five-way intersection where Sycamore Street runs into Auburn Avenue as it meets with Dorchester Avenue.
The 3,200 square-foot building was constructed in 1895. It has been vacant for a number of years and is currently owned by the Hamilton County Land Reutilization Corporation. The city and the HCLRC have spent $250,000 stabilizing the property.
Now, Neyer Holdings Corp. is looking to renovate the property. The group's plans would put a 1,000-foot commercial space on the first floor and two market-rate, 900-square foot apartments on the top two floors renting for between $1,550 and $1,800 a month. The project is expected to cost about $1.3 million, aided by $250,000 in Ohio Historic Preservation Tax Credits the project won last December as well as $140,000 in federal tax credits.
Neyer, which will likely acquire the property from the HCLRC next month, is also seeking a 12-year property tax abatement from the city worth $82,499 over the life of the abatement. Under the deal, Neyer would make payments in lieu of taxes to Cincinnati Public Schools worth $34,375 and would also pay $20,625 under the city's Voluntary Tax Incentive Contribution Agreement. That VTICA money would be split half-and-half between affordable housing throughout the city and neighborhood services in Mount Auburn.
In exchange for the tax incentive, Neyer would agree to create 75 temporary construction jobs and 10 permanent jobs, all full time.