One of Cincinnati’s biggest developers has plans to reshape an entire block of Race Street near Findlay Market in Over-the-Rhine.
Model Group, which is based in Walnut Hills, has put in an application with Cincinnati Center City Development Corporation to develop city-owned properties on the 1800 block of Race Street. In addition, the developer has recently purchased a number of other properties on the block. The grand vision: more than 50,000 square feet of commercial space and 40,000 square feet of office space in the area just east of the historic market.
“We want it to feel like an extension of the market,” said Model Group COO Bobby Maly Sept. 5. But don’t call it Findlay Market II. “We’re not trying to be the market," he said.
The deal isn’t finalized yet, however. Model will still need approval from 3CDC and the city. On June 25, City Council approved 3CDC's request to be preferred developer of the area around the market. The non-profit development group is currently taking applications from developers who want in on the action in the rapidly changing neighborhood and advising the city about which projects should get the go-ahead. Except for a couple businesses such as Rhinegeist brewery, the area of OTR north of Liberty Street is still mostly untouched by redevelopment.
3CDC’s request that the city make it preferred developer in the area caused controversy. Critics, including Over-the-Rhine Community Council President Ryan Messer, say the group has too much power and shouldn’t be allowed to call the shots entirely in OTR. 3CDC has led the drive to reshape the part of the neighborhood south of Liberty Street, including the renovation of Washington Park, the enormous Mercer Commons project and a bevy of smaller retail, dining and residential spaces, especially along Vine Street. But Messer and others say smaller developers could move quicker than 3CDC, which has banked a number of buildings, shoring them up just enough to save them and then boarding them up. He has also expressed concerns that the development group isn’t serving the interests of everyone in the neighborhood and hasn’t paid close enough attention to the need for things like affordable housing there.
“A common thread in the neighborhood is the expressed desire to protect and expand our cultural diversity and this, in part, can be done by paying close attention to providing affordable housing options in both the rental and the purchase markets,” Messer said in a June 18 letter to the city asking it to not grant 3CDC preferred developer status.
While Model Group has played a relatively smaller role in OTR than the nonprofit 3CDC, it has also been very active in the area, especially in the Pendleton District to the east. Model has been working on Pendleton Square, a $26 million residential development just north of the Horseshoe Casino. That project could create about 40 new market-rate residential units and more than 10,000 square feet of retail space in the neighborhood, which is also experiencing a surge in redevelopment efforts.