Photo: Cincinnati Department of Community and Economic Development
The Findlay Parkside redevelopment project will convert 12 historic buildings around the 1800 block of Vine Street into a mixed-use development.
A development that will bring 26 affordable apartments to a blighted section of Vine Street near Findlay Market in Over-the-Rhine is on track to receive a multi-million-dollar boost from the city.
Cincinnati City Council's Budget and Finance Committee unanimously passed an ordinance on April 24 that transfers nearly $2.3 million in Downtown/OTR West TIF funds to Findlay Parkside, LLC, an affiliate of the Model Group.
The nearly $28.4 million Findlay Parkside redevelopment project will convert 12 historic buildings around the 1800 block of Vine Street into a mixed-use development. Plans for the area include 51 apartments – 25 studios, 20 one-bedroom, six two-bedroom – and 16,456 square feet of street-level commercial space.
Currently, the buildings are 97% vacant, with Eckerlin Meats occupying part of the first floor of 116 W. Elder, which will remain in place after construction.
The Model Group said 26 of the 51 apartment units will be considered affordable to households making 80% of the area median income for Hamilton County, which is $53,520 annually. Units are slated to run renters between $800 and $1,500 monthly.
CEO of the Model Group Bobby Maly told committee members that the developers increased the number of affordable units and added more two-bedroom units after receiving community feedback.
“We have built in six two-bedrooms to try to be responsive to adding more diversity in unit sizes and we’ll be able to do that as this part of Vine Street continues to redevelop,” he said.
Maly said there were questions about units for those who make 60% of the area median income during community feedback sessions, which he said is not possible in this project, but it is still the goal overall for the developer.
“There’s a longer answer to this, but the short answer is we’re absolutely committed to doing 60% and below. We’re doing that in and around the neighborhood in a significant way,” he said.
Photo: Model Group via CityCable
The buildings highlighted in pink are Model Group developments that offer affordable rental rates for renters making 60% or less of the area median income.
The ordinance will go to a full council vote on April 26.
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