New businesses opening at Cincinnati’s Market Square at Findlay Market throughout 2017

New businesses opening at Cincinnati’s Market Square at Findlay Market throughout 2017

Since its opening in 1855, Findlay Market has grown to bring over 1.2 million visitors to Cincinnati’s Over-the-Rhine neighborhood annually. The rest of the community near the market, however, has struggled to keep up. With 56 percent of residents living in poverty and a 25 percent unemployment rate, Over-the-Rhine is searching for ways to revitalize its economy and its people. One developer’s vision is helping.

The Model Group acquired and renovated 12 blighted, vacant buildings to create a mixed-use office, retail, and housing space across the street from Findlay Market. “Market Square at Findlay Market” features 47,000 square-feet of retail space that includes a local coffee shop, a local café, a bakery, and more. Each retail tenant is either a new business or an expansion of a small, local business. Most tenants will be opening throughout the second half of this year, but the anchor tenant – an independent, healthy foods store – opened for business in late May.

The 23 units of housing are almost fully leased, bringing much-needed quality, affordable housing options into the neighborhood. In addition, an estimated 150 permanent jobs will be created through the development.

The $18.8 million project was completed with a complicated financial structure that includes New Markets Tax Credits (NMTC), historic tax credits, and leveraged financing. IFF provided $7 million in NMTC allocation and an additional $3.3 million in direct financing in partnership with the Cincinnati Development Fund.

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