In Cincinnati’s Over-the-Rhine neighborhood, Market Square will be a welcome mixed-use redevelopment with housing, office, and retail, including healthy food options. The project, which calls for the complete renovation of 12 blighted, vacant buildings, will further revitalize a section of Over-the-Rhine that has lagged behind other parts of the community in development.
The $19 million project will provide retail space for food-related businesses unable to rent at the historic Findlay Market adjacent to the redevelopment. Findlay Market, which has a waiting list for tenant space, also plans to lease about 2,000 square feet from Market Square.
To fill a financing gap, IFF is contributing $7 million in new markets tax credits toward the project, along with a $3 million loan with participation from Cincinnati Development Fund and Partners for the Common Good. Other funding sources include a loan from LISC, historic tax credit equity from Ohio Capital Corporation for Housing, and NMTCs from LISC, CDF, and Capital One, which is also the tax credit investor.
Market Square, which is being developed by the Model Group, will include 47,500 square feet of retail and office space. At least 25 percent of the 23 housing units will be set aside for low-income households.
In addition to further branding the area as a food destination and adding much-needed affordable housing, Market Square will create an estimated 289 temporary construction and 145 permanent jobs.
Tags: : Capital Solutions