CINCINNATI – In a significant development for the city’s architectural landscape, on Monday, the Cincinnati Budget and Finance Committee put forward a recommendation for the approval of an ordinance. This ordinance, if passed, will greenlight the renovation of the iconic Carew Tower, transforming it into a vibrant mixed – use residential and commercial space.
The Carew Tower has stood largely vacant for several years, a silent sentinel of the city’s past. However, this could soon change. City Council members were visibly elated at the prospect of breathing new life into this historic edifice. Jeff Cramerding, expressing his enthusiasm, stated, “Since I have been here, this has been one of the most exciting votes and exciting projects. This is truly going to be an iconic project.” His words underscore the significance of the proposed transformation, not just for the building itself but for the city’s future.
The ambitious plan is spearheaded by Victrix, LLC. Under the proposal, the company intends to construct 375 market – rate rental units on floors four through 49 of the Carew Tower. Additionally, nearly 65,000 square feet on the first three floors will be converted into commercial space. The project, estimated to cost around $161 million, has reassured city council members that taxpayers will not be burdened with the majority of the expenses. Seth Walsh detailed the financial breakdown, saying, “Private financing’s 97 million dollars, the developer equity is almost 55 million dollars, and then tax credits are 10 million. For a $161 million project, it is fantastic.” As part of the deal, the Budget and Finance Committee has also recommended the approval of a 30 – year property tax abatement. Given Victrix’s prior successful working relationship with the city, demonstrated through the renovation of the former Macy’s office building, hopes are high for the successful execution of this new and much – anticipated project.
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