3CDC to redevelop historic OTR buildings into $7 million mixed-use apartment project

Cincinnati Center City Development Corp. is planning a $7 million, 29-unit apartment project half a block away from Washington Park. But the project will barely make any money on its investment, according to the city's financial analysis. The project will include 15 one-bedroom units, eight two-bedroom units and six studios, as well as 2,600 square feet of first-floor commercial space. 'We're thrilled to be reactivating these vacant buildings that are surrounded by incredible amenities like The Transept, Queen City Radio, Cincinnati Shakespeare Company and Washington Park.' In the 1880s, the city was served by only five hospitals, all of which suffered from unsanitary and inadequate facilities. They also employed nurses who were nearly untrained until the Cincinnati Training School for Nurses was founded in 1889. With the abatement, it stands to get a 1% return. The standard rate of return is 8% to 10% in Cincinnati. To have a 1% (return) - only a large developer can do this deal,' Councilman Reggie Harris said. 'I'm positive a first-time person investing in Cincinnati is not going to take on a deal with a 1% cash-on-cash return.'