Northside, Oakley To See $18M In New Development
Northside, Oakley To See $18 Million In New Development
City-Owned Properties Get New Life With 2 Redevelopment Projects
The Cincinnati neighborhoods of Northside and Oakley will see a major influx of investment after City Council approved two economic development deals Wednesday.
Milhaus Development will purchase City-owned property that once was home to the Myron Johnson lumberyard in Northside. The company will use the 2.4-acre site to build a mixed-use development with at least 100 apartments and 8,000 sq. ft. of commercial space. The developer has also committed to rehabbing a historic former railroad depot building.
In total, the development represents about $10.5 million in private investment. The City has also committed about $400,000 to improving streetscapes in the public right-of-way adjacent to the property for the neighborhood's enjoyment.
The City purchased the property, located at 4100 Hamilton Ave. and 1539 Knowlton St., several years ago in hopes of redeveloping and revitalizing the historic Northside business district. Since then, the City has performed demolition, environmental remediation and relocation of a sewer line to make the site marketable for development.
In Oakley, The Morelia Group will purchase 3 acres of land from the City and build a 15,000 sq. ft. daycare center and a 40,000 sq. ft. professional office building.
Located at the corner of Ibsen and future Kennedy Avenue, the two projects together will result in $7.5 million in private investment and the creation of at least 150 new jobs to the City.
The daycare and office building will be one the first buildings constructed along the new Kennedy Connector, a half-mile extension of Kennedy Avenue. The new road is also expected to support the $120 million Oakley Station development located at 4701 Marburg Avenue.
Both Milhaus and Morelia Group agreed to purchase City-owned property at fair market value.
"The neighborhoods of Northside and Oakley are getting two great projects that will put people to work," said Odis Jones, Economic Development Director. "We hope to continue this momentum into our other focused neighborhoods."
Below: The former Myron Johnson lumberyard that will see a new mixed-used development