Proposed Sale of 101 West 5th Street in the Central Business District
Background
The Cincinnati Center City Development Corporation (3CDC) is requesting the sale of 101 West 5th Avenue in the Central Business District. The site is the location of the former Sak’s 5th Avenue Department Store, and is currently owned by the City. The proposed sale would facilitate the redevelopment of the 74,000 square foot, currently vacant structure. 3CDC anticipates that the project will result in approximately 66,496 square feet of renovated office space and 8,654 square feet of renovated commercial space. The developer agrees to invest at least $23,000,000 in project costs into the Property and complete construction on the Project within 36 months of construction commencement.
3CDC estimates the Project will add up to 210 permanent full time equivalent jobs related to the renovated office space with approximately $16,832,000 in associated annual payroll, up to 35 permanent full time equivalent jobs related to the renovated commercial space with $898,900 in associated annual payroll, and up to 340 temporary construction jobs with $13,919,000 in associated one-time payroll.
3CDC is requesting a noncompetitive sale of the property for a total of $1. An appraisal is currently in process to determine the value of the land as encumbered by the existing building and various easements, but a recent appraisal for improvements indicated a $2.59M value. The Department of Community and Economic Development (DCED) also anticipates receiving a Community Reinvestment Act (CRA) tax abatement application. The project would be eligible for a net 52% property tax abatement for up to 15 years.
Public Meetings
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Virtual Community Engagement Meeting | Notice
Wednesday, August 9, 2023 at 4:00 PM, virtually via Zoom
Click here to view the Memo -
City Planning Commission | Notice
Friday, August 18, 2023 at 9:00 AM, virtually via Zoom.
Contact
Jeremiyah Hairston, Communcity Engagement Specialist
Department of City Planning and Engagement
805 Central Avenue, Suite 720
Cincinnati, Ohio 45202
jeremiyah.hairston@cincinnati-oh.gov | (513) 477-5171
or
Gabrielle Couch, City Planner
Department of City Planning and Engagement
805 Central Avenue, Suite 720
Cincinnati, Ohio 45202
gabrielle.couch@cincinnati-oh.gov | (513) 352-4882