Proposed TIF Funds for The Blair Lofts Phase II in Avondale
Background
Blair Lofts Phase II is a proposed new construction, affordable housing development in the Avondale neighborhood. The project will create 48 affordable housing units located on a 24-hour bus route within a 1/2 mile of the Avondale Town Center and a short distance from major institutions such as the University of Cincinnati and Cincinnati Children's Hospital. The project will create a mix of units serving various area median income (AMI) levels. The project will consist of one-, two, and three-bedroom units targeting households between 30-80% AMI. Rents range from $522 - $1,506 for a one bedroom, $622-$1,802 for a two-bedroom, and $715- $2,078 for a three-bedroom. The developer intends to start construction in late summer/early fall of 2024.The total project cost is estimated to be approximately $15.4 million, with construction costs at approximately $10 million. Construction is projected to take approximately 14 months. The project is estimated to support the creation of 100 temporary construction jobs with an estimated annual payroll of approximately $6.5 million and 2 full-time permanent jobs with an estimated annual payroll of approximately $120,000.
Blair Lofts Phase II is being developed by Kingsley + Co. and the Avondale Development Corporation. Kingsley + Co. has developed more than $100 million in real estate, including properties in Cincinnati and Columbus, OH. The projects include a mix of market rate and affordable residential units, commercial real estate, and a parking garage.
Proposal
The Department of Community and Economic Development recommends up to $1.1 million in direct financial assistance from the Avondale Tax Increment Financing (TIF) District.
Location and Existing Site
The subject properties consist of 548 Blair Avenue (107-0008-0123-00), and 588 Blair Avenue (107-0008-0150-00), located in the Avondale neighborhood.
Engagement
Kingsley & Co. has presented the proposed Blair Lofts II plans to the Avondale Community Council as a continuation of providing affordable housing in Avondale. With the success of Blair Lofts, being 100% leased with a waiting list, the Avondale Community Council is confident Blair Lofts II will continue to fill the gap of affordable housing in Avondale.
Past Public Meetings
A community engagement meeting was held on Monday, June 3rd, 2024, at 5pm virtually on Zoom.
Contact
For questions related to the public engagement meeting please contact:
Eunique Avery, Community Engagement Specialist
eunique.avery@cincinnati-oh.gov | (513) 477-5171