Proposed TIF funds for "The Bridge" in Evanston
Background
“The Bridge” represents the proposed redevelopment of three (3) historic buildings within both the Evanston Business District and the recently designated Evanston National Historic District. The subject properties consist of 1740 Brewster Avenue, 3570 Montgomery Road, and 3604-3608 Montgomery Road.
Between 2015 and 2019, the Hamilton County Landbank and Walnut Hills Redevelopment Foundation, with the support of the Evanston Community Council, purchased and stabilized the subject properties. At that time, acquisition and stabilization funding was provided by the City of Cincinnati.
In 2019, the Hamilton County Landbank and the Walnut Hills Redevelopment Foundation issued an Request for Proposals (RFP) seeking proposals from developers for the redevelopment of the site, and ultimately selected 8K Development Company, LLC to serve as the project developer.
The project will produce 27 mixed-income, affordable residential units. It will consist of six (6) studio apartments, eight (8) one-bedroom apartments, eleven (11) two-bedroom apartments, and two (2) three-bedroom apartments. All 27 units are proposed to have rents that will not exceed what is affordable to 60%-80% of the Average Median Income (AMI), and residential rents will range from $1,003 to $1,600 per month.
The project includes approximately 6,319 square feet of commercial space. The one currently occupied commercial space will be improved, and four (4) new commercial spaces will be produced.
The total project cost is projected to be approximately $8.5M, with construction costs at approximately $6.9M. The project is estimated to take 18 months to complete and is projected to support the creation of 28 temporary construction jobs with a total annual payroll of approximately $2M and 18 full-time, permanent jobs with an estimated annual payroll of approximately $561,000. The developer intends to begin construction in Spring 2024.
The project was awarded $1M in Notice of Funding Availability (NOFA) funding by the City in 2022. In addition, the Department of Community and Economic Development is proposing a 15-year, net 67% Community Reinvestment Area (CRA) tax exemption in addition to up to $800,000 in direct financial assistance from the Evanston Tax Increment Finance (TIF) District. Approximately $350,000 would come from the affordable set-a-side and the remaining balance from the base TIF. This would be contingent on community support and a funding award from the Affordable Housing Trust Fund ( AHTF) via Cincinnati Development Fund.
Location and Existing Site
The subject properties consist of 1740 Brewster Avenue (058-0004-0044-00), 3570 Montgomery Road (058-0004-0102-00), and 3604-3608 Montgomery Road (058-0004-0024-00). These properties are adjacent to a 24-hour bus route and are within both the Evanston Business District and the recently designated Evanston National Historic District.
Engagement
The project received a letter of support from the Evanston Community Council in 2021 and 2022. 8k held multiple community input sessions during 2022, attended multiple Evanston Business Association meetings, and created www.thebridgeevanston.com to collect community input.
The developer will be presenting the project again to the Evanston Community Council in January 2024 to request support and solicit additional input and feedback.
Proposal
This project is being developed by 8k Development Company, LLC. 8k has developed more than $20 million in real estate, including the creation of more than 50 mixed-income affordable housing units in the city. Most recently, 8k serves as Developer of the $9.5M KeyMark development in College Hill and has developed $5M of real estate in Over-the-Rhine.
To review the proposed project plans, please click the link provided below.
Past Public Meetings
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Community Engagement Meeting
Monday, February 5th, 2024 at 6:00 p.m.
Contact
Eunique Avery, Community Engagement Specialist
eunique.avery@cincinnati-oh.gov | (513) 352 - 4891