Proposed Use of TIF Funds for Oskamp Flats Downtown
Background
Oskamp Flats is a 0.43-acre senior affordable housing development that is split between two locations in the Central Business District. The first site is located on the north side of the intersection of W 7th Street and Baldwin Alley and the second is located on the west side of Egan Alley between W 4th Street and McFarland Street. The developer of this project is Oskamp Flats Limited Partnership, a subsidiary of Model Property Development LLC and Model Group Inc.
Proposed Project
Oskamp Flats is a rehabilitation project that involves the historic renovation and adaptive reuse of two existing buildings in Cincinnati's urban core located at 221-223 W Fourth Street and 26-30 W Seventh Street. The project will create 70 units of affordable housing targeting seniors 55+. It will create 4 studio units at 30% AMI, 3 one-bedroom units at 30% AMI, 26 studio units at 60% AMI, 30 one-bedroom units at 60% AMI, 4 studio units at 80% AMI, and 3 one-bedroom units at 80% AMI. These units will remain affordable for 30+ years.
Total project cost is projected to be $26.7M, with construction costs at $16.3M. The project is estimated to commence construction in April 2025 and expected to take 15 months to complete construction. It is expected to support the creation of 318 temporary construction jobs with a total annual payroll of approximately $8.9M and 1.5 full-time permanent jobs with an estimated annual payroll of approximately $107,500. The project was awarded 9% Low-Income Housing Tax Credits in 2024.
The Budget and Finance Committee will review this ordinance on Monday, February 24, 2025. City Council will likely review the ordinance on Wednesday, March 5, 2025 and vote on whether to approve the use of TIF funds for the Oskamp Flats project.
Location of Proposed Project
221-223 W Fourth Street, Cincinnati, OH 45202 & 26-30 W Seventh Street, Cincinnati, OH 45202.
Past Public Meetings
-
Virtual Community Engagement Meeting
Tuesday, February 28, 2025 at 5:30 PM
Related Materials
Contact
For questions please contact:
Eunique Avery, Community Engagement Specialist
eunique.avery@cincinnati-oh.gov | 513-713-8982