3cdc
DESCRIPTION
Ohio Properties Redevelopment Institute Lunch Panel: Developing Urban Projects in Challenging TimesTRANSCRIPT
CINCINNATI
OUR MISSION
• 3CDC is a non-profit, real estate development and finance organization focused on strategically revitalizing Cincinnati’s downtown urban core in partnership with the City of Cincinnati and the Cincinnati corporate community. Our work is specifically focused on the Central Business District and in Over-The-Rhine.
• 3CDC manages The Cincinnati Equity Fund (CEF) and the Cincinnati New Markets Fund (CNMF). These investment funds play an important role by providing financial aid in downtown development activities.
Board MembersAmerican Financial Group *American Modern Insurance GroupCastellini CompanyCincinnati BellCincinnati EnquirerCincinnati USA Regional ChamberCintasConvergys CorporationDeloitteDinsmore & ShohlDuke EnergyFifth Third Bank *First Financial BankGeneral ElectricGlobal NovationsHumanaHuntington BankJack Rouse AssociatesKPMGMacy’s *North American PropertiesPeck, Shaffer & WilliamsPNC BankProcter & Gamble *Scripps InteractiveThe Kroger Company *Towne PropertiesToyota MotorUnited Way Uptown ConsortiumU.S. BankWestern & Southern Financial Group * * Fortune 500 Headquartered Companies
Cincinnati Equity FundCincinnati New Markets Fund
Cincinnati Equity Fund $44.5 millionCincinnati Equity Fund II $50.2 millionCincinnati New Market Fund $50.0 millionCincinnati New Market Fund II $35.0 millionCincinnati New Market Fund III $18.0 millionState New Market Tax Credit $2.0 millionCincinnati New Market Fund IV $50.0 million
TOTAL $249.7 million
CEF/CNMF
INVESTMENTS TO DATE
O v e r t h e p a s t 6 y e a r s :
$163 Mi l l ion CEF/CNMF investment
$122 Mi l l ion pr ivate investment
$39 Mi l l ion Ci ty investment ( w i t h a d d i t i o n a l p l e d g e o f 1 6 . 4 t h r o u g h T I F d i s t r i c t s o v e r t h e n e x t
2 0 y e a r s w i t h a N P V o f $ 7 . 7 m i l l i o n )
$324 MillionI n v e s t e d i n d o w n t o w n a n d O T R
UPCOMING INVESTMENTS
O v e r t h e n ex t 1 2 m o n t h s :
Mercer Commons - $53.5 Mi l l ion
Pa int Bu i ld ing - $4.1 Mi l l i on
OTR Phase V - $23 Mi l l i on
Homeless to Homes - $25 Mi l l i on
5 t h & Race - $100 Mi l l i on
$205.6 Millioni n a d d i t i o n a l i n v e s t m e n t s
OVER-THE-RHINE
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
1900 1960 1980 1990 2000
OTR Population
OTR Decline
OVER-THE-RHINE POPULATION DECLINE
500VACANT
BUILDINGS
700VACANT
LOTS
1667VACANT HOUSING UNITS
OVER-THE-RHINE CHALLENGES
OTR ACTION STEP: LAND BANKING
• CEF/CNMF has invested over $27 million in private funding to land bank properties in the Washington Park section of OTR
• 3CDC owns or controls: 200 buildings 169 vacant parcels
• Over $700,000 in annual carrying costs
OVER-THE-RHINE CHALLENGES
OVER-THE-RHINE CHALLENGES
OVER-THE-RHINE CHALLENGES
OTR ACTION STEP: C LO S I N G P R O B L E M P R O P E RT I E S
20-22 W. 12th (Jordan’s) 1201 Vine (Glossinger’s)3 E. 13th (Albert’s)
118 W. 15th (Walt’s)
1331-35 Vine (AM/PM Market)
1432 Vine (Pohlar Bar) 1412 Vine (Cricket)1401 Race (Bang’s)
Before:
After:
OTR ACTION STEP: AC Q U I R E D A N D S E C U R E D VAC A N T P R O P E RT I E S
Before:
After:
OTR ACTION STEP: AC Q U I R E D A N D S E C U R E D VAC A N T P R O P E RT I E S
OTR: CHALLENGES
Crime Statistics within 3CDC’s Targeted Area
Type of Crime 2004 2005 2006 2007 2008 2009 2010 2011 % ChangePart I 1,170 1,160 946 675 671 567 540 583 -50%Part II 603 587 537 510 443 351 341 323 -46%Total 1,773 1,747 1,483 1,185 1,114 918 881 906 -49%
COMPLETED DEVELOPMENTS: