TURNAROUNDS TAKE TIME

GREAT CITIES DO NOT HAPPEN OVERNIGHT

CREATING PLACE AND PROSPERITY REQUIRES PATIENCE

“We started with a mixed-use development with a ground floor restaurant.

The sales of the upper floor condos go into the revolving fund, which in turn funds more redevelopment,” Joe Rudemiller, vice president of Marketing & Communications at Cincinnati Center City Development Corporation, said, noting that historic tax credits have been used frequently and to a lesser extent, low-income housing tax credits have funded some redevelopment.

Because 3CDC was moving patiently, it created an LLC for each purchase.

That kept speculators in the dark, so prices were not driven up before properties could be assembled to make meaningful change.

Work started in the heart of Over-the-Rhine.

The 3CDC wanted to improve a core area, rather than work on standalone properties scattered throughout its boundaries.