Wednesday, November 01, 2000
Deal frees OTR property for fix-up
By Robert Anglen and Ken Alltucker
The Cincinnati Enquirer
Development in Over-the-Rhine has been a hostage for years to a standoff between Cincinnati and low-income housing advocates. But with a $4.2 million housing project in jeopardy, advocates gave in to city pressure on Tuesday.
For the first time, ReStoc has agreed to sell one of its Vine Street buildings for a market-rate development in order to get $770,000 from the city.
The deal will not only turn eight vacant buildings into apartments for low, moderate and average wage earners, Planning Director Elizabeth Blume said, but it will also be a catalyst for restoring a blighted neighborhood.
Cincinnati Mayor Charlie Luken, who has repeatedly rejected ReStoc's proposals, said he will vote for the deal today. His decision will be enough to win approval for the project, which looked dead after a 4-4 vote by City Council in June.
ReStoc needed the $770,000 loan to cap a $3.5 million package that comes from a state loan and investors who seek tax breaks by helping pay for low-income housing.
Three council members and some private developers still oppose the project, saying it won't stop ReStoc from choking neighborhood development.
ReStoc also agreed Tuesday to reduce the size of the low-income project and increase the minimum income rate to attract higher-earning tenants.
The new proposal calls for 30 units in seven buildings. The eighth building will be sold to a private developer who will target higher-income tenants.
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