Sunday, December 23, 2001

Industry notes: Real estate


Funds still remain for riot damage

By Ken Alltucker
The Cincinnati Enquirer

        A handful of downtown and Over-the-Rhine businesses such as the Diner and Jack's Camera shop have closed in recent weeks, citing lack of business since April's riots and the economic recession.

        What's more, historic Arnold's restaurant and bar and others say they might follow suit unless prospects improve.

        In order to give some struggling merchants help, Cincinnati City Councilman Chris Monzel has sent a letter to downtown businesses informing them of available grant and loan programs.

        The city established a $1 million grant and emergency loan program to assist businesses who have struggled since April's riots.

        There haven't been many takers on either program, Mr. Monzel says, because few people know about them. The grant program still has $700,000 available for small businesses, he said.

        “I hate to see some of these businesses close and not know about this,” Mr. Monzel said.

        Mr. Monzel said he wants to get the word out that businesses may be eligible because both programs expire at the end of the year. He urges people to call the city's economic development department, 352-3950, or his office, 352-3406, for more information.

        Mr. Monzel said the loans can be used as working capital and replace inventory lost during April's riots. There are no payments due for the first year after the loan.

        Businesses that suffered physical or financial damage from the riots are eligible for the grants.

        Several small businesses have complained that the city isn't doing enough to help them but is willing to hand out a $6.6 million subsidy to keep Saks Fifth Avenue downtown.

        Mayor Charlie Luken and Mr. Monzel apparently agree and have urged city staff to investigate whether it's possible to establish a $5 million pool exclusively for small businesses downtown. Mr. Luken expects to get word this week whether the city can legally set up the fund.

Strata-G moving a few blocks north

        Strata-G Communications will move its 45 downtown workers a few blocks north from its Fourth Street office.

        The public relations firm has signed a deal to occupy a 13,400-square-foot space at Court Street Center. The move will allow Strata-G to gather its work force in a single area — the firm now is now spread across two floors at the Textile building, 205 W. Fourth St.

        Jeff Eberlein, Strata-G's man aging partner, said the move will make the firm more efficient and set the stage for future growth.

Sentron signs four-year lease

        Sentron Medical Inc. has signed a 30,000-square-foot lease to stay put at Duke Realty Corp.'s Lake Forest Place in Blue Ash. The four-year lease amounts to a small expansion, Ken Schuermann of Duke said.

        Wayne Hach of Cincinnati Commercial Realtors represented Sentron.

        Contact Ken Alltucker at 768-8384, kalltucker@yahoo.com or fax 768-8340.

       



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