By Ken Alltucker
The Cincinnati Enquirer

A front view Friday of the former McAlpin's building on Fourth Street, downtown. Cincinnati Enquirer/JEFF SWINGER

After three years of failing to recruit new shops and businesses to downtown's vacant McAlpin's building, developers are dangling a new idea in front of City Council: condos.

Madison Marquette and JFP Properties are seeking the city's approval to again change plans to renovate the long-empty former department store and the abutting Newstedt-Loring-Andrews building on the south side of West Fourth Street, between Race and Vine Streets.

The latest plan would deliver 60 condos and street-level shops instead of an office building mixed with two floors of retail.

Cincinnati's Planning Commission Friday approved the revised deal. The city will get $4 million for the two buildings, which it owns. City Council's Finance Committee is expected to debate the proposal Monday, which could yield a full council vote later next week.

Councilman Jim Tarbell said condos are a better fit for Fourth Street, and the new project gives the city its best shot of reviving the almost block-long stretch of blight across from Tower Place.

"This has been really frustrating for us," said Tarbell, also a planning commission member.

The city spent $8.5 million to buy the two buildings and a third building formerly occupied by Frisch's at the southeast corner of Fourth and Race streets. In 2001, the city struck a deal with Madison Marquette to build 80,000 square feet of retail on the block and another 65,000 square feet of shop space on the first two floors of the three buildings.

But with lukewarm demand for office and retail space downtown, Madison Marquette turned to residential developer JFP Properties, now building condos a block away at the former Fourth National Bank building. The firms formed a joint venture, 4 J Redevelopment LLC.

If council approves the revised deal next week, the developer will immediately buy the two buildings and complete the project within two years, according to Chad Munitz, the city's development director.

The city will keep the former Frisch's building, but Madison Marquette still has development rights and will pursue a retail and office project there.

Joseph Straka, of JFP Properties, said the McAlpin's condo project would include 70 parking spaces below the McAlpin's building and along Fourth. He said he could not gauge interest among potential buyers because the firm is awaiting council's approval before launching an aggressive sales strategy.

E-mail kalltucker@enquirer.com