Mon June 10, 2013
Cincinnati Council to vote on financing for 4th & Race project
Cincinnati Council could vote this week on an alternate financing plan to redevelop the old Pogue’s garage at the corner of Fourth and Race downtown.
Developer David Flaherty, who’s company is planning the project, told city council’s budget and finance committee it would do several things.
"We’re taking true blight in a real prime piece of real estate in downtown Cincinnati and turning it into what we think will be a real iconic structure," Flaherty said. "That not only helps the skyline, but brings a lot of money to downtown, a lot more people spending and supporting the businesses in downtown, replacing a lot of the parking and then the grocery store will be very special."
The proposal calls for an $80 million project with parking, a 30-story apartment tower and a grocery store.
Flaherty said his company is funding the grocery and that comes with several requirements.
"What our hours are, what out mix is," Flaherty said. "We’re reaching out for community reaction to find out how do we name this grocery store. I don’t think there will be a grocery store with more community input than what we’re doing here."
The city planned to use $12 million dollars from the proposed parking lease for the plan. But with that likely headed to the ballot, the city now wants to use funds that had been set aside to build a new hotel to benefit the convention center. That proposal fell apart three weeks ago and those funds would be redirected to the 4th and Race project.
The developer said construction could start before the end of the year.