The Washington Park project includes the renovation and expansion of the public park and the addition of a 500-space underground parking garage. It will transform a pivotal civic space in Over-the-Rhine, creating a green oasis for residents and visitors in the middle of an urban neighborhood. The park is surrounded by some of the city's most prestigious cultural institutions including Music Hall, Memorial Hall and the new K-12 $72 million School for the Creative and Performing Arts. The garage and the park will be utilized by visitors to those venues as well as visitors to the OTR Gateway Quarter shopping district and neighborhood residents. The Park renovation and expansion is estimated at $14 million and garage construction is estimated at $18 million. The creation of parking will serve as a catalyst for future development of at least 25 surrounding vacant properties. This project is being undertaken in partnership with the Cincinnati Park Board and the City of Cincinnati. The $32 million mixed-use project will be financed in part by a $5 million Cincinnati New Market Fund mezzanine loan. The project has also been awarded $2.85 million in state capital grants.