3CDC is a non-profit, real estate development and finance organization focused on strategically revitalizing Cincinnati’s downtown urban core in partnership with the City of Cincinnati and the Cincinnati corporate community. Our work is specifically focused on the central business district and in Over-the-Rhine.
MERCER COMMONS
CURRENT
ESSENTIAL FACTS:
Developer: 3CDC, Northpointe Group & McCormack Baron Salazar (MBS)
Location: Between East 13th & 14th streets bordered by Vine and Walnut streets
Project Cost: $ 60 million
Units: 154 (126 rental and 28 condos)
Average Unit Size: 1,100 SF condos
PROJECT FUNDING
- Day Loan — Day Loan
- HTC — Historic Tax Credit Equity
- NMTC — New Markets Tax Credit Equity
- State — Jobs Ohio Loan
- Loan — Conventional Loan
- LIHTC — Low Income Housing Tax Credit Equity
- City — City Grant
- CEF — Cincinnati Equity Fund
- CNMF — Cincinnati New Markets Fund
PROJECT SUMMARY
Mercer Commons is the development and renovation of 19 buildings and 26 vacant parcels of land on a total of 2.67 acres. It is a $63 million project that will yield 126 apartments (30 of which will be affordable units), 28 condominiums, 17,600 SF of commercial space, and a 340-space parking garage. It will bridge the gap of development on Vine from the 1200 block to the 1400 block as well as create a connection to Walnut Street.
The project is divided into three phases of development. Construction on the first phase is underway, and includes the parking garage, 11 condos in 4 historic rehabs, 12 condos in a new-construction mixed-use building on Vine with 3,900 SF of commercial space, and 5 new construction townhomes on Mercer. The garage will open in May 2013, with the historic rehabs to follow in June and the remaining condos in the Fall.
The second phase includes 13 historic rehabs and new construction yielding 67 mixed-income apartments and 10,600 SF of commercial space. Construction will begin in April 2013 and take approximately 15 months.
The third phase of construction includes 2 historic rehabs and new infill development. Phase III will include approximately 60 market-rate apartments and 3,100 SF of commercial space.
Available Spaces
1324 VINE STREET
Mercer Commons is the development and renovation of 19 buildings and 26 vacant parcels of land on a total of 2.67 acres. It is a $63 million project that will yield 126 apartments (30 of which will be affordable units), 28 condominiums, 17,600 SF of commercial space, a 340-space parking garage and a 19-space parking lot along 14th Street. It will bridge the gap of development on Vine from the 1200 block to the 1400 block as well as create a connection to Walnut Street.
SF: 3,100
Phone: (513) 620-4OTR
3CDC is a non-profit, real estate development and finance organization focused on strategically revitalizing Cincinnati’s downtown urban core in partnership with the City of Cincinnati and the Cincinnati corporate community. Our work is specifically focused on the central business district and in Over-the-Rhine.
