The Cincinnati Center City Development Corp. (3CDC) is a 501(c) 3, tax-exempt, private, non-profit corporation. Its mission and strategic focus is to strengthen the core assets of downtown by revitalizing and connecting the Fountain Square District, the Central Business District and Over-the-Rhine (OTR).
3CDC was formed in July 2003, recommended by a City of Cincinnati Economic Development Task Force as part of an overall system to increase the effectiveness and efficiency of development activities in the City of Cincinnati. Then Mayor Charlie Luken and members of the Cincinnati corporate community joined together to create 3CDC, agreeing that the economic future of Cincinnati depended first and foremost on a strong and vibrant downtown business and entertainment district.
Its operations are funded privately, through a combination of corporate contributions, management fees, and below-market developer fees. In November 2004 the staff of 3CDC accepted the daily, operating responsibilities for two private investment funds, the Cincinnati New Markets Fund (CNMF) and the Cincinnati Equity Fund (CEF). These loan funds are geared toward downtown redevelopment and spurring economic development in distressed and struggling neighborhoods.
3CDC works collaboratively with the City of Cincinnati and the State of Ohio. Also among 3CDC’s partners are members of the Cincinnati corporate community. Cincinnati is fortunate to have a very strong and engaged base of corporate leadership. More than 30 corporate leaders make up 3CDC’s Board of Directors, and are vital to 3CDC’s existence and success.
3CDC’S GOALS AND OBJECTIVES
>> CREATE GREAT CIVIC SPACES
>> CREATE HIGH DENSITY/MIXED-USE DEVELOPMENT
>> PRESERVE HISTORIC STRUCTURES AND IMPROVE STREETSCAPES
>> CREATE DIVERSE, MIXED-INCOME NEIGHBORHOODS SUPPORTED BY LOCAL BUSINESS
3CDC HISTORIC MILESTONES
July 2003: 3CDC Founded.
April 2004: Steve Leeper, then the executive director of Pittsburgh’s Sports and Exhibition Authority, is hired by the 3CDC Board of Directors to serve as President & CEO.
November 2004: 3CDC accepts responsibility for overseeing management of CNMF and CEF, two private loan funds targeted for downtown and urban redevelopment.
March 2005: 3CDC begins land banking abandoned, vacant, dilapidated and problem properties in Over-the-Rhine for future redevelopment.
September 2005: $48.9 million renovation of Fountain Square begins.
October 2006: Newly redesigned Fountain Square Garage and Plaza is rededicated and reopened to the public.
March 2007: Residential sales office opens at the corner of 12th and Vine streets in Over-the-Rhine as approximately 100 new condo units and more than 23,000 SF of commercial space comes on line as part of Phase I & II in the newly dubbed “Gateway Quarter” in OTR.
February 2008: A groundbreaking is held at 14th and Vine that includes the demolition of a problem carryout, to kick off Phase III of development in the Gateway Quarter, which will bring 107 new condos and more than 25,000 SF.
May 2008: PNC Bank sponsors the Fountain Square Summer Music Series, bringing live music to the Square five nights per week and establishing the Fountain Square District as an entertainment destination for the region.
March 2010: Gateway Quarter sales office moves to 14th and Vine streets, signaling 3CDC’s northern progression up Vine Street.
November 2010: $48 million renovation and expansion of Washington park begins. The new 450-space parking garage will be completed in March 2012, and the park will re-open to the public in July 2012.
February 2011: Saengerhalle, three historic buildings transformed into a 32,750 square foot office and restaurant complex, becomes 3CDC’s new home.
June 2012: Mercer Commons breaks ground on Phase I.
July 2012: Washington Park re-opened to the public.
October 2012: 21c Museum Hotel Cincinnati opens the doors on a 156-room boutique hotel and public art museum.
November 2012: Boca, Sotto & Igby’s open to the public in the buildings that once housed the Maisonette, LaNormandie and Barleycorn’s.
January 2013: dunnhumby centre breaks ground at the corner of Fifth & Race Streets in downtown.
May 2013: Mercer Commons breaks ground on Phase II.