Completion of Willkommen Project Celebrated with Ribbon Cutting
Posted on June 28, 2022 by sujvary
Mixed-Use Development Has Created Mixed-Income Housing, Commercial Space Throughout OTR
CINCINNATI (June 28, 2022) – Project leaders from the City of Cincinnati, Model Group, Cincinnati Center City Development Corp. (3CDC) and several other partners gathered this morning to celebrate the completion of Willkommen, a new mixed-use, mixed-income development at scattered sites throughout Over-the-Rhine.
The celebratory event took place on the west side of Ziegler Park with one of the new commercial buildings at 213 Woodward Street set as the backdrop. Preceding the ribbon cutting were remarks from project leaders from Model Group, 3CDC, the City of Cincinnati, Fifth Third Community Development Corporation, US Bank, Cincinnati Development Fund (CDF), Ohio Housing Finance Agency (OHFA) and National Equity Fund (NEF), all of which helped fund the project. Additional funders of the multi-site project include Consortium Structured Investments, Royal Bank of Canada and Truist.
The project required a complicated financing structure that included 13 different funding sources, including federal and state New Markets Tax Credits, federal and state Historic Tax Credits, Low Income Housing Tax Credits, Opportunity Zone investments, conventional debt, and City funding.
The City provided $1 million in HOME funds, $4 million of direct funding and a 15-year CRA tax abatement. Royal Bank of Canada, CDF, US Bank, Consortium, and Truist provided New Market Tax Credit (NMTC) allocations. Fifth Third Bank, NEF, Ohio Department Services Agency (ODSA), OHFA and US Bank provided additional funding and equity, including Historic Tax Credit equity, Low-Income Housing Tax Credit equity, Opportunity Zone financing, and direct lending.
Willkommen is a mixed-use, mixed-income project consisting of 16 historic rehabs and four new infill buildings scattered throughout four different project sites in OTR. Part of a larger affordable housing strategy between 3CDC and several of its partners, the project was co-developed by 3CDC and the Model Group.
The project included a total of 163 units – 88 apartments (or 54%) available to people making 50-80% of the Area Median Income (AMI) and 75 market-rate units. The apartments range from efficiencies to three-bedroom units. In addition to the residential component, the project contains nearly 20,000 square feet of first-floor commercial space. The historic buildings will be Enterprise Green Communities certified while three of the four infill buildings will achieve LEED silver certification.
Construction on the project began in July 2020. Model Construction served as the General Contractor on the project, with City Studios and GBBN serving as architects.
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