3CDC proposes $23 million redevelopment of former Saks Fifth Avenue store
3CDC wants the city to sell it the site at 101 W. Fifth St. for $1 and allow it to build 66,496 square feet of office space and 8,654 square feet of commercial space, according to a notice posted on the city’s website asking for community engagement.
The new office space would contain 210 permanent, full-time jobs and $16.8 million in annual payroll, according to 3CDC’s estimates. The jobs would pay an average of $80,000 per year.
“This is a critical property in our urban core, serving as both an extension of the Convention Center district and a connector to Fountain Square,” Lann Field, 3CDC’s vice president of development, said. “We believe a mixed-use development with Class A office space on the upper floor and street-level retail space, similar to the Foundry, will not only reactivate a vacant building but also help us continue to build a vibrant downtown.”
The city will conduct a public engagement meeting at 4 p.m. on Wednesday, Aug. 9 via Zoom. The proposed sale could go to the Cincinnati Planning Commission on Aug. 18. More information is available on the city’s website.