Carew Tower developer gets $1.5 million credit line from the Port for remediation
Victrix will lend back $1.5 million to the Port on a revolving basis in anticipation of the receipt of the grant funds. The deal structure allows work to continue on the project before the grant comes in.
The ongoing abatement and remediation work is expected to accelerate beginning in October and be complete by the middle of 2024.
“The Carew needs a lot of work,” Todd Castellini, the Port’s senior vice president of public finance and capital strategy, said. “The capital stack is just ridiculous to make something like this work … So many subsidies.”
The project would convert offices to residential use in the 49-story tower, which is largely vacant and suffering from steady deterioration.
Victrix has already sunk $6 million into the project, stipulated as part of the sale agreement, according to Phil Denning, the Port’s executive vice president. The work has included separating the hotel from the tower.
The application portal for the next round is expected to open in October 2023. The program will disburse $175 million over the next two years. All of Cincinnati’s applications are made through the Port. The city and the Port are currently reviewing 27 projects for proposal.
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