Cincinnati’s largest developments applying for over $89 million in state tax credits
Five projects in the Cincinnati region applied for the latest round of Ohio’s transformational mixed-use development (TMUD) tax credit program
The TMUD program provides tax credits to help finance new construction or the renovation of vacant buildings in mixed-use projects that are expected to be “transformational” for their communities. Projects must have a combination of retail, office, residential or other uses.
–Convention Center Hotel
The largest request comes from Portman Holdings for the Cincinnati convention center hotel. Cincinnati Center City Development Corp. (3CDC) is leading the process of developing the hotel, working with Atlanta-based developer Portman.
Portman has requested $40 million in TMUD tax credits for the construction of the new convention center hotel, according to its application. The 650-room hotel, complete with a rooftop pool and ballrooms, is projected to cost $415.2 million and represents a “generational opportunity to reenergize the hospitality and event business.”
“The TMUD tax credit is critical for the hotel’s development,” the application reads. “But for the TMUD credits, the hotel is not financially viable.”
–FC West End development
Another sizable application was put in by FC Cincinnati for its estimated $300 million West End mixed use development. The soccer club is requesting over $26.4 million for the project, calling the TMUD funding the “deciding factor” in the district moving forward.
“These tax credits are extremely important to the success of the FC Cincinnati mixed-use project,” Chad Munitz, FC Cincinnati’s chief development officer, said in a statement. “We will not be able to move the project forward without TMUD. This project is the definition of a transformational mixed-use development – one with the potential for positive, sustainable impact on Cincinnati and the surrounding communities.”
Victrix requested $10 million in state historic tax credits for the project – one of three projects that sought that amount in the latest round of the program – but did not land its requested credits. Now, it’s applied for TMUD funds totaling over $4.2 million.
According to the application, the redevelopment would include the entirety of the 49-story Carew Tower for residential use. That would include 375 apartments and 10 short-term corporate housing units.
A substantial amount of funding for the project has been secured, but the TMUD funds would still be a deciding factor in the project’s fate.
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