Our offices are closed, but we are open for business.
As we all face the COVID-19 pandemic and work to flatten the curve, our team is continuing to work remotely to make real estate work.
Our upcoming events, including Landbank office hours, are postponed for now, but we encourage you to feel free to reach out to our team members anytime. We are working on ways to continue to deliver educational events around real estate, how to work with The Port, and providing updates on our work in Hamilton County.
These are uncharted times, but the Cincinnati Region is strong.
Stay safe and healthy,
The Port Team
Camp Washington manufacturer's expansion retains and creates jobs
The Port's acquisition of the property directly adjacent to Kao, Inc. USA's research, development, and manufacturing operation on Spring Grove Avenue enables the company to expand and retain its workforce of 525 here in Cincinnati, which represents more than $51 million in annual payroll and will result in 45 additional jobs. This decision is the culmination of months of discussion led by The Port leadership with Kao, Inc. USA and "a monumental effort inspired by true public-private collaboration to achieve a vision that works for all parties," according to Port President and CEO, Laura Brunner.
“Kao, Inc. USA's investment is an example of how partnerships and site development can assist companies' growth in Cincinnati and all of Ohio.”
Vice President & Head of Economic Development, JobsOhio
Public financing helps affordable housing development complete needed upgrades
At the end of 2019, the Port Board of Directors approved public financing to support this $13 MM project. The Port issued $7.5 million in tax-exempt bonds to finance the acquisition and renovations to the Fields Ertel Townhomes complex and entered into a structured lease. The project is additionally financed through equity generated from Low Income Housing Tax Credits (LIHTC).
For qualified parties, tax-exempt bonds provide project financing with a lower cost of interest. Governmental, nonprofit (501c3), qualified “private activity” and “exempt facilities” can be financed with tax-exempt bonds.
Top ten Landbank properties finding new use in 2019
We took a look through all of the Hamilton County Landbank's 175 property dispositions in 2019 and highlighted ten that represent a broad range of project types, geographies, and Landbank programs. Each property has a compelling story about how it will be transformed from being blighted and abandoned real estate into a home, yard, business, or community asset. Some of the highlights include:
An area for outdoor afterschool programming and a community orchard
The rehab of a multi-family building providing hands-on workforce training
An office expansion for an Avondale nonprofit serving neighborhood seniors
A Landbank-stabilized property that will add additional street-level retail contributing to Walnut Hills' East McMillan Business District
Collaboration provides a pathway to greater equity
"Taking Ownership" is a series of monthly editorials in the Enquirer written by The Port President and CEO Laura Brunner that put forth strategies on how Cincinnati can be a place where everyone has a chance to participate in prosperity and The Port's role in this larger conversation. In the fifth installment, a look at why collaboration is key to greater equity.
The Real Estate Accelerator Lab (REAL) kicked off in October 2019 with its first class of 26 emerging professionals, including The Port's Michael Golden. For the next few months, Michael will be providing his takeaways and perspectives throughout the program.
3719 Glenway Avenue
Landbank-owned commercial building in Price Hill's Glenway Avenue Business District. Historic stabilization was completed in 2019 on this 3,132 SF structure. See the Listing Here
3864 Reading Road
Historic former single-family residence in North Avondale. The structure was stabilized by the Landbank in 2019, and we're seeking applications for commercial use for this property. See the Listing Here