Court and Walnut
Public-Private Partnerships Underpin Whole-Block Redevelopment
MIXED-USE PROJECT ATTRACTS CINCINNATI GROCERY RETAILER DOWNTOWN
Cincinnati’s CBD is home to a number of innovative partnerships, including Court & Walnut. The developer of the $90MM mixed-use project is Court & Walnut, LLC, principally led by Cincinnati Center City Development Corporation (3CDC). Kroger will own and operate its 45,000 square foot urban grocery store within the development. Other partners will own the market rate, multifamily units.
HOW THE PORT HELPED:
The Port assisted the $90MM mixed-use development with various Public Finance tools. The Port financed the parking garage by issuing $6.83MM in tax-exempt Tax Increment Finance (“TIF”) Bonds and $10.4MM tax-exempt Development Revenue Bonds. The Port also helped reduce construction cost for the grocery and apartment components by abating sales tax on building materials through Structured Lease arrangements with Kroger and CW Joint Ventures, LLC.
BACKGROUND & CONTEXT:
Since its founding in 2003, 3CDC and its partners have either invested or agreed to invest over $1.1 billion in downtown’s Central Business District (CBD) and Over-the-Rhine (OTR), resulting in 155 buildings restored, 52 new buildings constructed, 15 acres of restored civic space, 1,457 residential units, 156 hotel rooms, 320 shelter beds, 908,849 square feet of commercial space and 4,278 parking spaces in the CBD and OTR. The Port has worked with 3CDC as both a land and development finance partner.
- The redevelopment of a former surface parking lot into a multi-purpose, community serving facility
- Created easier access to groceries for downtown residents
- Created 1,200 temporary construction jobs and 65 full-time positions
- $90MM in total investment
- 45,000 SQF grocery facility
- 139 apartments
- 555 parking spaces