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Price Hill Masonic Lodge

The Neoclassical icon in East Price Hill, designed by Samuel Hannaford and constructed in 1912, is set for a renaissance. After sitting vacant for 30 years, renovations are slated to begin in 2019. The $9.8MM redevelopment project will transform the structure into a community center incorporating:

“Price Hill Will and the Model Group are excited to work together to bring the Samuel Hannaford-designed Price Hill Masonic Lodge back to life. Vacant since the mid-1980s, the $10 million restoration of the 21,000 square feet, local historic landmark will provide a space for new offices for Price Hill Will; practice/rehearsal space for our MYCincinnati 120-member youth orchestra, our Creative Action Residency, and our Price Hillharmonic adult orchestra; and leasable event space for neighborhood groups, community events, and private celebrations. The Port was able to join our complex financial structure, which includes New Markets Tax Credits, Historic Tax Credits, and a grant from the City of Cincinnati, bridged by loans from Local Initiatives Support Corporation and Cincinnati Development Fund, fairly late in the deal. The Port’s nimbleness and ability to effectively partner with many lenders and funders kept our project moving forward without delay.” – Rachel Hastings, Executive Director – Price Hill Will

The Port’s Role:

The Port is providing a Structured Lease, providing savings to the project in the form of sales-tax exemption on construction materials, which helps fill a project financing gap.  The Port considers Masonic Lodge an important and catalytic component to the revitalization of East Price Hill neighborhood’s business district. Located at 3301 Price Avenue, the Masonic Lodge helps expand commercial revitalization eastward and will attract new neighborhood-serving enterprises along the historic district. The Masonic Lodge project qualifies for The Port’s DREAM Loan Fund – Driving Real Estate by Accelerating Microenterprise – which will help finance the building’s interior finishes needed to make the space best serve community needs.

Anticipated Impact:

The redevelopment will provide a new community hub for arts and events for Price Hill organizations. Additionally, the project is expected to create 181 construction jobs with payroll of $3.5MM over a 15 month period and 32 new permanent FTE with annual payroll of $1.1MM.

Impact:

Project Specs:

Partners

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Model Group
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"The Port was able to join our complex financial structure, which includes New Markets Tax Credits, Historic Tax Credits, and a grant from the City of Cincinnati, bridged by loans from Local Initiatives Support Corporation and Cincinnati Development Fund, fairly late in the deal. The Port’s nimbleness and ability to effectively partner with many lenders and funders kept our project moving forward without delay."

Rachel Hastings, Executive Director, Price Hill Will