Excellence in Community Development: Over-the-Rhine

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1 Excellence in Community Development: Over-the-Rhine Ohio Housing Conference Nov. 6, 2018

2 Today s Panel Mary Burke Rivers, Executive Director, Over-the-Rhine Community Housing Bobby Maly, Chief Operating Officer, The Model Group Lann Field, Vice President of Development, Cincinnati Center City Development Corp. (3CDC) Moderator: Jeanne Golliher, President & CEO, Cincinnati Development Fund 2

3 Over-the-Rhine Community Housing (OTRCH) was born out of the merger of ReSTOC and Over-the-Rhine Housing Network in OTRCH has developed more than 725 units of affordable housing and currently manages approximately 420 units. They have saved 45 historical buildings from the wrecking ball. OTRCH works to ensure that existing, low-wealth residents benefit from neighborhood revitalization initiatives. Their developments contribute to the local economy through employment opportunities, supporting community businesses by purchasing materials and supplies locally, and by infusing the income tax base of the neighborhood.

4 Founded in 1978, The Model Group is an integrated property development, construction, and management company with a passion for revitalizing urban neighborhoods. They are a recognized leader in historic preservation, mixed-use urban development, senior living communities, and affordable housing that is indistinguishable from marketrate housing. Model has invested hundreds of millions of dollars in urban development and construction, using high quality affordable and market rate housing redevelopment and new construction, for-sale condominium, and retail/commercial development.

5 Formed in July 2003 as part of an overall system to increase the effectiveness and efficiency of development activities in the City of Cincinnati, 3CDC is a non-profit real estate development and finance organization focused on strategically revitalizing Cincinnati s downtown urban core in partnership with the City of Cincinnati and the corporate community. Since 2004, over $1.4 billion has been invested in redevelopment and new construction projects that 3CDC has been involved with in downtown Cincinnati and Over-the-Rhine. 3CDC projects support the organization's four strategic goals to create great civic spaces; create high-density, mixeduse development; preserve historic structures and streetscapes; and build diverse mixedincome neighborhoods supported by local businesses.

6 CDF was created in 1988 to provide banks a shared-risk way to invest in complex community development lending. In 1999, CDF became a certified CDFI, CDE and began seeking new sources of loan capital, including over $300 million in New Markets Tax Credits (NMTCs). Since the early 1990s, CDF has loaned more than $133 million and allocated nearly $150 million in NMTCs in the Overthe-Rhine neighborhood. CDF provides financing for construction, permanent debt, acquisition, pre-development, bridge financing, energy efficiency, storefront build-out, community & arts facilities and redevelopment of public spaces.

7 OTR Brief History Over-the-Rhine refers to the area north of Central Parkway, formerly the Miami-Erie Canal, where large numbers of German immigrants began to settle in the 1830s, building breweries and beer halls which thrived until prohibition. In the early 20 th Century, improved public transportation and automobiles began the first urban flight from the crowded tenements to the surrounding hilltop neighborhoods. During the Great Depression many Appalachians came from Kentucky and Tennessee seeking industrial jobs, replacing the earlier residents. Beginning in the 1950 s with urban renewal and the construction of I-75, the decimation of much of the predominantly African American West End community forced many new residents to seek housing in OTR.

8 Making the Choice to Preserve OTR Lost History: Urban Renewal & Demo by Neglect 8

9 Historic Preservation 1976: Federal Historic Tax Credit enacted. 1983: After much public debate and negotiation, Over-the-Rhine was added to National Register of Historic Places. 2007: Ohio Historic Tax Credit enacted, made permanent in

10 Emergence of Market-Rate Housing Demand In the early 1990s, the City and Western & Southern created the OTR Housing Fund, to provide subsidies for market rate housing. About 400 units of scattered site market-rate housing are subsidized during the 1990s. This demonstrated demand for market rate housing in the central city, but fear of gentrification and displacement created tension. April 2001 brought this tension to the forefront and in many ways united the community in a multi-fold planning effort.

11 Opposing Visions for OTR 1225 Vine St. Recovery Hotel 11

12 OTR in 2000: Challenges Population 7,000 versus peak of 45,000 in the early 1900s. 96% renters 80% below poverty level 9x more violent crime than average City neighborhood Organizations including ReStoc, Tender Mercies, Drop Inn Center and OTR Housing Network remain committed to providing service to the residents.

13 Confluence of Change In 2001 Cincinnati Public Schools initiates the Facilities Master Plan. CPS schools in OTR are in flux. ReSTOC and Over-the-Rhine Housing Network have Community Views and Vine Street People s Co-op projects in development HUD policy changes reduced Section 8 Rents; in 2001 a single owner of over 1500 OTR Project Based Section 8 Units opts out, 50% of his tenants take vouchers and move out.

14 April A Turning Point in OTR Timothy Thomas is shot and killed by Cincinnati Police on April 7, The community erupts demanding police reform and equitable investment. Federal Justice Department intervention leads to the Collaborative Agreement. The OTR community is engaged in a comprehensive planning process and invites Policy Link to help shape the plan s inclusion of equitable development tools. 14

15 April A Turning Point in OTR The OTR Plan called for mixed-use development and housing for all income levels. ReStoc was forced to sell this building for market rate development, in exchange for City subsidy for additional affordable units.

16 OTR in 2000: Assets

17 OTR in 2000: Assets

18 Impact 1327 VINE ST. BEFORE 1327 VINE ST. AFTER 18

19 Impact 1225 VINE ST. BEFORE 1225 VINE ST. AFTER 19

20 Impact 1300 VINE ST. BEFORE 1300 VINE ST. AFTER 20

21 Impact 1300 VINE ST. BEFORE 1300 VINE ST. AFTER 21

22 Model Group in OTR Pre and Post 2001 The Model Group transforms over 100 addresses and 600 units into quality affordable housing that is indistinguishable from market rate housing. Model also added over 300 market rate apartments and 150,000sf of retail and office space

23 Affordable Preservation 2014 Model believes that high quality affordable housing can be an economic stimulus if developed to such quality that the buildings are indistinguishable from or better than nearby market rate housing. Blessed with OTR s historic architecture, we have worked with partners to change the profile of and preserve the affordable housing stock.

24 Broadway Square 2014 This federally designated historic and low-income neighborhood had experienced decades of disinvestment and blight. Following a twoblock, multi-building renovation, Broadway Square now provides market-rate and affordable workforce housing. It is adjacent to the central business district and directly across the street from Cincinnati s casino. IMPACT 34 apartments (17 affordable) 220 construction jobs 30 permanent jobs 10,000 sf of retail/office space $8.25 million New Markets Tax Credits

25 Market Square 2015 Market Square is part of a multi-phase mixed-use redevelopment. It included the complete renovation of 12 buildings northeast of historic Findlay Market in Over-the-Rhine. Most of the existing structures, on Race and Elder Streets, were built in the 1870s and were largely vacant. The renovations met LEED Silver standards and included 23 apartments (6 affordable) and 47,576 sf of retail and office space. Total development costs of $18.8MM were funded by New Markets Tax Credit Equity, Historic Tax Credit Equity, Developer Equity, and leverage loans. IMPACT 23 apartments (6 affordable) 281 construction jobs 164 permanent jobs 47,576 sf of retail/office space $4.3 million New Markets Tax Credits

26 Central Parkway YMCA 2015 The Central Parkway YMCA anchors the edge of the Over-the- Rhine Historic District. It is one of the most recognizable structures in this highly distressed neighborhood. The project dramatically improved the existing 85,000 sf YMCA wellness facilities and helped to retain current and attract new patrons while serving residents of the adjacent affordable senior housing facility. It is the only full-service fitness facility in the neighborhood. The project included 21,500 sf of new office space for the consolidated offices of the YMCA of Greater Cincinnati. IMPACT 317 predevelopment/construction jobs, 30% for low-income persons 60 permanent jobs created, 10% for low-income persons $2.5 million New Markets Tax Credits

27 Broadway Square Phase This project involved the complete rehabilitation of six historic buildings on four blocks. All buildings, built between 1865 and 1885, were vacant when renovations began. The project created 34 residential apartments (workforce housing) and 17,000 sf of retail/commercial space. The project provided a supply of rehabilitated real estate for residents, retail and office tenants in a community that had very little quality, affordable space available for lease. IMPACT 34 apartments (26 affordable) 192 construction jobs 60 permanent jobs 17,000 sf of retail/office space $9.49 million New Markets Tax Credits

28 Broadway Square Phase This project involved the complete rehabilitation of six historic buildings on four blocks. All buildings, built between 1865 and 1885, were vacant when renovations began. The project created 34 residential apartments (workforce housing) and 17,000 sf of retail/commercial space. The project provided a supply of rehabilitated real estate for residents, retail and office tenants in a community that had very little quality, affordable space available for lease. IMPACT 34 apartments (26 affordable) 192 construction jobs 60 permanent jobs 17,000 sf of retail/office space $9.49 million New Markets Tax Credits

29 Market Square 2/Jobs Cafe 2017 This $17.7 million revitalization project is adjacent to Findlay Market. It includes the complete historic renovation of seven buildings with 25,000 sf of retail/ office space and 45 apartments, 12 of which will be affordable. Market Square will house Jobs Café, a social enterprise restaurant that will provide job training and placement for positions that pay a livable wage with benefits and that offer advancement opportunity in the local restaurant industry. The project will incorporate LEED standards in the historic renovation. IMPACT 296 construction & 56 permanent jobs 45 housing units, 12 affordable 25,000 sf of retail/office space $11 million New Markets Tax Credits $1.6 million Energy Efficiency Loan

30 2003 Dedicated CDC Formed 3CDC was formed in 2003, recommended by a City of Cincinnati Economic Development Task Force as part of an overall system to increase the effectiveness and efficiency of development activities in Cincinnati. Then Mayor Charlie Luken and members of the Cincinnati corporate community joined together to create 3CDC, agreeing that the economic future of Cincinnati depended first and foremost on a strong and vibrant urban core.

31 Since 2004, over $1.4 billion has been invested in 3CDC projects, $692MM of this investment has occurred in Over-the-Rhine resulting in: Buildings Restored: New Buildings Constructed: Acres of Civic Space: 13 Civic Buildings Restored: Apartments: 263 Condominiums: 444 Shelter Beds: 320 Commercial SF: 511,804 Parking Spaces: 1,340 2

32

33 Initial Steps 3CDC s initial efforts in OTR focused on land-banking and securing and stabilizing vacant buildings to preserve them for future redevelopment.

34 Initial Steps Before After

35 Initial Steps Before After

36 Impact 3CDC projects in Over-the-Rhine: 444 condos and 263 apartments 36

37 Impact 3CDC projects in Over-the-Rhine: 444 condos and 263 apartments 37

38 Impact 3CDC projects in Over-the-Rhine: 21 new offices BEFORE: AFTER: 38

39 Impact 3CDC projects in Over-the-Rhine: 21 new offices BEFORE: AFTER: 39

40 Impact 3CDC projects in Over-the-Rhine: 31 new restaurants and 34 new retailers 40

41 Impact Civic Spaces: Washington Park 41

42 Impact Civic Spaces: Washington Park Before 42

43 Impact Civic Spaces: Washington Park After 43

44 Impact Civic Spaces: Ziegler Park Before 44

45 Impact Civic Spaces: Ziegler Park After 45

46 Q & A: Opportunities and Challenges in Building a Just and Equitable Community Ohio Housing Conference Nov. 6, 2018

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