$52 Million Residential Tower Appears Poised to Move Forward at Eighth and Sycamore
Following committee approval yesterday, City Council appears poised to approve a $7.3 million financial package that should bring a 130-unit North American Properties project to reality.
Designed by John Senhauser Architects, the $52 million, 15-story residential tower will accelerate the transformation of the northeastern corner of the central business district, where business leaders have been trying to rebrand it as the Eighth Street Design District for its cluster of design agencies.
As City Hall has done in the past, 3CDC will be used to build and operate a 500-space public parking garage, along with 10,000 square feet of commercial space, which is estimated to account for $16.5 million of the total project cost.
The project was first announced two years ago, and will take the place of the former two-story Red Cross building at the southeast corner of Eighth and Sycamore Street.
While the parking garage seems oversized at face value, it is part of a larger development efforts taking place nearby, including a 115-room Holiday Inn that includes no parking at all. As part of that deal, the City of Cincinnati agreed to build a parking garage that would provide 120 spaces. Originally planned to include 610 parking spaces, the new parking garage will support both developments and replaces an aging public garage that once occupied the site.