Proposed TIF Funds for Redevelopment of Former Sak's 5th Avenue Department Store in the CBD
Background
This proposed project aims to renovate the vacant property at 101 West 5th Street, formerly the Sak's 5th Avenue Department Store. In January 2023, the City of Cincinnati acquired the building and began collaborating with 3CDC, the City’s lead partner in planning and securing investment throughout the Convention Center District. 3CDC developed initial designs to renovate the building and pursued incentives, easements, and other property rights. The initial designs were presented to the Downtown Residents Council in July 2023, during a Community Engagement Meeting, and to the Cincinnati Planning Commission in August 2023.
Since then, 3CDC has revised its designs due to significant increases in construction costs and less favorable lending conditions. The revised project plan mandates the vacation and sale of a portion of Right-of-Way (ROW) along 5th St. in front of the project site. Additionally, 3CDC is seeking a $2 million forgivable loan using Tax Increment Financing (TIF) dollars to help offset the expanded funding gap.
Proposed Project
The project involves redeveloping a vacant 74,000-square-foot structure, resulting in 62,000 square feet of renovated office space and 12,000 square feet of renovated commercial space. The developer plans to invest at least $29 million in project costs and complete construction within 36 months. The project is expected to create 130 permanent full-time equivalent jobs in the renovated commercial space with an annual payroll of $5.9 million. Additionally, there will be up to 340 temporary construction jobs with a one-time payroll of $13 million. The developer will confirm the number of office jobs and related annual payroll.
Location of Proposed Project
101 W 5th Street in the Central Business District, in the former Sak’s 5th Department Store.
Past Public Meetings
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Virtual Community Engagement Meeting | Notice
Tuesday, February 7, 2024 | 4:00 PM
Contact
Jeremiyah Hairston, Community Engagement Specialist
jeremiyah.hairston@cincinnati-oh.gov | (513) 477-5171