3CDC
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Transcript of 3CDC
WHERE WE WORKFountain Square
OUR MISSION
• 3CDC was formed in 2003 by Cincinnati’s corporate leaders, in partnership with the City, to address the deterioration and disinvestment in the urban core. Our work is specifically focused in the Central Business District and Over-The-Rhine (OTR).
• 3CDC manages over $250 million in investment funds, which play an important role in downtown development activities by providing financial capital.
BOARD MEMBERSAmerican Financial Group *American Modern Insurance GroupCastellini CompanyCincinnati BellCincinnati EnquirerCincinnati USA Regional ChamberCintasConvergys CorporationDeloitteDinsmore & ShohlDuke EnergyFifth Third Bank *First Financial BankGeneral ElectricGlobal NovationsHumanaJack Rouse AssociatesKPMGMacy’s *North American PropertiesPeck, Shaffer & WilliamsPNC BankProcter & Gamble *Scripps InteractiveThe Kroger Company *Towne PropertiesToyota MotorU.S. BankUnited Way Uptown ConsortiumWestern & Southern Financial Group *
* Fortune 500 Headquartered Companies
3CDC’s operations are funded privately, primarily through contributions from local corporations and civic institutions, resulting in a
total of $1.3 million.
3CDC’s consolidated operating assets are $15 million in annual revenue.
Cincinnati Equity FundCincinnati New Markets Fund
Cincinnati Equity Fund $44.5 millionCincinnati Equity Fund II $50.2 millionCincinnati New Market Fund $50.0 millionCincinnati New Market Fund II $35.0 millionCincinnati New Market Fund III $18.0 millionState New Market Tax Credit $2.0 millionCincinnati New Market Fund IV $50.0 million
TOTAL $249.7 million
CEF/CNMF
CEF CNMFCEF II CNMF IICastellini Foundation
Cincinnati BellCincinnati Development Group
Cintas CorporationDuke Energy
JP Morgan ChaseKey BankPNC Bank
P>aft Broadcasting
US BankWestern Southern
Castellini FoundationCincinnati BellDuke Energy
Fifth Third BankFirst Financial Bank
GEMacy’s
PNC BankP&G
U.S. Bank
Castellini FoundationCincinnati Bell
Cintas CorporationConvergys Corporation
Duke EnergyFifth Third Bank
GEMacy’sP&G
The E.W. Scripps CompanyKroger
US BankWestern Southern
Castellini FoundationCincinnati BellDuke Energy
Fifth Third BankGE
KrogerP&G
PNC Bank
$ 4 4 . 5 m i l l i o n $ 5 0 . 2 m i l l i o n $ 5 0 m i l l i o n $ 3 5 m i l l i o n
CAPITAL BUDGET
TIF DISTRICTS
Downtown & OTR West
Downtown & OTR East
Downtown Riverfront
INVESTMENTS TO DATE
Ove r t he pa s t 7 yea r s :
$269 Mi l l ion 3CDC/CEF/CNMF investment
$68 Mi l l ion pr ivate investment
$47 Mi l l ion Ci ty investment
$384 MillionInves t ed i n down town and OTR
UPCOMING INVESTMENTS
Ove r t he nex t 12 mon th s :
Mercer Commons - $60 Mi l l i on
OTR Phase V - $25 Mi l l i on
Homeless to Homes - $34 Mi l l i on
dunnhumbyUSA / F i f th & Race - $122 Mi l l i on
$241 Millionin add i t i ona l i nve s tmen t s
HOW WE FUNCTION
FLEX IB I L I TY TO FUNCT ION IN A VAR IETY OF ROLES
• M a s t e r D e v e l o p e r O T R M i x e d - U s e D e v .
2 1 c M u s e u m H o t e l
• D e v e l o p e r 5 t h & R a c e / d u n n h u m b y U S A
P a r v i s L o f t s ( R e s . / R e t a i l )
S a e n g e r h a l l e ( O f f i c e / R e t a i l )
F o u n t a i n S q u a r e
W a s h i n g t o n P a r k
• A s s e t M a n a g e m e n t F o u n t a i n S q u a r e
W a s h i n g t o n P a r k
• E v e n t P r o d u c t i o n U . S . B a n k I c e R i n k
M a c y ’ s L i g h t U p t h e S q u a r e
P N C S u m m e r M u s i c S e r i e s
HOW WE FUNCTION
CREATE GREAT CIVIC SPACES
CREATE HIGH-DENSITY MIXED-USE DEVELOPMENT
PRESERVE HISTORIC STRUCTURES AND IMPROVE STREETSCAPES
CREATE DIVERSE,MIXED-INCOME NEIGHBORHOODS SUPPORTED BY LOCAL BUSINESSES
OUR PR IOR IT IES
FOUNTAIN SQUARE
After years of serving the community well, Fountain Square and the garage have outlived their 1970 design life.
Design philosophy at the time was to create a refuge from the city. Many cities’ public spaces have moved through similar lifecycles.
In today’s marketplace, signature public gathering places are open, bright, inviting to the masses and safe. They are activated by retail, entertainment, restaurants and programming creating dynamic energy that spreads from the city’s “heart” to the entire area.
FOUNTAIN SQUARE
Before After
BRYANT PARKNEW YORK CITY
POST OFFICE SQUAREBOSTON
Before After
Before After
PIONEER COURTHOUSE SQUARE PORTLAND
FOUNTAIN SQUAREA DAY IN THE LIFE
FOUNTAIN SQUAREA DAY IN THE LIFE
FOUNTAIN SQUAREA DAY IN THE LIFE
FOUNTAIN SQUAREA DAY IN THE LIFE
FOUNTAIN SQUAREA DAY IN THE LIFE
FOUNTAIN SQUAREA DAY IN THE LIFE
FOUNTAIN SQUAREA DAY IN THE LIFE
FOUNTAIN SQUAREA DAY IN THE LIFE
FOUNTAIN SQUARE
FOUNTAIN SQUARE
CONSTRUCTION PROCESS
FOUNTAIN SQUARE GARAGE -BEFORE
FOUNTAIN SQUARE GARAGE -AFTER
FOUNTAIN SQUARE
FOUNTAIN SQUARE GARAGENET OPERATING INCOME 2007-2011
1 2 3 4 5Year 2007 2008 2009 2010 2011NOI $830,373 $1,442,144 $1,819,315 $2,143,907 $2,113,016
0
500000
1000000
1500000
2000000
2500000
Fountain Square NOI 2007‐2011
ASSET MANAGEMENT
Uniformed Ambassadors answer visitors’ questions and help keep Fountain Square safe and clean. Ambassadors are present on Fountain Square 24 hours a day, 7 days a week.
ASSET MANAGEMENT
Signature plantings from the Cincinnati Park Board are changed out seasonally 4 times a year.
EVENT PROGRAMMINGPNC Summer Music Series, 2011 attendance – 200,000
EVENT PROGRAMMING
Strauss & Troy Market on the Square , 2011 attendance – 48,000
EVENT PROGRAMMING
Macy’s Light Up the Square, 2011 attendance - 25,000
EVENT PROGRAMMING
Toyota’s New Years Eve Blast, 2011 attendance - 15,000
EVENT PROGRAMMING
U.S. Bank Ice Rink, 2011/2012 season - 50,000
CENTRAL BUSINESS DISTRICT
Proposed
3CDC/Private
Civic
ECONOMIC CATALYST
ECONOMIC CATALYST
METROPOLE
CINCINNATI
CINCINNATI
BOCA / 4EG
• The Maisonette was the longest-operating consecutive 5-star restaurant in the country. It occupied this Sixth Street building for 39 years. It’s closing saddened the community, and its vacancy was a reminder of the once-happening street.
• The building that housed the Maisonette and LaNormandie, will soon be home to 3 new restaurant/entertainment concepts:
• Boca Restaurant Group (BRG) will move its highly successful “BOCA” restaurant from Oakley to Downtown
• BRG will open a second “trattoria” concept on the lower level
• Four Entertainment Group (4EG), a successful operator of 7 local entertainment venues and restaurants, will open “IGBY’s” in the LaNormandie space next door
• Construction started early October and is scheduled to be completed in October 2012
BOCA / 4EG
BOCA / 4EG
dunnhumbyUSAFifth & Race
dunnhumbyUSAFifth & Race
PROJECT DETAILS:
• 3CDC would own and operate:o 630 space below grade parking facilityo 400 space above grade parking facility
• 3CDC will own:o 40,000 SF of street level retail/commercial space
• dunnhumbyUSA, through a sale and/or lease of air rights, would own:o 300,000 SF office building and air rights above
• Qualified residential developer/manager, through a sale and/or lease of airrights, would own and operate:
o 100-130 units of residential rental housing
dunnhumbyUSAFifth & Race
dunnhumbyUSAFifth & Race
OVER-THE-RHINE
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
1900 1960 1980 1990 2000
OTR PopulationOTR Decline
OVER-THE-RHINE POPULATION DECLINE
500VACANT
BUILDINGS
700VACANT
LOTS
1667VACANT HOUSING UNITS
OVER-THE-RHINE CHALLENGES
OTR ACTION STEP: LAND BANKING
• CEF/CNMF has invested over $29.7 million in private funding to land bank properties in the Washington Park section of OTR
• 3CDC owns or controls: 200 buildings 169 vacant parcels
• Over $700,000 in annual carrying costs
OVER-THE-RHINE CHALLENGES
OVER-THE-RHINE CHALLENGES
OVER-THE-RHINE CHALLENGES
OTR ACTION STEP: CLOSING PROBLEM PROPERT IES
20-22 W. 12th (Jordan’s) 1201 Vine (Glossinger’s)3 E. 13th (Albert’s)
118 W. 15th
(Walt’s)
1331-35 Vine (AM/PM Market)
1432 Vine (Pohlar Bar) 1412 Vine (Cricket)1401 Race (Bang’s)
Before:
After:
OTR ACTION STEP: ACQUIRED AND SECURED VACANT PROPERT IES
Before:
After:
OTR ACTION STEP: ACQUIRED AND SECURED VACANT PROPERT IES
OTR: CHALLENGES
Crime Statistics within 3CDC’s Targeted Area
COMPLETED DEVELOPMENTS:
STABIL IZED HISTORIC BUILDINGS1418-22 Race S t ree t - Wes t fa l en
STABIL IZED HISTORIC BUILDINGS1418-22 Race S t ree t - Wes t fa l en
STABIL IZED HISTORIC BUILDINGS1418-22 Race S t ree t - Wes t fa l en
STABIL IZED HISTORIC BUILDINGS1418-22 Race S t ree t - Wes t fa l en
STABIL IZED HISTORIC BUILDINGS1418-22 Race S t ree t - Wes t fa l en
STABIL IZED HISTORIC BUILDINGS1418-22 Race S t ree t - Wes t fa l en
STABIL IZED HISTORIC BUILDINGS1418-22 Race S t ree t - Wes t fa l en
STABIL IZED HISTORIC BUILDINGS1418-22 Race S t ree t - Wes t fa l en
STABIL IZED HISTORIC BUILDINGS1418-22 Race S t ree t - Wes t fa l en
STABIL IZED HISTORIC BUILDINGS1418-22 Race S t ree t - Wes t fa l en
RESIDENTIAL SALES
Gateway I , I I , I I I & IV : 178 of the 186 condos (96%) are sold
RESIDENTIAL SALES
Gateway I , I I , I I I & IV : 178 of the 186 condos (96%) are sold
RESIDENTIAL LEASING
Gateway I , I I , I I I & IV : 68 of the 68 apartments (100%) are leased
RESIDENTIAL SALES SUMMARY
Average sale prices continue to increase significantly through each phase of Gateway Development.
Gateway II sale price per SF: $150Gateway III sale price per SF: $174Gateway IV sale price per SF: $198
Rental Averages:Belmain: $1.17 per SF (1-month lease-up)Parvis: $1.05 per SF (2.5-month lease-up)
85% of 91,038 SF of commercial space is leased.
COMMERCIAL LEASING
COMMERCIAL LEASINGBAKERSF IELD , 1213 V INE STREET
COMMERCIAL LEASING1215 WINE BAR , 1215 V INE STREET
COMMERCIAL LEASINGAVERAGE RESTAURANT SALES /SF
Downtown / CBD
Over-the-Rhine
Annual Sales Per SF Annual Rent Per SF
Average by SF 509 31
Annual Sales Per SF Annual Rent Per SF
Average by SF 691 42
Saengerhalle Office Building, home of 3CDC
COMMERCIAL LEASING
Parvis, 1400 Block of Vine
COMMERCIAL LEASING
VINE STREET STREETSCAPE
• $4,000,000 project includes new street lighting, curbs, sidewalks, landscaping, signage, trees and burying overhead utilities from Central Pkwy to 15th Street
Future/ Land Bank
Complete/Under Construction
Mercer Commons/ Gateway V
3CDC OTR DEVELOPMENT
Phase I• 3,900 SF Commercial/Office• 28 Condos• 340-space Parking Garage• CDF committed $2.56 million
of state and federal NMTC
Phase II• 67 Apartments (30
affordable)• 10,600 SF commercial space• OHFA awarded project low
income housing tax credits and also received historic tax credits from State of Ohio
Phase III• 59 Apartments• 3,100 SF commercial space
MERCER COMMONS
Walnut Street
Mercer Street
Vine Street
Vine Street and Hart Alley
• Renovation of 1400-1404 Vine
Project Cost: $4.1 million
3,680 SF restaurant space
6,000 SF office space
PAINT BUILDING
PHASE V
BAKERY LOFTS
WESTFALEN LOFTS II
NICOLAY
PARVIS II
15TH & REPUBLIC
NASSAU
1401 ELM
Land Banked/ Future Projects
Complete/Under Construction
Mercer Commons/ Gateway V
3CDC OTR DEVELOPMENT
Land Banked/ Future Projects
Complete/Under Construction
3CDC OTR DEVELOPMENT
CIVIC LAWN
CIVIC LAWN
MUSIC HALL PLAZA
MUSIC HALL PLAZA
OPEN AIR STAGE
OPEN AIR STAGE
• 129 Total Water Jets• 6 Pop Jet Zones• 6 Arching Water Jets• Connected to Playground
WATER FEATURE
• 129 Total Water Jets• 6 Pop Jet Zones• 6 Arching Water Jets• Connected to Playground
WATER FEATURE
PLAYGROUND
PLAYGROUND
HISTORIC BANDSTAND
HISTORIC BANDSTAND
SIGNATURE PLANTINGS
DOG PARK
DOG PARK
EVENT PROGRAMMING
WASHINGTON PARK
ANTICIPATED SCHEDULE
Site Preparation Began September 2010
General Contractor Selection September 2010
Construction Began November 2010
Garage Construction Complete April 2012
Complete Park Construction June 2012
HOMELESS TO HOMESPut t i ng an End t o Home l e s sne s s
Homeless to Homes:• A comprehensive plan for the City of Cincinnati and
Hamilton County, OH to ensure single homeless individuals have access to appropriate shelter facilities and comprehensive services which facilitate their movement from shelter to permanent housing.
Continuum of Care:• A single, coordinated and inclusive organization charged
with coordinating the planning and management of the local (Hamilton County and City of Cincinnati) programs and related funding aimed at ending homelessness.
HOMELESS TO HOMESPut t i ng an End t o Home l e s sne s s
City of Cincinnati
Continuum of Care
Women Only Shelter
Men’s Faith‐Based Shelter
Young Adult Shelter
Men Only Shelter
Substance Abuse Treatment Center
Hamilton County
3CDC
HOMELESS TO HOMESPut t i ng an End t o Home l e s sne s s
YWCA Women’s Shelter• 60 beds: 19,850 square feet
• Site location: 2452 Kinsey Avenue
City Gospel Mission Shelter• 118 beds (42 for Exodus Program): 40,530 square feet
• Site location: 1805 Dalton Street & 1102 York Street
Drop Inn Center• 150 beds: conceptual program for 53,000 square foot facility
• Programming in development / Site selection in process
Lighthouse• 30 beds for youth (18‐24): 12,000 square feet
• Site location: 2522 Highland Ave / Complete
Talbert House / Mt. Airy Center• 65 beds for men, currently located at 2660 Diehl Rd. in Mt. Airy
• Programming in development
HOMELESS TO HOMESPut t i ng an End t o Home l e s sne s s
THANK YOUTHANK YOU