As a recipient of federal New Markets Tax Credits (NMTC), Uptown Consortium, Inc. (UCI) utilizes this financing tool to invest in projects throughout the five Uptown neighborhoods. The tax credits are designed to encourage private investment in under served communities that otherwise have difficulty attracting private capital.
UCI has been awarded $130 million in NMTCs and utilized another $52 million in credits awarded to the Cincinnati Development Fund to invest in 12 projects that have helped transform Uptown. In all, $182 million in NMTC’s have been invested throughout Uptown to create jobs, provide services to residents, and revitalize neighborhoods. The following are some recent examples of projects funded through UCI’s NMTC allocations.
U Square at the Loop
24+ million in NMTCs
U Square at the Loop is a 251,000-square-foot LEED-certified mixed-use development in Clifton Heights near the University of Cincinnati. The project includes 161 residential units (market rate and affordable), 79,573 square feet of retail space, and 40,000 square feet of office space, transforming once vacant and underutilized sites into a hub of housing and economic activity.
The development was completed in 2013 and is now home to many restaurants serving those who live in and visit Uptown, including Keystone Bar & Grill, Raising Cane’s, Elephant Walk and more. In 2017, Target opened its first ‘small-format’ store in Ohio, a 17,500-square-foot location in U Square on Calhoun Street, providing residents easy access to an array of consumer goods and household items..
Views on Vine
$20 million in NMTCs
Views on Vine is a mixed-use development in Corryville in the Short Vine Business District. The complex includes 104 market-rate and affordable residential units and 18,000 square feet of retail space, including a branch bank and a variety of eateries.
The location was formerly home to an abandoned school building, and it took the community years to find a developer for the vacant site. Now, Views on Vine is a thriving residential and commercial space supporting the many other businesses in the surrounding Short Vine Business District.
$12.5 million in NMTCs
UCI contributed NMTCs to help finance the new Corryville Kroger store, which opened in 2017. The 73,000-square-foot store expanded the variety of food and non-food items, introduced new departments and created a more favorable shopping experience compared to the outdated existing store. The new location features a pharmacy with a drive-thru lane and an expanded deli including a sandwich station, hot soup, prepared foods, beverage center and a seating area.
The project retained 59 full-time and 72 part-time jobs and created 31 full-time and 55 part-time jobs.
Good Samaritan Hospital
$23.7 million in NMTCs
In 2011, TriHealth built a new 65,000-square-foot facility to house primary care and specialty medical practices adjacent to Good Samaritan Hospital in Clifton. Locating the new office building on the hospital’s campus allows the practices to utilize hospital programs to support patient services.
Several other locations outside of Uptown were under consideration for the new facility. NMTC financing support for the project made it feasible for TriHealth to maintain the medical services in Uptown where they’re more accessible to residents in the community.
These projects demonstrate the long-term impact of NMTC-supported developments within the Uptown neighborhoods. Most recently, UCI contributed $20 million in NMTCs to help build the newly-opened UC Gardner Neuroscience Institute in Avondale. Moving forward, UCI will continue identifying and supporting critical projects with the potential to create positive changes in the community.