Located at Mercer and Vine Streets in Over-The-Rhine, Mercer Commons is currently the most ambitious and also most anticipated development that Cincinnati has seen in years. The downtown Cincinnati Condo market will see an addition of 154 Units along with 17,600 feet of commercial space and 359 parking spaces when all is completed in 2013. The project will also include nearly 30,000 feet of open, green space.
The $59 million project is being developed on 2.6 acres by the NorthPointe Group along with 3CDC, the project also has veteran urban development specialist McCormack Baron Salazar as a long-term manager. This is the company’s first foray into the Cincinnati market.
The first phase, nearly complete, includes the rehabilitation of four historic buildings into eleven condominium units. Downtown Cincinnati’s townhouse market will be augmented by the addition of five new townhomes, an additional mixed-use building with 12 condominium units and commercial space on the first floor. Phase two, currently under construction, includes the rehabilitation of 13 buildings into 46 mixed-income units and an additional 8000 feet of commercial space.
What is notable about Mercer Commons is its mix of high and low-income units. Bucking the trend in Over-The-Rhine, a number of units will be available to low-income individuals and their families. To be more specific, 30 of the 67 apartments will be reserved for people who make 50 to 60 percent of Greater Cincinnati’s median income. In other words, an individual with an income of around $30,000 could afford to live there. This aspect of the project is the result of input that was sought from the community from 2008 to 2011. The emerging need for more market-rate rental apartments and more retail and commercial space along Walnut Street led to the project’s evolution into a mixed-income, mixed-use project.
For more information, see:
http://www.3cdc.org/our-projects/current-projects/mercer-commons/
http://www.bizjournals.com/cincinnati/news/2013/05/31/three-ways-mercer-commons-ii-is.html?page=all
For more information on Mercer Commons or any other downtown Cincinnati Condo or Loft, please contact me.
