Council Approves 3 Transformative Deals for Downtown
Projects to bring over $73 million in investment to Downtown
On May 15th, council passed 3 incentive packages that would bring over 225 new jobs, 176 apartments, and approximately $73 million in investment to the City of Cincinnati.
Epipheo, Inc. has agreed to retain 55 jobs and create at least 100 new jobs at 700 Pete Rose Way in Cincinnati.
Currently headquartered in Longworth Hall, Epipheo, Inc. created a new industry in 2009 by using succinct internet video to simplify messaging for business and organizations. Their brief internet marketing/communication videos are meant to convey an organization’s message in a simple and fun manner. They have produced video for hundreds of startups as well as established companies such as Facebook, Google, MTV, Microsoft, AOL, NBC, and others.
Epipheo currently has 55 employees at their Cincinnati office, and will commit to create another 100 jobs in Cincinnati over the next three years.They will commit to retain the jobs in Cincinnati for at least ten years.
The former Bartlett Building, located at 36 East Fourth Street, received a tax exemption for the redevelopment of the building into a 312-room luxury hotel at an estimated construction cost of $33 million.
Built as the Union Trust Building, the 18-story tower stood as Ohio’s tallest building for three years and Cincinnati’s tallest for 12 years. It was added to the National Register of Historic Places in 2008 and has sat vacant since 2010.
Bartlett Building, LTD plans to begin construction by 2013 and have the hotel open by September 2014.
The hotel plans to achieve LEED Silver Certification and create 125 permanent full time jobs.
Lastly, the 580 building, located at 580 Walnut Street, received a tax exemption for the renovation of the building into a mixed-use development primarily composed of 176 apartments 58,482 sq. ft. of retail and approximately 181,376 sq. ft. of commercial space at an estimated construction cost of $26 million.
The project will convert approximately 300,000 sq. ft. of vacant office space from the downtown market to residential use.
Construction is expected to begin in the Summer 2013 and be completed by the Summer 2014.
“These deals are big wins for Cincinnati,” said Odis Jones, Economic Development Director. “We are bringing in new employees and converting vacant office space. This allows us to lower the downtown office vacancy rate and help us stabilize rents.”