Walnut Hills East McMillan Redevelopment
The City of Cincinnati’s Economic Development Division (EDD) is entering the next phase of the East McMillan Redevelopment in Walnut Hills. Having completed the first two phases of property acquisition and demolition of hazardous structures in late 2011, EDD is moving to stabilize and redevelop a number of historic structures within the Neighborhood Business District. Stabilization work on 773 E McMillan was completed in December of 2012 while stabilization work including roof and interior repair for 771 McMillan, 961 McMillan and 975 McMillan is set to be underway in January of 2013 and completed by mid-2013.
Additionally, EDD assisted the Walnut Hills Redevelopment Foundation (WHRF) in its successful application for State Historic Tax Credits to redevelop six City-owned properties located at 961-975 E McMillan St. The WHRF is working separately with a developer to obtain private construction financing to complete the restoration of these buildings into market rate units and rentable commercial space. All six properties are within the Peebles Corner historic district and are eligible for federal and state historic tax credits.
The McMillan Redevelopment, a large scale effort to revitalize the McMillan Street Neighborhood Business District in Walnut Hills began in October of 2008 with the Mayor’s Institute on City Design (MICD). The MICD brought in local and national experts for a two-day session on Walnut Hills to plot out a redevelopment strategy for this neighborhood. The findings of the MICD session were to:
- Reinvest in the McMillan Street commercial corridor
- Create incentives for businesses to locate in the corridor
- Encourage the use of tax credits for rehabilitation of main street buildings
- Repair aging infrastructure (curbs, sidewalks, roads)
- Assess vacant parcels and houses and try to assemble land from absentee landlords to create developable lots
In response to the findings of the MICD, the Walnut Hills community and City of Cincinnati formed the Peebles Corner Working Group with community members and City staff. The Peebles Corner Working Group began the implementation of the East McMillan Redevelopment with an allocation of Capital funds in 2009 to acquire property, demolish hazardous structures, and stabilize historic assets for the revitalization of the E McMillan Business District.
The City’s McMillan Redevelopment effort is expected to spur significant private investment in a centrally located and historic business district.