City Council approved plans to demolish and redevelop 74 acres in Oakley, which was once the home of Cincinnati Milacron. The project will include at least 200 apartments, a 250,000 square foot office campus, a 55,000 square foot movie theater and 350,000 square feet of retail space. Once completed, over 1,700 people will work on the redevelopment site and those employees will generate nearly $800,000 in earnings tax each year. The developer anticipates that most, if not all, of the buildings will be LEED certified. The total cost of the project is estimated to be $120 million.
The City will provide up to $9.9 million in tax increment financing to build a new road, improve existing roads, and for related improvements. The City is also partnering with the developer on a $3 million grant for environmental remediation and demolition from the Ohio Department of Development's Clean Ohio Revitalization Fund.
"This is another example of how the City is partnering with companies and developers to implement GO Cincinnati, our strategic plan for economic development, said City Manager Milton Dohoney, Jr., "This is about two things. First, revitalizing our neighborhoods by cleaning up underutilized property, and second, it is about growing our tax base so that we can provide basic services for our citizens."