The State Controlling Board approved a $750,000 Clean Ohio Assistance Fund grant for the Greater Cincinnati Development Authority to support brownfield redevelopment.
The grant will assist with asbestos abatement at the former Federal Reserve Building. The property has supported office and commercial operations since the 1800s. The development partner, ACG Federal Reserve LLC, will contribute nearly $5 million in matching funds for acquisition and remediation activities.
After rehabilitation, ACG Federal Reserve will invest nearly $17 million to develop 88 luxury apartments and 59,415 square feet of commercial space over five floors. The commercial space will be occupied by existing tenants of the building and will result in the retention of 100 jobs, according to DOD. The redevelopment will also result in the creation of two jobs to service the residential apartments.
“This project is a great example of what public/private partnerships can accomplish in the state,” Ms. Patt-McDaniel said.
The development plan includes LEED certification and the preservation of the unique architectural features of the historic building, according to DOD. By transforming vacant office space into residential space, the redevelopment plans are also aligned with Cincinnati’s GO Cincinnati strategic plan.
The Clean Ohio Assistance Fund, within the Clean Ohio Fund, restores, protects, and connects the state’s important natural and urban places by preserving green space and farmland, improving outdoor recreation, and cleaning up brownfield sites to encourage redevelopment and revitalize communities.