The transformational development – the largest private real-estate investment in Cincinnati – will leverage approximately $80 million of tax-increment financing (TIF) to fund public infrastructure and parking, utility improvements, and streetscape enhancements. This approval provides Trinitas and partner Crawford Hoying a significant source of funding required to move forward with “The District” which will be completed in two phases. Phase one, set to total $315 million is comprised of the existing 1,029-bed property, The Deacon; 1,112-bed and 2,300 square feet of commercial space, Hub at Cincinnati; a 175-room hotel with 22,000 square feet of retail space, a new Delta Delta Delta sorority house, and a 169-space public parking garage. Phase 1 is slated to be complete October 2024.
“Trinitas seeks to invest and develop in thriving cities near dynamic universities. We are excited to have cleared another major milestone in this mixed-use development that will be transformative for the Clifton Heights neighborhood, the University and the City of Cincinnati,” stated Trinitas’ CEO, Loren King.
The second phase, projected to cost approximately $185 million is targeted for completion by the end of 2025 and will consist of 45,000 square feet of commercial space, 170 senior housing units with private parking garage space, 350 multifamily units, a public parking garage and other public infrastructure improvements.
Upon completion, The District will house over 3,200 residents, establish approximately 815 permanent jobs and 1,200 construction jobs, generate $11.8 million in annual tax revenues, and provide an overall investment of $500 million. “We appreciate this historic investment in our city,” Cincinnati’s Mayor John Cranley stated about The District, “It is just incredible to see the transformation that will take place and appreciate their commitment to invest hundreds of millions of dollars in Cincinnati”.
Learn more on The District at www.thedistrictatcliftonheights.com
Trinitas is an owner, investor, developer, builder and manager of commercial real estate in vibrant cities throughout the US, specializing in student housing, multi-family and mixed-use development. Trinitas currently owns and is developing approximately $500 mm in student housing, multi-family and mixed-use assets, with an additional $1 billion in its development pipeline. The company is headquartered in Lafayette, Indiana with offices in Indianapolis and Chicago. Learn more about Trinitas at www.trinitas.ventures.
About Crawford Hoying: Crawford Hoying is a full-service real estate development company, based in Dublin, Ohio, concentrating in all aspects of acquisition, design, development, construction, management, as well as commercial and residential brokerage. In the past five years alone, they have developed more than $1.3 billion of mixed-use, multifamily, office and retail properties. Crawford Hoying creates a sense of place; focused on consumer needs from a commerce, culture, and community perspective. Bridge Park, www.bridgepark.com, and Water Street District, www.livewaterstreet.com, are examples of Crawford Hoying’s transformational development capabilities. To learn more about Crawford Hoying, visit www.crawfordhoying.com.