Each month, Uptown Consortium, Inc. (UCI) features a federal New Markets Tax Credit (NMTC) project in the Uptown Updates newsletter to celebrate the nonprofit's 20th anniversary. These NMTCs have spurred housing, retail, healthcare and jobs in the five Uptown neighborhoods. With the recent launch of the updated Burnet Quarter plans, August’s spotlight focuses on NMTC investments that have revitalized Burnet Avenue.
History
Burnet Avenue is home to key institutions like Cincinnati Children’s Hospital Medical Center, Ronald McDonald House Charities of Greater Cincinnati, and UC Health, as well as numerous businesses and historical sites. Unfortunately, the area once faced challenges with vacant buildings and declining appeal, which contributed to increased crime and diminished the district’s vibrancy.
3440 Burnet Avenue
In one of its foundational efforts, UCI invested $14.5 million in NMTC allocations to fund site acquisition and land banking, clearing blighted properties as part of the Burnet Avenue revitalization. Here are highlights from the first phase of this redevelopment:
Sweets & Meats BBQ at 3440 Burnet Avenue
3440 Burnet Avenue: $1.8 million in NMTCs
The initial phase involved clearing 60 blighted buildings to make way for 3440 Burnet Avenue. This three-story, 45,000 sq. ft. LEED-certified office building, completed in 2009, created 180 full-time jobs within two years. It now houses Cincinnati Children’s healthcare facilities and offices, Every Child Succeeds, Uptown Consortium, Inc. and Sweets & Meats BBQ.
Hickory Place Townhomes
Hickory Place Townhomes Phase I and II: $1.3 million in NMTCs
Hickory Place Townhomes marked the first new for-sale housing project in the neighborhood in over a decade. Situated within the Burnet Avenue district, the project included sixteen townhomes built in two phases on land donated by Cincinnati Children’s. The homes, initially priced between $185,000 and $195,000, saw prices rise to $250,000 in phase two. Both phases sold out quickly, demonstrating a strong demand for single-family homes and catalyzing further residential development in the area.
Stag’s Barber Shop
Other projects supported by UCI include Burnet Place and Stag’s Barber Shop, owned by De'Angelo Boynton, with whom UCI has partnered for over a decade. In 2010, UCI also collaborated with Model Group on the Forest Square Senior Apartments, adding 21 affordable two-bedroom units to the community and creating 54 full-time jobs.
Coming Soon
The Burnet Quarter project will bring new housing and businesses to Burnet Avenue, transforming the area into a vibrant district for living, working and playing. These historic NMTC investments have laid the groundwork for the ongoing revitalization of Burnet Avenue.
UCI’s NMTC program continues to drive positive change in Avondale and throughout the five Uptown neighborhoods. UCI’s two most recent NMTC investments include the Blood Cancer Healing Center and the YWCA Domestic Violence Shelter.
For updates on UCI’s future NMTC projects, visit the NMTC page on UCI’s website and follow Uptown Consortium on LinkedIn and Facebook.