The transformation of this 1920s structure would be done by Cincinnati-based real estate development company Al Neyer. Once completed, the building would be home to professional offices for Cincinnati Children’s Hospital Medical Center.
The estimated cost of this project is $37 million, which would cover an extensive renovation of the interiors of this 171,000 square feet building. The amount would also be spent on the construction of a new parking garage that would accommodate approximately 440 vehicles.
The construction of the garage is expected to cost $7.1 million, creating about 105 jobs in the region. Once completed, about 600 employees from other locations of the Cincinnati Children hospital would be relocated to this facility.
A 17-year lease has been signed for the entire structure by the hospital. Funds for the planned renovation have been partly provided by the New Market Tax Credits from the PNC Bank and the Cincinnati Development Fund that totals $9.9 million. The Federal Historic Tax Credits provided a sum of $1.3 million for the project.
The expected date of completion of this project is around May 2011. The building is known for its historical importance and serves as a landmark for the city.
