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Neighborhood Revitalization
Cincinnati, OH
Project Summary
Model Group's revitalization of Pendleton through the Broadway Square project exemplifies a transformative approach to urban renewal. This multi-phase, $40.4 million initiative spans multiple historic blocks and incorporates the renovation of over 100 residential units and more than 30,000 square feet of retail and office space. The development maintains LEED Certification, blending sustainability with historic preservation.
Broadway Square was carried out in three distinct phases. The first phase involved rehabilitating 39 apartments and 12,000 square feet of mixed-use space, including vibrant local businesses like restaurants and cafes. The second and third phases added 64 more apartments, retail spaces, and three beautifully designed courtyards for residents and visitors alike
This project not only restored 19th-century buildings but also boosted the neighborhood's economic and social landscape by creating market-rate and workforce housing. It leveraged New Markets Tax Credits to support development in a historically low-income area, generating significant construction and permanent jobs while revitalizing the Pendleton neighborhood
“This project has completely transformed the Pendleton neighborhood, but it almost didn't happen. To close the funding gap, we had to invent a new financing structure, so this project was the first ever to use a Section 108 loan to bridge the tax credit investor equity across two different projects. This new structure increased tax credit pricing to create the gap resources necessary to close the deal."
The transformation of Pendleton, alongside the Model Group's broader efforts in Cincinnati, illustrates a commitment to preserving historic character while promoting sustainable urban living. Broadway Square serves as a thriving community hub, blending residential, commercial, and social spaces into a cohesive, revitalized district.
Description
Multi-Phased
Buildings: 27
Investment: $40.4M
Residential Units: 139 Apartments
~35,000 SF Commercial
Location
Cincinnati, OH
Partners
Ohio Capital Corp. for Housing, Local Initiative Support Corp.,
Cincinnati Development Fund
National Development Council
Pendleton Community Council
PNC Bank
Total Development Cost
$40.4MM
Funding Sources
New Markets Tax Credits
Federal and State Historic Tax Credits
Opportunity Zone
City NOFA
