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The Banks Cincy

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A big day for development deals at Cincinnati City Hall

Cincinnati City Council approved three key deals that will bring more apartments to downtown, add more residents and retail to the Banks and help fund a technology campus in Over-the-Rhine.

Council approved a $3.5 million grant on Wednesday to North American Propertiesand NorthPointe Group so they can build a seven-story apartment building on top of a parking garage at Seventh and Broadway.

The $22.3 million project, which will include 111 high-end apartment units, has been in the works since 2002. There is already retail space on the first floor of the garage.

Apartments will range from studios to two-bedroom apartments with a den. The average unit will be 850 square feet. Rents are expected to be $2 per square foot, or between $1,200 and $2,200 per month.

Under the original deal, the developers were supposed to reimburse the city for the cost of building a garage strong enough that an apartment tower could be built on top of it. Council approved an ordinance waiving that $1 million payment.

The developers also will get up to $200,000 in reimbursement for lost parking revenues from the top floor of the garage being used during construction. Funds for the garage reimbursement and the $3.5 million grant will come from a city tax-increment financing fund that covers the east side of downtown and Over-the-Rhine.

NorthPointe and North American eventually will also get a 15-year property tax abatement.

Council also approved funding for Cintrifuse’s new Over-the-Rhine headquarters, a tech campus that also will be used by CincyTech and the Branderyand its share of funding for the second phase of the Banks.