For those of you who are not really familiar with what the
Linden Park Commons project is, let me provide you some
background. Linden Park Commons is the College Hill Community
Urban Redevelopment Corporation (CHCURC) development plan for the
three vacant corners at Hamilton and North Bend. The project
includes the Masonic properties west of the corner. Linden Park
Commons Phase 1 will develop the properties on the north side of
North Bend Road. Phase 2 will develop the southwest corner.
Phase 1 will build "twin" buildings on each of the northern
corners--the former sites of Shullers Restaurant and the Kroger
grocery store. These buildings will house retail stores on the
first floor and condos on the second and third floors. We will
build town homes and single family residences on the former
Masonic properties. Phase 2 on the southwest corner will be a
building that will house retail on the first floor and office
space on the second floor. Parking for shoppers will be located
behind the new retail spaces. For a picture of what the
development looks like, check out our
website..
Many of you might be wondering what is really happening since
all you see on the northern corners of that intersection is the
same vacant land. The first part of any project is to get control
of the land. Al Neyer, Inc., CHCURC's chosen developer, has been
working since February to get control of all the parcels of land.
As of the end of May, all of the Phase 1 property owners had
indicated they are willing to sell. The cost of the property to
Neyer and their return on investment leaves a gap in the
financing. Therefore, Neyer has gone to the city for "gap
financing." This is a common procedure. Sometimes it involves
direct grants but more often it involves special tax programs like
tax increment financing (TIF). So now the city and Neyer are
negotiating the gap. CHCURC expects to see a signed contract by
the two parties by the end of September. Razing and remediation of
the existing properties will then begin.
Carol Lyon, President, CHCURC, carolilyon@aol.com