A new high rise apartment is going up on the riverfront in Cincinnati. The city has reached a deal with an Atlanta developer to build Skyhouse at the foot of the Purple People bridge. It will be a 25 story tower with over 300 luxury apartments.
This development has been talked about for years and is finally coming to fruition. Tom Gableman has been working with the developer, Novare and says this will be the company's first high rise north of the Mason Dixon line. It is a $90 million project and includes a 30 year tax abatement. Unlike other major projects downtown, including the new grocery and apartment building on Court Street this deal does not include any cash subsidies from the city. The developer will build its own parking garage and has agreed to pay almost 200 thousand dollars a year into the streetcar operating fund.
Councils finance committee approved the plan this morning and it goes to the full council this afternoon for a vote.