The Deacon
LARGE-SCALE HOUSING OPENING NEAR UNIVERSITY OF CINCINNATI
An Indiana-based developer forges a redevelopment plan for the former Deaconess Hospital site a few short blocks from the University of Cincinnati’s front door in the historic CUF neighborhood – The Deacon. Trinitas is an owner, investor, developer, builder and manager of nearly $300 million in student housing assets consisting of more than 2,800 student housing beds.
LARGE-SCALE HOUSING OPENING NEAR UNIVERSITY OF CINCINNATI
This project’s first phase delivers a mid-rise 351-unit housing development known as the Collegiate in time for University of Cincinnati’s fall 2019 semester. It also includes the renovation of the former Deaconess Hospital parking garage on the property located at 424 Straight Street. Total investment is estimated to be $108,269,771. The property was formerly occupied by Deaconess Hospital, and will be developed in phases. Developer Trinitas will develop phase I in partnership with Harrison Street Real Estate Capital, one of the largest private equity, real estate investment firms.
HOW THE PORT HELPED:
The Port, an Ohio Development Finance Agency, supported Indianapolis developer, Trinitas, on the development with the issuance of $85.6MM Mortgage Revenue Bonds and the abatement of sales tax on building materials through a structured lease. The Port’s sales tax exemption reduces construction costs. Approximately 250 construction jobs and annual payroll of nearly $19 million are expected to be created under the supervision of Trinitas Construction, the general contractor. Upon completion, it is expected that 14 new full time positions will be created, with an estimated annual payroll of $570,000.
BACKGROUND & CONTEXT:
This project represents Trinitas’ first residential development in Cincinnati. City Council approved LEED CRA tax exemption for the project’s first phase in 2017.
