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A significant residential development project has received crucial backing from key financial authorities. The initiative, valued at $76 million, requires approximately $9.5 million in tax-increment financing (TIF) revenue bonds. This new community, situated north of Interstate 275, will comprise 216 apartment units and an additional 90 for-rent townhomes. According to Greg Hahn, Vice President of Public Finance at the Cincinnati Port, the project is designed to cater primarily to young professionals rather than families, with a projected market value of $97 million. Both the Cincinnati Port and Dayton-Montgomery County Port Authority have given their approvals, marking a pivotal step forward for this ambitious venture.

The approval process involved multiple stakeholders. Michael Novakov, a vice president at DiPerna & Co., highlighted the strong market demand for such residences, emphasizing the strategic location and target demographic. The Cincinnati Port board approved the bond issuance on January 15, while the Dayton-Montgomery County Port trustees followed suit during their first meeting of 2025. Joseph Geraghty, executive director of the Dayton-Montgomery County Port Authority, noted that both ports needed to endorse the project for it to proceed. The $9.5 million bond issuance will cover land acquisition and site improvements, leaving about $95 million remaining in the Dayton port’s bond fund after this allocation.

The project's location, just north of the Springdale Showcase Cinema de Lux 18, adds to its appeal. Todd Castellini, senior vice president at the Cincinnati Port, confirmed that construction is expected to commence within the next few weeks. TIF revenue bonds, issued by local governments, play a critical role in funding development projects within specified areas. This type of financing allows for targeted investments in infrastructure and property enhancements, fostering economic growth and revitalization.

Beyond this specific development, the broader area is also undergoing transformation. In November, WCPO reported that the Springdale City Council had approved the "City Center Springdale" project, aimed at redeveloping the former Tri-County Mall into a vibrant mixed-use community. This ambitious plan includes approximately 1,300 apartments, two hotels, a medical office building, and extensive retail and entertainment spaces, signaling a comprehensive approach to urban renewal in the region.

The successful approval of this residential project represents a significant milestone for both the developers and the local community. With construction set to begin soon, the development promises to introduce modern living options that align with the growing needs of young professionals. Moreover, it underscores the collaborative efforts between various financial and governmental entities to drive sustainable urban development and enhance the quality of life in the area.