Learn About 3CDC
The Cincinnati Center City Development Corporation (3CDC) manages events, programming, maintenance and security for Fountain Square and the Fountain Square North Garage. 3CDC is a non-profit real estate development organization. Its mission and strategic focus is to strengthen the core assets of downtown by revitalizing and connecting the Fountain Square District, the Central Business District and Over-the-Rhine (OTR).
Working together with the City of Cincinnati, the State of Ohio and members of Cincinnati’s corporate community, 3CDC is committed to establishing a model of excellence and success when it comes to redeveloping and investing in Cincinnati’s urban core.
BACKGROUND
3CDC was formed in July 2003, recommended by a City of Cincinnati Economic Development Task Force as part of an overall system to increase the effectiveness and efficiency of development activities in the City of Cincinnati. Then Mayor Charlie Luken and members of the Cincinnati corporate community joined together to create 3CDC, agreeing that the economic future of Cincinnati depended first and foremost on a strong and vibrant downtown business and entertainment district.
Cincinnati is fortunate to have a very strong and engaged base of corporate leadership, led by Procter & Gamble, Macy’s and Kroger to name a few. More than 30 corporate leaders make up 3CDC’s Board of Directors. The corporate leadership of 3CDC is vital to its existence and its success.
3CDC operations are funded privately mostly through corporate contributions. In November 2004 the staff of 3CDC accepted the daily, operating responsibilities for two private development funds, the Cincinnati New Markets Fund (CNMF) and the Cincinnati Equity Fund (CEF). These loan funds are geared toward downtown redevelopment and spurring economic development in distressed and struggling neighborhoods.
3CDC’s goals and objectives are to preserve historic structures and improve streetscapes, create great civic spaces, create high-density/mixed-use development, and to create diverse, mixed-income neighborhoods supported by local businesses. To achieve its mission, 3CDC has the flexibility to function in a variety of roles: Developer (as in the Fountain Square and Washington Park projects), Master Developer (as in the Fifth & Race project), Asset Manager (as in the daily management and programming of Fountain Square), and Lender/Fund Manager (through the daily operating responsibilities for its loan funds).
TOP TEN HISTORIC MILESTONES
March 2005: 3CDC begins land banking abandoned, dilapidated, problem properties in Over-the-Rhine for future redevelopment.
September 2005: $48.9 million renovation of Fountain Square begins.
October 2006: Fountain Square Garage and Plaza is rededicated and opened to the public.
March 2007: Residential sales office opens at the corner of 12th and Vine streets in Over-the-Rhine as approximately 100 new condo units and more than 23,000 SF of commercial space comes on line through Phase I & II of OTR redevelopment.
February 2008: A groundbreaking kicks off Phase III development in OTR, which will yield another 107 condos and more than 25,000 SF of commercial space.
May 2008: PNC Bank sponsors the Fountain Square Summer Music Series, bringing live music to the Square five nights per week and establishing the Fountain Square District as a regional entertainment destination.
November 2010: The $48 million renovation and expansion of Washington park begins, with a summer 2012 completion date.
February 2011: Saengerhalle, three historic buildings transformed into a 32,750 square foot office and restaurant complex, becomes 3CDC’s new home, and rapidly fills up with new leases.
May 2011: the $56 million transformation of the Metropole Apartments into the 21c Museum Hotel begins.
October 2011: Construction begins on the transformation of the Maisonette buildings into a 7,500 SF multi-level entertainment venue by 4EG, and two restaurant concepts by the Boca Restaurant Group.
February 2012: DunnhumbyUSA announces its intention to work with 3CDC on a new headquarters building at Fifth & Race, to include public parking, commercial space, and potential residential.
