This is a $76 million project needing about $9.5 million in TIF (tax-increment financing) revenue bonds, Greg Hahn, the Cincinnati port’s vice president of public finance, told trustees of the Dayton-Montgomery County Port Authority Tuesday.
The project is a multi-family community totaling 216 apartment units, with another 90 for-rent townhomes, north of the Interstate 275 corridor.
Michael Novakov, vice president of Columbus financial advisor DiPerna & Co., said the project will have a $97 million market value. The target market for the residences is geared toward young professionals rather than families, he said.
“There’s a strong demand for the project,” Hahn said.
The Cincinnati Port board approved a bond issuance for the project Jan. 15. Dayton-Montgomery County Port trustees approved their participation on Tuesday, during their first meeting of 2025.
“This is a project which both ports have to approve,” said Joseph Geraghty, executive director of the Dayton-Montgomery County Port Authority.
The $9.5 million bond issuance will fund land acquisition and site improvements. Remaining capacity in the Dayton port’s bond fund after this project will be about $95 million, Geraghty said.
“This is something I think we should do,” he said.
The site is just north of the Springdale Showcase Cinema de Lux 18
Construction work is supposed to start in the next few weeks, said Todd Castellini, senior vice president with the Cincinnati Port.
TIF revenue bonds are municipal bonds issued by local governments to fund development projects in a defined parcel or district.
Dayton Daily News content partner WCPO reported in November that Springdale City Council approved a “City Center Springdale“ development near this area, aiming to redevelop the former Tri-County Mall into a mixed-use community that includes some 1,300 apartments, two hotels, a medical office building, 150,000 square feet of retail and entertainment spaces.
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