Crawford Hoying has a track record with big projects, including Dublin’s Bridge Park, Dayton’s Water Street District, and Cincinnati’s The Banks projects. The Cohen property, which is 17.7 acres, is along the Great Miami River and across from Spooky Nook at Champion Mill. And Smith said without Spooky Nook, this project would not have even been considered.
Pending City Council approval at its June 28 meeting, Crawford Hoying would close on the property in August, and site work and demolition would start in 2024 to allow Cohen Recycling to wind down operations and relocate to its new site north on North Third Street.
The development agreement would require a minimum of $150 million in development, with the first $50 million being completed by December 2026. This deadline is tied to a $3 million forgivable loan. The second deadline would be in 2031 and the last in 2036.
If $150 million has been invested by 2036, that loan is forgiven and would be repaid via the tax increment financing district. If the company does not meet any of the deadlines, a prorated amount of that loan would be required to be repaid.
But Smith is confident in Crawford Hoying’s ability to exceed the minimum investment amount. The developer’s signature project is Bridge Park in Dublin. That 20-acre project had a minimum investment of $200 million, and Smith said they had quadrupled that amount.
“I truly believe you’ll see a substantial amount of investment on that site,” Smith said of the Cohen Recycling plant, adding that without Spooky Nook, “this (project) would have never had happened.”
Cohen Recycling will relocate its operations to a smaller property less than a mile north on North Third Street. Their new location was part of a land swap deal. In exchange for their new home on North Third Street, Cohen gave the city of Hamilton property on Maple Avenue, which eventually was sold to Meyer Brothers and Sons for its relocation project.
About the Author
