Redevelopment into a 600,000 SF class A mixed-use building consisting of a combination of any of the following: residential, office, retail, hotel. Qualified for tax credits and/or governmental incentive programs. The Terrace Plaza is a 20-story building located within the Cincinnati Central Business District. It contains office, hotel and retail components. At the time of its construction in 1952, the subject was considered best in class, but requires an upgrade to reposition and compete in the present market. Situated just west of Fountain Square in the center of the city and one block from the route of the Cincinnati Streetcar, the property has substantial potential and offers tremendous upside.
The subject property is located at 15 West 6th Street in Cincinnati, Ohio, and is identified on tax maps as parcels 077-0002-0250-00, 077-0002-0251-00, and 077-0002-0252-00 (three condominium units, one for each of the retail, office, and hotel components, respectively). The property contains approximately 41,628 square feet of land area along the south side of West 6th Street between Race Street and Vine Street and is improved with the former Terrace Hotel, which has been vacant for approximately 10 years. Plans are in place to redevelop the property with a retail, office, and hotel building. There will be ground floor retail space comprising 32,000 gross square feet (18,526 square feet of net rentable area), seven floors of office space comprising 280,000 gross square feet (218,447 square feet of net rentable area), 324 hotel rooms above the office space comprising 280,000 gross square feet (162,917 square feet of net rentable area), and three below-grade parking levels with 80,000 gross/net square feet and 450 parking spaces, all of which is according to data provided by the developer.
Opening Bid: $10,500,000
Bid Deadline: August 4th, 2022 at 4:00 p.m. (Eastern Time)
Auction: August 9th, 2022, virtually and in-person at 10:00 a.m. (Eastern Time)
Sale and dates are subject to bankruptcy court approval
Please contact us for terms of sale / bid procedures