Historic Tax Credits
$4.2 Million Federal
$4.7 Million State
New Markets Tax Credits
$10 Million
Total Project Cost
$27 Million
Project Partner
The Model Group
Impact
Small Business Support, Affordable Housing, Economic Development
History
A Century of Support
Findlay Parkside is located in the Over-the-Rhine (OTR) neighborhood in Cincinnati, OH, one of the largest and most intact urban historic districts in the United States. OTR lies just north of the Central Business District in Downtown Cincinnati, boasting low-rise Greek Revival, Italianate, and Queen Anne brick buildings, primarily constructed by German immigrants in the mid-1800s. Among the neighborhood’s most notable attractions is the Findlay Market, the oldest and only surviving municipal market house in Cincinnati, which operates year-round and houses over three dozen indoor merchants offering a wide array of goods.
Through the efforts of revitalization experts like The Model Group and 3CDC, OTR has become a thriving hub of activity, home to an eclectic mix of shops, restaurants, bars, and other businesses that cater to both residents and visitors alike.
Nestled within this vibrant and historically rich neighborhood, the Findlay Parkside project consists of nine distinct historic mixed-use buildings totaling 47,000 square feet. In their previous incarnations, these buildings served various functions and businesses, including an undertaker, office, chapel, livery, and garage. As the Findlay Parkside project revitalizes and repurposes these nine underutilized historic buildings, it will preserve their unique character, create new affordable residential opportunities, and support a growing community of businesses.
Revitalization Efforts
A Market of Opportunities
Completed in 2024, the Findlay Parkside project substantially rehabilitated nine historic, low-rise buildings around the iconic Findlay Market, creating mixed-income apartments, new retail and restaurant spaces, a fresh food distributor and more.
The project was developed by The Model Group, a Cincinnati-based integrated property development, architecture, construction, and management company. The Findlay Parkside project exemplifies the importance of historic preservation, sustainable development, and social impact in urban communities. By creating a vibrant mixed-use space that supports affordable housing, small businesses, and local enterprises, the project will make a significant contribution to the ongoing revitalization of the Over-the-Rhine neighborhood.
Community Impact
A Thriving Community Asset
The Findlay Parkside project in Cincinnati’s Over-the-Rhine neighborhood is creating new and highly desired affordable housing and small business support for entrepreneurs through historic preservation.
The development generated 160 construction and permanent full-time equivalent (FTE) positions, a vast majority of which will pay a living wage or higher and be accessible to those with barriers to entering the workforce.
The Findlay Parkside project will create 51 apartments, with more than 50% of the available housing designated as affordable. The continued development and creation of commercial space surrounding the historic Findlay Market will create new opportunities for existing businesses to grow. A fresh food fulfillment center operated by the Corporation for Findlay Market will connect to and source food from the nearby Findlay Market, expanding access to fresh foods for the community.
Job Creation
160 construction and permanent full-time equivalent (FTE) positions.
Mixed-Income Housing
51 apartments, with more than 50% of the available housing designated as affordable.
Sustainability
Designed to achieve LEED Silver certification.
Healthy Food Access
Food fulfillment center will connect to and source food from Findlay Market
NTCIC & Progress
Financing the Project
NTCIC supported the project completion by sourcing, underwriting, and facilitating the equity investment in the $9 million in federal and state Historic Tax Credits generated by the revitalization efforts.
Other financing sources included NMTC source debt, HTC bridge debt, sponsor equity, and additional NMTC allocation from RBC Community Capital and Truist Community Capital. TIF financing from the City of Cincinnati was utilized post-closing.
NTCIC also provided $10 million in New Markets Tax Credit (NMTC) allocation.NTCIC’s 2019 round of NMTC allocation played a crucial role in financing this development, prioritizing investments in impactful commercial and mixed-use projects that serve as centerpieces for local redevelopment plans, elimination of blight, and the stimulation of economic activity.
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