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  5. ›Redevelopment of 129-131 W. Elder Street

City of Cincinnati·Ohio

Redevelopment of 129-131 W. Elder Street

Closes 3/18/2022$500k – $2MRequest for Proposal
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Description

The City of Cincinnati’s Department of Community and Economic Development is seeking a qualified developer to propose a mixed‑use redevelopment of the vacant upper floors (≈ 3,200 sq ft) at 129‑131 West Elder Street, a historic‑district property in the Over‑the‑Rhine/Brewery District. The City will retain ownership of the ground‑floor commercial “air‑lot” or may lease it to the Corporation for Findlay Market at below‑fair‑market rent; the developer will acquire the upper‑floor portion (or the whole building) and must deliver a concept that includes affordable or mixed‑income residential units, complies with local zoning (CC‑P), historic‑district guidelines, and integrates with city‑wide planning objectives. No direct City funding is provided; the offeror must supply the purchase price and full financing plan, and meet a suite of workforce, SBE, ADA, prevailing‑wage, and other contractual requirements. • Scope: Conceptual design, financing, and acquisition of vacant upper‑floor residential space (optional whole‑building purchase). • Requirements: Zoning compliance, historic‑district Certificate of Appropriateness, mixed‑income/affordable housing focus, detailed financing narrative, SBE/MBE/WBE participation plan, construction‑workforce goals. • Process: Electronic submission via Bonfire by 18 Mar 2022 3 pm ET; pre‑submission site walk‑through 22‑24 Feb 2022 (appointment‑only); Q&A deadline 4 Mar 2022.

Attached files

The solicitation documents live at the source — open the bid source above to download them.

Contact

Chanté Randolph(Buyer)

chante.randolph@cincinnati‑oh.gov

Key dates

Opened
2/7/2022
Questions due
3/4/2022
Pre-bid meeting
2/24/2022
Site visit
2/24/2022
Closes
3/18/2022
Projected award
3/1/2022

Last updated

Details

Type
Request for Proposal
Industry
Property Development
NAICS
236220
Solicitation №
RFP993CEDELDER

Budget estimate

$500,000 – $2,000,000

The solicitation does not disclose a project budget or City funding, so the developer must supply an offer price for the property and cover all development costs. Based on comparable downtown mixed‑use redevelopment parcels in Cincinnati, purchase prices can range from $500 K to $2 M, with total development costs (design, construction, financing) often reaching $5‑$10 M. Assuming the developer obtains market‑rate or modest affordable‑housing subsidies, the net profit margin might be 10‑20 % of total development spend. Therefore a realistic earnings range could be roughly $500 K – $2 M for the developer’s profit and fees.

AI estimate from the solicitation

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