The company that renovated Fountain Square and is in the process of recreating Washington Park,
3CDC, is about to start construction on the fifth phase of its building and renovation plan to get more people living in OTR.
Spanning from 13th to 15th and Elm to Walnut streets, 112 new housing units should be ready for occupancy by this time next year, with construction beginning in December or January. Most are renovations and rehabs, except for 17 new units in Mercer Commons, which sits between Walnut and Vine in the 1300 block. One sector, on 15th and Republic, will have 14 rental units. All others will be for sale.
Options range from 500-square-foot studios to a 1,900-square-foot, three bedroom flat. Prices will be set before the end of this year. All together, more than 100,000 square feet will be renovated or built in Phase Five. Around 8,500 square feet will be street-level, commercial space.
Since 2004, 3CDC has completed 186 units, which now have 81 percent occupancy.
Washington Park, which is not part of Phase 5, should be completed by June 2012. It adds eight acres of green space to OTR. While many historic aspects of the park will be reserved, there will also be new performance stages, a water playground and a 450-space underground parking garage.
Phase Five is the last step planned so far in the large-scale renovation plan for OTR. 3CDC owns property stretching from Walnut to Central Parkway and up to Liberty Street, which still needs to be scheduled for renovation. Over $162 million has been invested into OTR since 2004.
By Evan Wallis
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