As Over-the-Rhine continues its redevelopment push with new residents, businesses and amenities, so does the often over-looked Pendleton neighborhood next door.
While much of the progress can be seen along Reading Road where most of the industrial buildings have now been restored, six new townhomes located on Dandridge Street a few blocks north indicate a larger impact that is being felt throughout Pendleton.
The Dandridge Studio Townhomes
project is one that has been in the making for several years now, but is a project that has been long anticipated by neighborhood residents and supporters.
"The people in Pendleton were so excited for the groundbreaking," said Jeanne Golliher, executive director with Cincinnati Development Fund
(CDF). "We wanted to help make sure this project got finished."
CDF was able to do just that by providing a much needed $541,000 loan for construction funds that complimented the other funds being used to complete the project. The loan was a bit unusual for CDF - the organization used its own money to fund the project instead of coordinating financing. Golliher says that in CDF's 21-year history, this is a first.
"We normally put together loan money from a variety of sources in a way that allows for banks to participate in otherwise higher risk loans by reducing their risk," said Golliher.
CDF's direct loan helped push the Dandridge Studio Townhomes towards completion and will allow for some of their money to stay in the project even after its completion by offering a second mortgage for home buyers so that they can choose to borrow up to 10 percent of the home value with zero percent interest.
"Our whole mission is to revitalize urban communities," said Golliher. "The Dandridge Studio Townhomes project is absolutely 100 percent what our mission is all about, and the risk involved is well worth it."
Priced from $165,900 to $199,900, the homes feature a ten year tax abatement, balconies, open floor plans, secure parking, and no HOA fees according to Comey & Shepherd Realtors. To schedule a walk through please contact Cathy Frank at (513) 478-1296.
Writer: Randy A. SimesPhotography by Scott Beseler
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