Over half a billion dollars are being invested in the Madison Road corridor, accelerating growth in the Madisonville's traditional business district.
According to Bob Igoe, business development chair for the Madisonville Community Council
, the neighborhood has hit "critical mass", and he wants the neighborhood to be the first focus area Go Cincinnati
targets - specifically the intersection of Madison and Whetsel.
He adds that they will also be able to channel tax increment financing revenues provided by new mixed-use developments along Red Bank Road, including the $75 million Midtown Crossing on the former NuTone site and the $45 million Madison Circle on the former site of the Oakley Drive-In.
Investments such as the new Madisonville Arts Center
, Just Saab, Volvo and Dial One Security
have shown that the district is still viable.
Igoe says that the renewed interest in Madisonville is even easier to see at meetings on neighborhood business development - they've gone from a handful of people meeting in his office basement to much larger functions attended by bankers, developers, and local decision makers.
At the same time, the community council has been working on concentrated code enforcement, attempting to separate the legitimate business owners from the speculators.
Igoe says that a recent example of the increased enforcement is the demolition of the Madison Building on the southeast corner of Madison and Whetsel, which the owner refused to maintain or to sell.
"If a building is allowed to rot on a main corner of the business district, no one is going to invest in the building next to it," he says.
In Igoe's view, the opportunity in Madisonville is similar to the opportunities available in Oakley ten years ago, with its affordable home prices and vacant brownfield sites.
"There just aren't a lot of large areas for infill on the east side anymore," he says.
Writer: Kevin LeMaster
Source: Bob Igoe, business development chair, Madisonville Community CouncilImage provided by Madisonville Community Council