I wish I purchased one of the townhomes near Washington Park several years ago. It was listed for $99,000 for approximately 800 SF. Today, a similar unit in that development is going for $160,000 with no improvements.

I hope you're right about the streetcar's existence making banks more confident to lend. Anyone have more to add to that (like data)?

I believe the way this works, is property values rise along the line. Meaning buildings/land is worth more, allowing banks to loan higher amounts of money to the value of the land/building at lower rates.

 

For example, let's say there is no streetcar line.  You own a dilapidated building on say Elm and Green today surrounded by dilapidated buildings, and you want to rehab for $100k. A bank would say, no the value of the building is $30k, so we will loan you that much at 5.5% rate. If you want 100k, we will loan at 8% interest rate, or more likely wouldn't loan past a certain amount.  Obviously, the bank needs you to succeed or else they lose their money and end up owning a building that wasn't worth the money they put in, because your nice building is surrounded by dilapidated properties.

 

Well now the streetcar is in, you own that building, and the property value rises to $100k because of all the reasons we know the streetcar is being built. Now the bank will loan you the $100k at 5.5% interest rate, and you can rehab it yourself affordably.

 

This will open rehabs up to many more developers and sole owners/proprietors.

 

3CDC has a finite amount of buildings they own, so they probably want to develop a touristy/entertainment district that will be the backbone of OTR, which will allow the rest of the developers to take off on their own once the streetcar is in and development a self sustaining community.

 

That is my take. I will have to look up some information but I know there are studies on streetcar/light rail lines showing empirical evidence that they raise property values along the lines.

 

 

Doesn't that have more to do with ability to obtain affordable financing for redevelopment?

 

As I understand, 3CDC uses a rolling "loan fund" where they give out low interest loans to developers.  When they receive the money back, they send it back out again on more loans.  In theory this will create a larger pot of money for more development, like a snowball effect, once rents go up, etc.  Look at the 3CDC website for more information.  They also use other funding sources as well, i.e. historic tax credits, Cincinnati City Tax Credits, etc. 

 

The streetcar will help with bringing more players to the game.  Banks will be more willing to give out lower interest loans on the line and close to it, because it will make for more sustainable development, more of a guarantee because people will induce demand to live on a fixed transit line that takes them close to work, groceries, shopping, entertainment, etc.

 

As it is now, only 3CDC and a few others are there with the sufficient funds needed to revitalize the area.  The demand grows along where 3CDC builds, across the street, next block over, etc.  I am guessing that area banks want to see a bit more proof before giving out lower interest rate loans for redevelopment.  But who knows, they may be doing that already. 

 

Right now it is a slow process, that is why the Streetcar is so important.  It will speed up the process, capturing more money for the city faster.

 

Also, once the transit line is in place, there will be fewer needs for parking and construction of parking garages, lots, and spaces.  This will make redevelopment and development construction cheaper, resulting in lower house prices and rents that are more affordable, not to mention more money for people who chose to not own a car.

 

It will also make the area awesome, just because of the huge uptick in population and street traffic.  Think of a Saturday for a Reds game or Sunday Bengals game, or Thursday happy hour, etc. 

 

It will be great!

 

I don't disagree with a thing you said.  I was perhaps too simplistic in my comment above, but I meant that once banks and developers no longer view OTR as risky, and the process is opened to smaller/individual developers, a wider range of housing prices should become available in the neighborhood. The streetcar definitely makes north of Liberty much more palatable to residents and businesses, and I think it's effect will be felt greatest there.

^I apologize for misunderstanding!  Yes I agree with you, this will open it up to more developers especially North of Liberty where I don't believe 3CDC owns any property.

 

Has anyone heard any information on the proposed road diet for Liberty Street?  That will really help bridge the gap as well, in my opinion.

^There was supposed to be a presentation on it at Monday's Community Council meeting but it was delayed to next week due to weather:

 

https://www.facebook.com/events/212462305608026/?ref_dashboard_filter=upcoming&source=1

IAGuy39, I think I misunderstood; I thought you were saying banks would specifically look at the streetcar (rather than looking at its post-hoc impact on property values) and consider it in loan decisions (i.e. that they'd see the streetcar directly as an asset, rather than indirectly). If that were the case, the catalytic impact of the streetcar would be even more interesting.

 

Anyway, never mind. Good posts! :) I agree.

Well I think they will look at the streetcar specifically and realize it is a more sound investment to the bank for sure. To me I think of it in relation to properties off a highway interchange, they know people will ride by, and get off close by, so the investment has less risk and the banks will make money.

 

But I believe the real take off will happen when property valuations rise, because of the streetcar and also because there is demand to live in OTR and urban settings.

 

But it will depend on individual banks, individual credit risks, a myriad of things.  Some banks may have more faith in it than others. It will be exciting to see how fast this takes off!

I believe the way this works, is property values rise along the line. Meaning buildings/land is worth more, allowing banks to loan higher amounts of money to the value of the land/building at lower rates.

 

For example, let's say there is no streetcar line.  You own a dilapidated building on say Elm and Green today surrounded by dilapidated buildings, and you want to rehab for $100k. A bank would say, no the value of the building is $30k, so we will loan you that much at 5.5% rate. If you want 100k, we will loan at 8% interest rate, or more likely wouldn't loan past a certain amount.  Obviously, the bank needs you to succeed or else they lose their money and end up owning a building that wasn't worth the money they put in, because your nice building is surrounded by dilapidated properties.

 

Well now the streetcar is in, you own that building, and the property value rises to $100k because of all the reasons we know the streetcar is being built. Now the bank will loan you the $100k at 5.5% interest rate, and you can rehab it yourself affordably.

 

This will open rehabs up to many more developers and sole owners/proprietors.

 

3CDC has a finite amount of buildings they own, so they probably want to develop a touristy/entertainment district that will be the backbone of OTR, which will allow the rest of the developers to take off on their own once the streetcar is in and development a self sustaining community.

 

That is my take. I will have to look up some information but I know there are studies on streetcar/light rail lines showing empirical evidence that they raise property values along the lines.

 

 

 

This is not how financing a rehab works, or people would never be able to actually rehab things.  In a lot of ways, the process is not much different than if you are building a new house in the suburbs on a greenfield.  The plot of land with nothing on it may be worth, say, $50k, but you want to build a house worth $300k.  The bank making the construction loan is not basing the loan on the value of the land--they are basing it on the value of the property once it's completed with a house on it. 

 

It's the same way for a rehab.  Even if your building is only worth $5k, if you are doing construction on it, they are going to (in theory) finance based on the value of the rehabbed property once it's complete.  And your example lets you see why, actually--if the dilapidated building is worth $100k on its own, or you can take out a loan for $100k and rehab it, no one is actually going to do that.  You'd just sell the building for $100k and move on to something else.  You want to gain value based on the amount of money that you are putting into the property to improve it.

 

The real issues (as someone dealing with this a little bit) are two fold.  One, it's expensive to do a rehab.  I'd love to find a place that you could really do for as little as 100k, but if you are talking about a freestanding building, I think you would be hard pressed.  Heck, just the costs of modernizing mechanicals, HVAC, electric, and all that quickly get you up to an amount like that (before you even consider anything structural or any, you know, actual finishes).  Two, as with anything, you need to have comps.  It's easy to finance the house being built from scratch on a greenfield in a suburban subdivision because the bank can see 10, 20, 50 other homes either in that subdivision or in that suburb that have sold for X amount, and feels comfortable doing it.  Rehabbing in somewhere like OTR is much more unique, and it is not nearly as easy to find comparable sales to justify the amount you want to have loaned on the property (when all is said and done).  That's why, in all honesty, every time any new condo/townhouse/detached house sells in OTR, it's good for the future financing by everyone, because it is building up a base of comparable sales that can be used when you want to rehab. 

Sorry, I don't mean to sound harsh (which my first sentence does).  Just wanted to make the point that the rehab process is not driven by the value of the property as it sits there, but by the eventual value of the property once it is done. 

 

You are right that the streetcar will only help things, however. 

 

That is my take. I will have to look up some information but I know there are studies on streetcar/light rail lines showing empirical evidence that they raise property values along the lines.

 

 

Coincidentally, one of the blogs I check regularly ran an interesting piece relevant to this topic today:

 

http://wiseeconomy.com/the-importance-of-city-building/

...The real issues (as someone dealing with this a little bit) are two fold.  One, it's expensive to do a rehab.  I'd love to find a place that you could really do for as little as 100k, but if you are talking about a freestanding building, I think you would be hard pressed.  Heck, just the costs of modernizing mechanicals, HVAC, electric, and all that quickly get you up to an amount like that (before you even consider anything structural or any, you know, actual finishes). ...

 

Totally agree with the content of you post as a whole.  But it should be pointed out that this section is pretty specific to OTR.  You can easily renovate a house of similar age in say, Newport or Covington for $100k (I completely redid mine for a lot less).  But, the buildings in OTR are a much bigger on average, and many have been completely vacant for years.  So with most rehabs you get lucky and only have to address some combination of the roof, HVAC, windows/doors, structural issues, in addition to the cosmetic things inside; whereas in OTR, you usually have to address ALL of those before you even start thinking about kitchens, bathrooms, hardwood floors, drywall, paint, etc.  This makes it really hard for individuals and small companies to realistically take on an OTR rehab. 

 

Like it or not, 3CDC is probably the only way most OTR properties are going to get rehabbed unless major construction firms take notice and start buying and renovating multiple buildings themselves.

If you don't have cash and a ton of it (like over $1 million) rehabbing almost any of the multi-family buildings in OTR is not economically feasible.  It's hard to imagine renovating any of the shells into market rate apartments for less than $100,000 per unit, and it will take a very long time to recoup that expenditure in rent.  You could buy 3 $100,000 2-families around town with mortgages and collect more rent than spending $300,000 cash on an OTR multi-unit rehab.

 

So hundreds of thousands of cash for minimal cash flow and possible long-term upside if you can convert your building into condos vs. less than $100,000 cash for $6,000 in monthly income but little long-term resale gain. 

...The real issues (as someone dealing with this a little bit) are two fold.  One, it's expensive to do a rehab.  I'd love to find a place that you could really do for as little as 100k, but if you are talking about a freestanding building, I think you would be hard pressed.  Heck, just the costs of modernizing mechanicals, HVAC, electric, and all that quickly get you up to an amount like that (before you even consider anything structural or any, you know, actual finishes). ...

 

Totally agree with the content of you post as a whole.  But it should be pointed out that this section is pretty specific to OTR.  You can easily renovate a house of similar age in say, Newport or Covington for $100k (I completely redid mine for a lot less).  But, the buildings in OTR are a much bigger on average, and many have been completely vacant for years.  So with most rehabs you get lucky and only have to address some combination of the roof, HVAC, windows/doors, structural issues, in addition to the cosmetic things inside; whereas in OTR, you usually have to address ALL of those before you even start thinking about kitchens, bathrooms, hardwood floors, drywall, paint, etc.  This makes it really hard for individuals and small companies to realistically take on an OTR rehab. 

 

Like it or not, 3CDC is probably the only way most OTR properties are going to get rehabbed unless major construction firms take notice and start buying and renovating multiple buildings themselves.

 

Yes, you are exactly right about that.  I should have been clearer.  The shells I have seen in OTR typically require so many things when you are rehabbing that it is very hard to do it on the cheap, so to speak. 

 

The flipside, of course, is that hopefully you are getting cool italianate architecture and a great location.  But you will probably be able to get that a lot of other places--historic parts of Covington and Newport, or even places like the West End (if it ever takes off, it will be big time rehab central over there). 

Sorry, I don't mean to sound harsh (which my first sentence does).  Just wanted to make the point that the rehab process is not driven by the value of the property as it sits there, but by the eventual value of the property once it is done. 

 

You are right that the streetcar will only help things, however.

 

 

Hey, No worries!  It wasn't harsh at all!

 

Yeah I understand what you are saying and I am no expert at all.  And I was just using $100k as a simple example.  Those rehabs do cost a fortune I know.

 

I think I was trying to say, was that hypothetically if you wanted to do a $1,000,000 rehab in OTR without a streetcar, it would be a higher risk for a bank to loan that money to you or any developer, etc. thus it will have a higher interest rate, or no loan at all, than if it was the same $1,000,000 rehab at the same location with a street car.

 

I think theoretically this is correct?  If the streetcar spurs development around your rehab, nicer stores and more foot traffic around, etc. the bank would be confident that you could rent or sell it to pay the mortgage.  I am not sure if that is correct or not, but just how I see it.

 

Then, it would make it more affordable for other developers besides 3CDC, thus spurring more and faster development.

 

I think 3CDC's loan fund is somewhere around a 2 - 4% interest rate, which is a lot lower than most commercial interest rates, I believe.  That is why developers are now able to do the rehabs because the  loans from 3CDC are affordable.  http://www.3cdc.org/who-we-are/cnmf-and-cef/

 

Sorry if I am way off my rocker, I like learning about this type of stuff!

 

Thanks!

 

That is my take. I will have to look up some information but I know there are studies on streetcar/light rail lines showing empirical evidence that they raise property values along the lines.

 

 

Coincidentally, one of the blogs I check regularly ran an interesting piece relevant to this topic today:

 

http://wiseeconomy.com/the-importance-of-city-building/

 

 

Very cool, thank you for sharing. 

 

I think the streetcar will do wonders, and I think the next public investment to really spur development will be the Liberty Street road diet.  Hopefully that latter can get going rather quickly!

 

The only issue I have is that the Mayor is so against the streetcar still.  How can he go out and recruit new companies to locate downtown and OTR effectively with out pushing the streetcar?  That would be a top 3 selling point in my opinion.  Entertainment, urban living and inexpensive transit.

 

Although, I am optimistic we will see results in spite of this, but it would be better if the mayor was 100% on board.  Hard to sell a product you don't believe in!

 

Sorry, I don't mean to sound harsh (which my first sentence does).  Just wanted to make the point that the rehab process is not driven by the value of the property as it sits there, but by the eventual value of the property once it is done. 

 

You are right that the streetcar will only help things, however.

 

 

Hey, No worries!  It wasn't harsh at all!

 

Yeah I understand what you are saying and I am no expert at all.  And I was just using $100k as a simple example.  Those rehabs do cost a fortune I know.

 

I think I was trying to say, was that hypothetically if you wanted to do a $1,000,000 rehab in OTR without a streetcar, it would be a higher risk for a bank to loan that money to you or any developer, etc. thus it will have a higher interest rate, or no loan at all, than if it was the same $1,000,000 rehab at the same location with a street car.

 

I think theoretically this is correct?  If the streetcar spurs development around your rehab, nicer stores and more foot traffic around, etc. the bank would be confident that you could rent or sell it to pay the mortgage.  I am not sure if that is correct or not, but just how I see it.

 

Then, it would make it more affordable for other developers besides 3CDC, thus spurring more and faster development.

 

I think 3CDC's loan fund is somewhere around a 2 - 4% interest rate, which is a lot lower than most commercial interest rates, I believe.  That is why developers are now able to do the rehabs because the  loans from 3CDC are affordable.  http://www.3cdc.org/who-we-are/cnmf-and-cef/

 

Sorry if I am way off my rocker, I like learning about this type of stuff!

 

Thanks!

 

Not off your rocker.  I think the streetcar will definitely help, though that help is a ways off. 

 

My main point was that the rehab is not based on the value of the property as it sits, but as it will eventually be completed.  If the streetcar makes the value of the property as completed higher or more stable, that will certainly help the rehab process. 

A recent Streetvibes article says that 3CDC bought the Columbia Building at the NW corner of Walnut and 13th?  But the Auditor still shows it as an LLC in Boston with tons of subsidized housing around the City. 

 

Any truth to the Streetvibes article?

A recent Streetvibes article says that 3CDC bought the Columbia Building at the NW corner of Walnut and 13th?  But the Auditor still shows it as an LLC in Boston with tons of subsidized housing around the City. 

 

Any truth to the Streetvibes article?

 

This link is to a list of property sales and is updated daily: http://www.hamiltoncountyauditor.org/dailysales/dailysales.html

 

Sometimes the auditor can take a few weeks to update. But I don't see anything in OTR on Walnut Street that was sold.

Not sure if anyone saw this, but a recent article at the Socialist Worker highlights the "gentrification" of Over-the-Rhine:

 

http://socialistworker.org/2014/01/29/have-nots-in-over-the-rhine

It's pretty amusing that the article states "Ben Stockwell reports on the efforts of the Peoples' Coalition for Equality and Justice to fight gentrification in Cincinnati's historically Black Over-the-Rhine neighborhood." Then the picture shows a group of white people protesting gentrification...

 

3CDC... is currently in the early stages of fixing up Music Hall

 

Is it? I thought it was being tagged to possibly do Memorial Hall.

 

AT VARIOUS points during the January 24 meeting, the room erupted into shouting as attendees with interests in the redevelopment took up more than their fair share of time.

 

The crowd confronted him in an appropriate manner

It's pretty amusing that the article states "Ben Stockwell reports on the efforts of the Peoples' Coalition for Equality and Justice to fight gentrification in Cincinnati's historically Black Over-the-Rhine neighborhood." Then the picture shows a group of white people protesting gentrification...

 

Is OTR "historically black"?  How far back does history go?  I'd argue that it's historically German. recently black, and more recently diverse.  As an American of German descent, I'm offended!  :roll:

^Yea the major factual inaccuracies get in the way of any legitimate points they are attempting to make. Some of the problematic symptoms of gentrification ought to be addressed, but this article is offensive.

OTR was German till the 60's then primarily Appalachian till the 80's when African Americans relocated there due to urban renewal and I-75 in the West End.

 

Kenyon Barr, the neighborhood where Queensgate now exists was the site of the a huge community of African Americans. The city changed the building code and declared all the housing their blighted to demolish the buildings for the industrial parks that now sit there. That population scattered with most moving to OTR, the remaining parts of the West End and up to Avondale.

There are so many empty and vacant store fronts, etc. in that area it can be mind blowing at times, and it is hard to imagine that OTR is going through a rapid Gentrification like other larger cities.  I know this is a touchy subject.  If say low income tenants are moved out or priced out, will those low income designations move to new areas, like a permit or section 8?

Not sure if anyone saw this, but a recent article at the Socialist Worker highlights the "gentrification" of Over-the-Rhine:

 

http://socialistworker.org/2014/01/29/have-nots-in-over-the-rhine

 

I doubt the author of this article would want to have a real constructive conversation about the issues he lists affecting low-income populations in the urban core.

Correct me if I'm wrong but, don't we HAVE to gentrify rundown areas in order to spur economic growth?  Yes it really sucks for low income residents but you just have to do it.  Are there any cities that have areas like OTR where they fixed them up and there was no gentrification?

^Don't bother looking for logic in anti-gentrification arguments; they're 99% based on emotion.  I remember people complaining about gentrification in OTR years before the 2001 riots, and there was basically no development at that time beyond a few bars on Main Street.

Correct me if I'm wrong but, don't we HAVE to gentrify rundown areas in order to spur economic growth?  Yes it really sucks for low income residents but you just have to do it.  Are there any cities that have areas like OTR where they fixed them up and there was no gentrification?

 

Property values need to rise (and more residents need to be added) in order for the city to succeed. There is a total double standard on rising property when comparing urban and suburban areas.

 

If I have a house in the 'burbs, and I spend money on landscaping or install a new foot in order to raise my property values, and the values of the surrounding homes, this is seen as being a good neighbor.

 

If I renovate a vacant building in OTR into luxury condos or apartments, these groups see is as evil gentrification.

 

Here's an anecdote... at the OH-28 exit off of I-275, there is a relatively new shopping center featuring a Lowe's, Chipotle, IHOP, and Fifth Third Bank. Previously, there was a very large mobile home park. A developer bought the land and displaced all of these residents in order to build the shopping center. I seriously doubt that the developer made any attempt to help these people find new homes. Where were the anti-gentrification activists? Or do the same rules not apply when talking about non-urban areas?

Here's an anecdote... at the OH-28 exit off of I-275, there is a relatively new shopping center featuring a Lowe's, Chipotle, IHOP, and Fifth Third Bank. Previously, there was a very large mobile home park. A developer bought the land and displaced all of these residents in order to build the shopping center. I seriously doubt that the developer made any attempt to help these people find new homes. Where were the anti-gentrification activists? Or do the same rules not apply when talking about non-urban areas?

 

There are not as many poverty pimps in the suburbs and rural areas to exploit the unfortunate circumstances of those low income populations.

A 3CDC Holding Company recently sold 2 properties to Grandin Properties ( 26/28 W 13th).  You may recall Grandin did the renovation of the Hummel Building on the NW Corner of Washington Park. 

 

I would assume they are performing a similar project with these two properties, it is nice to see continued investment from not just 3CDC.

A 3CDC Holding Company recently sold 2 properties to Grandin Properties ( 26/28 W 13th).  You may recall Grandin did the renovation of the Hummel Building on the NW Corner of Washington Park. 

 

I would assume they are performing a similar project with these two properties, it is nice to see continued investment from not just 3CDC.

 

Would be nice if they worked with qualified individuals who have done renovations in OTR to purchase properties at these prices...

^^^Certainly.  As OTR continues to develop and property values increase hopefully that will allow more developers to make a profit on some of these properties, as traditional financing will often not do the trick with so many of the buildings in their current state.  A Bank will only lend on 80% of the value of a property, making these types of projects have large barriers to entry.  Tax credits and other tools help but it is complex nonetheless.

 

Maybe i am making a large assumption, but wouldn't an organization like 3CDC have an ultimate goal of making a neighborhood like OTR "self sustaining" without their financial assistance? I know that is a ways off but going from what the neighborhood was in early 2000's to 2014 is incredible. 

Does any body know the story with the handful of buildings on west side of vine right north of central? (Roughly 1113-1125 Vine) It has always seemed odd to me that they are basically just sitting there. 

 

The ensemble Theatre owns a couple of them.  Do they just use them as storage? 

 

Just seems odd the current owners have never wanted to sell or redevelop them into anything. 

^ one of those properties is a space people can rent out for private parties where you drink and do art (paintings, etc). It's called Cheers to Art (or something). The Ensemble Theater uses the buildings they own for constructing props/sets for their performances.

New single family home construction now underway at 1428 Elm St.

^ That's a dream of mine, but I think I'd need to win the lottery first.

I think that lot sold for $100k. 

Interesting. Is this a non-developer building this? That would be a pretty big deal wouldn't it? Has there been any private new single family construction in the neighborhood yet? I can't recall.

^ There was a John Huber Homes sign on the ground.

In that case I wonder if they're working with a client or if its being built on spec.

In that case I wonder if they're working with a client or if its being built on spec.

Client

New single family home construction now underway at 1428 Elm St.

 

They are moving fast:

There was a meeting last night at Rothenberg to discuss the redesign of Ziegler Park and open it up to public comments. 3CDC, Glaserworks, and Human Nature are partnering to make it happen. Speculation is that this is being done to please developers of the former SCPA/Woodward High School.

 

General sentiment was that the park needed to maintain a deep water pool, basketball courts, and playgrounds. It may be open to discussion of expanding the park north into the parking lot that's there now. The people leading the meeting suggested that making 13th and Sycamore more inviting would be a goal of the redesign (likely moving the pool/fence to another location to open up the space).

 

No decisions have been made, so there is little to be discussed at this point. They will report back in one month with the results of the public comments and some preliminary plans for consideration.

General sentiment was that the park needed to maintain a deep water pool, basketball courts, and playgrounds. It may be open to discussion of expanding the park north into the parking lot that's there now. The people leading the meeting suggested that making 13th and Sycamore more inviting would be a goal of the redesign (likely moving the pool/fence to another location to open up the space).

 

The only way the pool is moving is if they get rid of it.  Come on, people.

General sentiment was that the park needed to maintain a deep water pool, basketball courts, and playgrounds. It may be open to discussion of expanding the park north into the parking lot that's there now. The people leading the meeting suggested that making 13th and Sycamore more inviting would be a goal of the redesign (likely moving the pool/fence to another location to open up the space).

 

The only way the pool is moving is if they get rid of it.  Come on, people.

 

Funding was quietly completely cut for this pool during the last budget cycle.

There was a meeting last night at Rothenberg to discuss the redesign of Ziegler Park and open it up to public comments. 3CDC, Glaserworks, and Human Nature are partnering to make it happen. Speculation is that this is being done to please developers of the former SCPA/Woodward High School.

 

General sentiment was that the park needed to maintain a deep water pool, basketball courts, and playgrounds. It may be open to discussion of expanding the park north into the parking lot that's there now. The people leading the meeting suggested that making 13th and Sycamore more inviting would be a goal of the redesign (likely moving the pool/fence to another location to open up the space).

 

No decisions have been made, so there is little to be discussed at this point. They will report back in one month with the results of the public comments and some preliminary plans for consideration.

 

Are they still considering extending Woodward Street to connect with Sycamore?

^It's up for consideration. I'm sure they have already created a plan or at least have a good idea of what they like the most.

I can't believe this is still playing out

Man who conned city sent to prison

http://news.cincinnati.com/article/20140305/NEWS0107/303050055/Man-who-conned-city-sent-prison

At 15th and Race they have started trucking out the sand used in the 2012 AVP Cincinnati Open. I'd expect excavation to begin soon.