CINCINNATI — Members of a Cincinnati City Council committee have voted to move forward with 3CDC on a plan to redevelop the site of the former Saks Fifth Avenue location downtown. The issue is expected to come up for final approval later this week.
3CDC plans to share profits from the redevelopment with the city, partially due to the $1 sale price for which the city would be offering it.
“It's a building everyone recognizes downtown,” said council member Seth Walsh. “It's a building that has definitely aged and not aged incredibly well.”
The building has been sitting vacant for months. On Monday, 3CDC unveiled new design proposals.
Many see the site as a bridge between Fountain Square and the new Downtown Convention District.
“What I hope to see coming from this development is bringing that building back to life,” Walsh said.
On Monday, 3CDC Executive Vice President Adam Gelter presented the latest plans for the property, which include bringing in a restaurant, retail and office space.
“This is, as others have said, a very complicated structure, a complicated building,” said Cincinnati Community & Economic Development Director Markiea Carter. “It presents a unique structure.”
One vocal critic spoke before council Monday, arguing the deal “is meritless.”
“We're going to take a tenant that could go into a viable office building and stuff them into this building that makes no sense,” Jeffrey McClorey told the committee during public comment.
McClorey owns two downtown businesses nearby, Bromwell’s store and The Härth Room lounge.
“Their proposed use is to take an already very difficult office market rental market now and take a tenant from another existing office building and put it into this building,” he said.
He also argued downtown doesn’t need more retail space or restaurants.
“What we need in that space is something that would be an amenity to downtown,” he said.
McClorey suggested a museum, art center or health club.
The full council is expected to give final approval later this week. It’s not entirely clear when construction could start.
“I believe it's gonna happen really, really quickly,” said Walsh. “This is not one of those development projects where people are sitting there saying, ‘Oh, this can happen in six months or 12 months.’”
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