Gateway Quarter to expand November 2, 2008

While projects here and nationally have been staled by the looming credit crisis and slouching economy, redevelopment in Over-the-Rhine has barely missed a beat.

Since 2006, dozens of vacant buildings have been transformed into new storefronts and more than 100 condominiums, mainly along Vine Street.

Another 106 condominiums and 15,000 square feet of retail space are under construction as part of a third phase of the Gateway Quarter.

Key to the projects has been 3CDC’s use of New Market Tax Credits, a federal program created by Congress in 2000 as a way to draw private development dollars into struggling neighborhoods.

3CDC got the city’s first installment of $50 million in tax credits in 2004 and last month announced it had landed another $35 million.

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