Cincinnati Center City Development Corporation

Cincinnati Center City Development Corporation (3CDC) is a private, non-profit real-estate development and finance organization focused on strategically revitalizing Cincinnati's downtown urban core in partnership with the City of Cincinnati and the Cincinnati corporate community. Its work is specifically focused on the central business district and in the Over-the-Rhine (OTR) neighborhood. The organization is widely credited with revitalizing OTR, which during the early 2000’s was considered one of the most dangerous neighborhoods in the United States.[2] While the organization began as a full-service real estate developer, it has since branched out and become a significant event programmer in Cincinnati, producing over 1,000 events per year[3] at the four civic spaces it manages: Fountain Square, Washington Park, Ziegler Park and Memorial Hall.

Cincinnati Center City Development Corporation
TypeNon-Profit
Founded2003 in Cincinnati, Ohio
HeadquartersOver-the-Rhine
Key people
  • Stephen G. Leeper (President & CEO)
  • Adam Gelter (Executive VP, Development)
  • Tim Szilasi (Senior VP & CFO)
  • Christy Samad (Senior VP, Event Management)
Revenue
  • US$38,207,083 (2018)
  • US$59,987,941 (2017)
Total assets
  • US$413,225,233 (2018)
  • US$349,748,267 (2017)
Number of employees
291 (2018)
Website3CDC.org
Footnotes / references
[1]

History

In July 2003, 3CDC was formed by former mayor of Cincinnati, Charlie Luken and other corporate community members. This was a result of a recommendation by a City of Cincinnati Economic Development Task Force. Most funds are gathered through corporate contributions. In 2004, 3CDC accepted responsibility for overseeing Cincinnati New Markets Fund and Cincinnati Equity Fund. As of May 2018, those funds total over $250 million and have resulted in over $1.3 billion[4] invested in downtown and Over-the-Rhine real estate projects.

Controversy

Some long-term residents of the Over-the-Rhine neighborhood have voiced concern that 3CDC does not sufficiently attend to the concerns of long-term residents of the neighborhood, which was formerly 80% African-American, and that gentrification caused by 3CDC's development is displacing the existing population and businesses.[2]

On three occasions, the Cincinnati Board of Housing Appeals has accused 3CDC of "demolition by neglect" (a first-degree misdemeanor in Cincinnati) by allowing vacant buildings to be neglected until they require emergency demolition.[5][6]

Projects

References
  1. Tigas, Mike; Wei, Sisi; Schwencke, Ken; Roberts, Brandon; Glassford, Alec. "CINCINNATI CENTER CITY DEVELOPMENT CORPORATION - Form 990 for period ending Dec 2018 - Nonprofit Explorer". ProPublica. Retrieved 4 May 2020.
  2. Woodard, Colin. "How Cincinnati Salvaged the Nation's Most Dangerous Neighborhood". POLITICO Magazine. Retrieved 2019-01-01.
  3. "How 3CDC built a local events empire". Cincinnati.com. Retrieved 2019-01-01.
  4. "3CDC shifting its mission in downtown Cincinnati (Video)". Cincinnati Business Courier. 18 May 2018. Retrieved 4 May 2020.
  5. May, Lucy (14 May 2013). "Cincinnati's 3CDC charged with 'demolition by neglect' in historic Over-the-Rhine". WCPO Cincinnati. Retrieved 14 April 2015.
  6. "3CDC faces neglect accusations". Cincinnati Business Courier. 2013-05-14. Archived from the original on 2020-09-29. Retrieved 2020-09-29.
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