Jeff Ruby Culinary Entertainment

Opticare Vision/Express Mobile Transport

Wednesday, December 3, 2008

Officers' Quarters in Tower Park

We appear to be 1 hurdle away from new housing in Tower Park. The long sought after sale of the 14 officer homes in Tower Park (many with views of the Ohio River) is only 1 signature away from being the property of the City of Fort Thomas. It has been nearly 5 years since the homes were vacated and the empty shells have loomed over the park for far too long.

This is yet another domino to fall in a long sought after renaisance of the Midway area. I think the sale and eventual rehab of these structures will be key to the continued revitalization of the area. In the Cincinnati Enquirer article we learn that there is a waiting list of 280 people to purchase the homes. This should insure that those purchasing the homes will have the capital to make quick improvements to speed the rehabilitation of the area. I hope that in the current economic environment that this is a key decision factor for the city in selling the homes to the interested buyers.

I hope that the city publishes a very clear and thoughtful process for the swift and orderly sale of the homes to buyers that can make quick work of rehabing the area.

The purchase price should be less than the 2007 appraised value of $2.4 million for all 10 structures. At $240,000 per structure it could be a great deal on a large home. What would you do if you were able to buy and rehab one of the properties? Would you subdivide and sell as condos or would you buy as a personal residence?

No comments:

Post a Comment