Cincinnati Center City Development Corporation (3CDC) was “born out of a public-private partnership” with a goal to revitalize Downtown Cincinnati at a time when “the urban core was struggling,” with a languid Central Business District and an Over-the-Rhine that had “vacant, deteriorating buildings and public safety challenges,” Cincinnati.com reports. For the past 19 years, the nonprofit developer has “worked tirelessly to achieve that goal, partnering with the city” every step of the way, according to the article. The partnership, started by then-Mayor Charlie Luken and Cincinnati corporate community members, “has always been strong, stretching across administrations and city councils, mayors and city managers.”
Its public-private model “is one that cities across the country envy”; many have asked how to replicate it. What distinguishes 3CDC is “our public-private partnerships and the commitment of our corporate community” including P&G, Kroger Co., Fifth Third Bank, GE Aviation, Western & Southern, Castellini Company, Duke Energy and many more. Another “key aspect of the partnership” is shared investment; 3CDC “has invested $647 million on patient capital into its projects, with the city, providing a total of $177 million to 3CDC in project-specific funding.” This capital, along with other funding sources, has allowed 3CDC to complete “$1.7 billion in development projects, representing nearly a 10:1 return on the city’s investment.” For more, read the full article (subscription required).
