Story: New Avondale Center
Founded in 1964 as South End Community Development, The Community Builders, Inc. (“TCB”) is one of the largest non-profit community development corporations in the United States.
TCB is committed to a development strategy, which includes a comprehensive approach to community development. In addition to its real estate development work, TCB remains committed to the communities where it works by overseeing properties with thoughtful, long-term engagement by its Property Management and Community Life Divisions. By combining resident enrichment with effective property management, TCB creates sustainable and vibrant neighborhoods. With its extensive experience in development and a national reach, TCB is able to work effectively with a diverse group of partners, including public housing authorities, resident groups, faith-based organizations, community development corporations, social service providers and universities.
Broadstreet committed $7 million of LISC’s New Markets Tax Credit (NMTC) allocation, with JPMorgan Chase as the investor, to redevelop the Avondale Town Center in the Avondale neighborhood of Cincinnati. The project converted the strip mall into a 132,000 SF mixed-used development. The development also utilized low-income housing tax credits to finance additional units of affordable housing. The development constructed two new buildings, rehabilitated the West building of the existing town center, and enhanced public space adjacent to Carmel Presbyterian Church.
The Avondale Town Center had struggled for many years. Although it is centrally located, the town center lacked quality retail tenants and was not pedestrian-friendly. The Avondale Coalition of Churches had successfully stabilized the property but lacked the development capacity and resources to realize the community’s vision for a new neighborhood center. Therefore, the Coalition formed a joint venture with The Community Builders (TCB) to redevelop the town center.
Avondale Center is the third and final phase of the years-long Avondale Choice Neighborhoods transformation supported by a $29.5 million Choice Neighborhoods grant which was received in December 2012 from the U.S. Department of Housing and Urban Development. The New Avondale Center will help connect over $100 million in redevelopment activity along a half-mile stretch of the Reading Road corridor.
- $7 M Broadstreet NMTC Allocation
- 64 Permanent Jobs Created
- 64 Affordable Rental Housing Units
The New Avondale Center opened in 2019 and includes mixed-income rental housing units and commercial and retail space. The federal low-income housing and new market tax credits project includes 119 residential units. 64 of the units are available to residents with incomes below 80 percent of the area median income, and the remaining 55 units are market-rate. The center also includes a laundromat and an early childhood center. In 2021, the project successfully leased to a local grocery store and to the Urban League of Southwestern Ohio.