Story: Warsaw Creative Campus II

The Sponsor

Price Hill Will (PHW) is a nonprofit community development corporation serving the Price Hill neighborhood in Cincinnati. Formed in 2004, the organization has completed dozens of projects to build and upgrade housing, businesses and community facilities that support a good quality of life for residents. It also offers programs focused on the challenges facing people with low incomes or low formal education levels, connecting them to resources, neighborhood engagement opportunities, and leadership development.

The Project

PHW is renovating an historic local building opened in 1909 into affordable apartments and commercial space. PHW purchased the 8,300 square foot building—which by 2024 was largely a vacant shell—from the Hamilton County Land Reutilization Corporation. The renovation plan includes new commercial space for small, early-stage local businesses, with initial planned tenants including a pizza shop that has been operating out of a food truck at farmers markets and an arts business that sells ceramics and accessories, filling custom orders for other small businesses (like tea shops).

The renovation is the final piece of the Warsaw Creative Campus, a comprehensive effort launched five years ago to leverage arts-based community development as part of a revitalization effort in Price Hill—where more than half of residents live below the poverty rate. The campus consists of eight newly renovated historic buildings and includes affordable housing and commercial storefronts.

The Impact

This project will develop nine affordable apartments and house businesses that will serve an estimated 15,200 people, while also creating 12 new jobs. Broadstreet committed $4 million in New Markets Tax Credit allocation from the Local Initiatives Support Corporation (LISC) to the effort, with Fifth Third Community Development Corporation as the NMTC investor. The NMTC financing reduced the cost of capital for the project; without it, the rents from the early-stage businesses and affordable apartments would not generate enough income to cover debt service.

Other support for the project includes historic tax credits, with Fifth Third as investor; financing from Cincinnati Development Fund; and government grants.