Castellini: Million-dollar homes in OTR's future



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In a few years, Cincinnati Reds owner and hometown business magnate Bob Castellini believes there will be million-dollar homes for sale in Over-the-Rhine.

That's a far cry from a decade ago, when the neighborhood's real estate market was dormant, property values were depressed and historic structures sat in various stages of disrepair. Several condos at the Cincinnati Center City Development Corp.'s Mercer Commons project sold for more than $400,000 last year. Real estate development officials and neighborhood residents say pricier sales are on the way.

"I don't think any of us believed that three or four years ago," Castellini said. "That's going to happen and it's going to be more than one unit, (3CDC President and Chief Executive Steve Leeper) assures me of that."

Castellini, a 3CDC board member, spoke Tuesday to more than 400 people at the Over-the-Rhine Chamber's annual Star Awards luncheon at Music Hall, aimed at celebrating the growth of the neighborhood and its social and business leaders. He was the event's keynote speaker, and he heaped praise upon 3CDC for leading the neighborhood's redevelopment efforts.

Castellini spoke for 16 minutes, largely highlighting the development push that 3CDC and private businesses provided in Over-the-Rhine.

"Over-the-Rhine at the beginning of the 21st century was one of the most economically depressed areas in the country," Castellini said. "It had a poverty rate of 58 percent, an unemployment rate of 25 percent, and the median household income was $10,000."

Later, he said 3CDC is responsible for OTR's transformation into a place where people of all ages, incomes and backgrounds come to live, work, shop and play.

"When you think about it, it's unbelievable," Castellini said. "It's a safer more secure neighborhood and (the) reclamation of Cincinnati's history before it was lost to decay and neglect and the wrecking ball."

By the end of 2015, 3CDC may be able to brag it has managed projects totaling $1 billion of investment Downtown and in Over-the-Rhine. The organization has helped restore 132 buildings, dozens of new residences, nearly 1,000 parking spaces and will be responsible for creating 320 shelter beds as part of the Homeless to Homes initiative.

Castellini also acknowledged the leadership role Procter & Gamble played in the creation of 3CDC. Cincinnati-based P&G, which Castellini said pledged more than $50 million to the private nonprofit developer, was one of several companies that stepped up to help launch the organization in 2003.

"It was the first time that they (P&G) put their human resource together with their financial resource," Castellini said.