The now vacant lot at the southeast corner of 19th and Vine will soon be home to a six-story apartment building. One Nine Vine Development broke ground on the $25 million phase one project April 20.
“We are excited to bring this first of its kind mixed-use urban residential development to the 18th & Vine District,” Kelvin Simmons, a co-developer and co-owner of One Nine Vine said in a statement.
The project will include 80 affordable and market rate apartments, retail space and parking.
There will be 30 one-bedroom apartments with rents ranging from $726 to $850 per month. The other 50 apartments will be two-bedroom units with monthly rent ranging from $835 to $1100.
The project could be finished as soon as spring 2023.
Duvel Pierre, chairman of the Central City Economic Development (CCED) board said, in comparison to other projects he’s seen come across his desk, the One Nine Vine project truly has affordable housing.
“This was truly a project that had benefits for everybody here in the community,” said, Pierre highlighting how the project will provide affordable housing, fill a vacant lot and bring more business to the area.
Funding for the first phase of the project includes $3.9 million from the CCED Sales Tax District. The project is also receiving a 25-year 100% property tax abatement for 15 years and 50% for 10 years from the Planned Industrial Expansion Authority (PIEA). PIEA offers incentives including tax abatement and sales tax exemption on construction materials during the construction process to encourage investment to remove blight.
Simmons said the project has more than 50% Minority- and Women-owned Businesses (MWBE) working on the project. More than 30% of the construction team are MWBE and 90% of their professional service partners are MWBE.
Phase two of the project will create a 200-unit apartment building, a 30,000 sq. ft. supermarket and additional parking. Phase three will create 60 market-rate apartments, office space and ground level restaurant and retail space.
“18th and Vine is the city’s development priority and focus at this point,” said City Manager Brian Platt. “We’ve got 16 projects in varying stages of the redevelopment process underway here.”