Last week, the Terrace Plaza in downtown Cincinnati officially changed hands. After nearly four long years of legal battles, Indiana real estate developer Tony Birkla received the deed to the building to redevelop the property.
Development Strategies Group worked with Birkla to acquire the 20-story, 600,000 square feet hotel, which has been vacant since 2008. The first order of business, Doug Moormann told the Cincinnati Business Courier, is to implement safety measures and prime the building for redevelopment. “It is in the hands of somebody who has demonstrated in the past that they can deliver. We now have the a responsible owner who is going to address the safety concerns,” Moormann says. Top of list for the $3 million “Make Safe” plan is to stabilize the building.
The City of Cincinnati has been pursuing a nuisance case against the former property owner for a number of building code violations. Chunks of concrete, bricks, and windows have fallen off the building. The roof is failing and the mechanical super structure on the rooftop is a top concern to city building officials. Immediate steps are being taken to fence the sidewalks and eliminate the most immediate dangers to public safety.
Click here to read more about the Terrace Plaza’s history and Birkla’s plans to restore and redevelop the hotel.
