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  5. ›Redevelopment of 1623 Pleasant Street

City of Cincinnati·Ohio

Redevelopment of 1623 Pleasant Street

Closes 10/23/2025$2.5M – $5MRequest for Proposal
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Description

The City of Cincinnati seeks a qualified developer to acquire and redevelop the vacant historic parcel at 1623 Pleasant St. The developer must present a vision and detailed pre‑development plan that includes financing, design, construction scheduling, and community engagement, while meeting historic preservation, zoning, and sustainability goals. The proposal must include an offer price (FMV $113,000) and any requested City financial assistance or tax abatements. Evaluation will be based on vision, experience, financial capacity, and economic inclusion. • Project scope: acquisition of the parcel, concept design, entitlement work, financing plan, and full development of residential units (multi‑ and single‑family) consistent with RM‑1.2‑T* zoning and historic guidelines. • Required deliverables: narrative vision, development program (budget, timeline, financing), community engagement plan, SBE/M/WBE participation strategy, and all mandatory forms. • Submission: electronic only via the Bonfire portal by 23 Oct 2025 3 PM; must be signed, notarized, and the offeror must be registered in the City’s Vendor Self‑Service system.

Attached files

Contact

Shannon Brower(Buyer)

[email protected]

Key dates

Opened
8/28/2025
Questions due
9/15/2025
Site visit
9/8/2025
Closes
10/23/2025
Projected award
12/1/2025

Last updated

Details

Type
Request for Proposal
Industry
Property Development
NAICS
531310
Solicitation №
265X901100

Budget estimate

$2,500,000 – $5,000,000

The City’s fair market value for the parcel is $113,000, but the developer will be responsible for full site development—including design, entitlement, financing, and construction of residential units. Typical redevelopment costs for a 1,700 sq ft urban parcel in Cincinnati range from $150 to $250 per square foot of built area. Assuming a modest 4,000 sq ft of new residential floor‑area, total development costs could fall between $600,000 and $1,000,000, plus potential City incentives (tax abatements, CDBG/HOME funding). Therefore, a realistic earnings range for the developer (gross revenue from the development) is roughly $2.5 million to $5 million, depending on unit mix, market rents, and financing structures.

AI estimate from the solicitation

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