Cincinnati's vacant 1948 hotel faces new redevelopment hurdle over tax value
The redevelopment of Cincinnati's historic Terrace Plaza Hotel is currently stalled due to a legal dispute over property tax valuation. Despite significant investment in asbestos and mold removal, the project remains in limbo as the owner and local school district clash over the building's financial assessment.
Why it matters
It illustrates the complexities of urban renewal and the financial hurdles involved in restoring historic landmarks.
Cincinnati’s historic Terrace Plaza Hotel has been vacant since 2008, but a $160 million plan to bring the 1948 landmark back to life is now facing a new obstacle. After two years of asbestos and mould removal, the redevelopment is being held up by a dispute over the building’s property tax valuation. The case involves the hotel’s owner, a tax valuation appeal and the city’s school district, and has been reported by Blue Water Healthy Living and documented in federal court records.A landmark with a remarkable pastThe Terrace Plaza Hotel was completed in 1948 and designed by Skidmore, Owings and Merrill (SOM), making it the firm’s first hotel project. At 18 storeys and about 600,000 square feet, it was one of the first modern hotels in the United States and a striking addition to downtown Cincinnati. The building was innovative from the start.
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