Plans for a new hotel, bar and restaurant at Cincinnati's historic Lunken Airport Terminal took a step closer to reality Monday when the city's budget and finance committee approved a long-term lease and tax incentives for the developer.
The developer also led the remake of Hotel Covington and its restaurant Coppin's before deciding to expand to the Ohio side of the river.
On Dec. 3, the Cincinnati Planning Commission approved vR's plans to renovate the building, including a 55-room hotel, bar, restaurant, and event space totaling 71,500 square feet of commercial space.
The estimated $20 million project will be presented to Cincinnati City Council for final approval on Wednesday.
Construction could begin in early 2022 and be completed by October 2023, according to documents presented to the budget and finance committee.
The project is expected to create 100 full-time and temporary construction jobs over an 18-month period, and generate $3 million in annual payroll associated with the yet-to-be-named hotel.
The city would lease the terminal building and surrounding area to the developer for 32 years and create a new 30-year tax increment financing district to provide tax relief for the developer.
See the renderings here:
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