Western & Southern often points with pride to Brackett Village as proof of their good corporate citizenship.
CEO John Barrett recently repeated the claim to a crowd at Tuesday’s Association for Corporate Growth luncheon stating that Western & Southern took the lead in redeveloping Over-the-Rhine building a 120-unit residential building on Walnut Street.
Completed in 1994, the property received a 15-year Community Redevelopment Tax Abatement that exempted them from paying property taxes on the new construction until 2008. Just before the abatement expired, the value of the apartments was $1,076,200. The year Western & Southern started to pay property taxes, they filed a complaint with the Hamilton County Board of Revision and the value was immediately reduced to $331,000, $2,758 per apartment or less than $14 a square foot and a 69.24% reduction in value.
An inside source has told me the company values the building at $5,000,000 internally.
This pattern is similar in every single property Western & Southern owns in the city center. And they own a lot of them.