Whether it’s Hamilton County selling Drake Hospital property, the city of Cincinnati trying to unload Music Hall or the state of Ohio talking about selling prisons, the turnpike and the lottery, government increasingly appears to be, in real estate jargon, a very motivated seller.
The $15 million Drake deal and the city’s proposed Music Hall transaction, both of which dominated headlines last week, are the latest examples of governments at all levels selling long-time assets, usually to fill gaping budget holes or to address other financial issues.
Cincinnati’s Southern Railway, possible Brent Spence Bridge toll operations, and Ohio’s prison, turnpike and lottery are among the other items that in recent years have been eyed for possible sale or long-term leases as struggling governments consider ways to balance their books and fund major projects.
The trend is neither new nor one that started in Greater Cincinnati
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