300′ geothermal wells being drilled at new Cincinnati Riverfront Park

Several components of the first phase of the 45-acre Cincinnati Riverfront Park are nearing completion, or are reaching significant milestones.  The foundation for the Moerlein Lager House and Jacob G. Schmidlapp Stage & Event Lawn are complete, the foundations to the Roebling Suspension Bridge are being reset to accommodate a realigned Mehring Way, and the first section of the Hamilton County-controlled parking garage is now open.

Also underway is the drilling of 300-foot geothermal wells that will provide the air conditioning for the Bike, Mobility & Visitors’ Center.  The geothermal wells will provide a natural cooling mechanism that leverages the 56-degree temperatures found in the ground year-round.

The first phase of the Cincinnati Riverfront Park will also include the Black Brigade Monument, a labyrinth, tree groves, Main Street Garden, first section of an expanded riverfront bike trail, the Women’s Garden, and more.  According to project officials, the first phase of construction is currently within budget and on-schedule for a spring 2011 completion.  Later phases of construction will proceed as funding is available for the total $120 million project.

  • Zack

    So, after the first round of apts’ in the Banks sold out in a week, any rumors of developers lining up for phase 2 development???

    Furthermore, whats the scoop on retailers? I’d think a fully committed allotment of tenants has to sound appealing to, say, a coffee shop owner, or micro-grocer (not a diary mart!), or heck, even urban outfitters!

  • Zack:

    I don’t think anyone outside of the Carter/Dawson team knows about the potential retailers. They are keeping that very close to the chest for probably good reason. I have experienced that developers are very reluctant to release information about potential tenants until a deal is completely inked and final.

    As for the residential, that has to be very promising that there is a list of hundreds of people wanting to live at The Banks. With that said, the developers would ultimately love to do condominiums there, and financial institutions are much more likely to lend for condo projects as opposed to apartments.

    What might be a good idea is to ask for a variance to their approved plan to allow slightly greater residential densities in the next phases so that the apartments can become more profitably competitive with condominiums. This would get more people living there, raise the developers potential profit margin, and give financial institutions more reason to lend. As the housing market improves, the developers could then convert those apartment units over to condos as the market dictates. They have already said that even the first phase is being built to eventually be converted in such a nature.