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Business Development News

Christmas Came Early for Southwest Ohio Developers, Historic Preservationists

The Ohio Development Services Agency provided developers and historic preservationists around the state with an early Christmas present when they announced 18 projects that would receive Ohio Historic Preservation Tax Credits.

In total, the tax credits are worth $22.8 million and are expected to spur $225.6 million in private investment.

“A community’s historic buildings make it unique,” said David Goodman, director of the ODSA. “Giving a building new life honors the history of the building, while creating construction jobs in the short-term and opportunity for economic activity in the future.”

In recent years southwest Ohio had fared extremely well in the competitive bid process for the funds, and this round proved to be much of the same. This group of winning applicants includes five from Cincinnati, one from Hamilton, and two from the Dayton area.

One of the Dayton projects was the winner of one of the state’s two prestigious $5 million awards. That money will go toward the $46 million United Brethren Building project in downtown Dayton, which will transform the long-vacant, 112-year-old building into 164 apartments.

While the Cincinnati-region had the most number of awarded projects, most of the tax credits were small in size. Four projects, three located in Over-the-Rhine and one in Hamilton, received amounts ranging from $150,000 to $250,000. While small in scope, the projects will save numerous historic structures from demolition, while also creating dozens of residential units and commercial space.

The long-debated Freeport Row project, located at Liberty and Elm Streets, received a sizable $1,358,772 tax credit to help restore five historic structures as part of the overall $25 million development. Once complete, the project is expected to yield 110 apartments, 17,000 square feet of retail, and a total of 100,000 square feet of new construction on the vacant lots surrounding the historic structures.

Just blocks north of Freeport Row, along the Cincinnati Bell Connector, is another project that took home the largest tax credit in Cincinnati. Market Square III was awarded with $1,690,000 in tax credits and push forward the latest phase of Model Group’s massive redevelopment efforts surrounding Findlay Market.

Market Square III will renovate eight historic structures, most of which are currently vacant, to include street-level commercial space with 38 apartments in the upper floors.

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Arts & Entertainment Business News

Brink Brewing Aiming to Settle Into Cincinnati’s Resurgent College Hill Neighborhood

The groundbreaking for the $11.1 million Marlowe Court development in College Hill shined new light on west side neighborhood, but the influx of new investment in the neighborhood’s walkable neighborhood business district has been growing for some time.

One of the next large investments will come in the form of a new brewery called Brink Brewing. While Brink is part of a larger craft beer movement that has been surging for years, it is part of a younger craft beer culture on the city’s west side; and the owners are hoping to tap into that otherwise untapped market.

“First and foremost we are aiming to serve beer lovers in and around the College Hill neighborhood,” John McGarry, marketing and design manager for Brink Brewing, told UrbanCincy. “Our sights are squarely focused on being a neighborhood-oriented tap room.”

While the Brink Brewing ownership, which includes four young couples, does not have any previous ties to College Hill, McGarry says that they were drawn to the neighborhood after discovering the passion of its residents and business owners. The walkable character of the neighborhood business district also made it an ideal choice for the Brink Brewing team.

“College Hill wasn’t part of our initial search, but as soon as we discovered it we fell in love,” said McGarry. “The stretch of Hamilton Avenue where we’ll be located is a walkable strip of small businesses with a proud past and a bright future. We met some of the other business owners there like Marty at Marty’s Hops & Vines and Megan at Fern and knew right away we should be paying attention.”

When asked about whether or not the local beer market is becoming over-saturated, he said that Brink Brewing is going after a different segment than what many other brewers are aiming for. Rather than trying to grow production and fight for tap and shelf space throughout the region, they are planning to settle into the neighborhood and serve it with high quality beer.

“From my perspective, I think brewery/taprooms are still a fairly new concept in Cincinnati. Places like Denver, Portland, and San Diego have shown that small, neighborhood focused breweries can really thrive and be a great addition to the community,” McGarry explained. “I think of brewery tap rooms much like local coffee shops, and you never hear anyone say that there are too many of those.”

Construction work is underway on transforming the 3,200-square-foot space, which will be complimented by a large outdoor patio space behind the building. After accounting for the space that will be needed for production, there should be enough room left over to accommodate 100 guests at any given time.

The amount of construction work taking place inside the 90-year-old structure is extensive. In addition to the resurfacing the front of the building through a façade improvement grant from the College Hill Community Urban Redevelopment Corporation, the interior has been completely rehabbed.

As part of the façade improvements, Brink Brewing will add a large commercial garage doors onto the front and back of the building to allow for the wall to open up on nice weather days – hopefully inviting more people from the neighborhood inside.

When it comes to the beer, McGarry says that the brewery will produce a range including pale ale, IPA, brown and stout beers. They will also serve some higher gravity and experimental beers, but will maintain a focus on core products.

“We will incorporate infusions and experimentations into some of our offerings, but we also recognize that the pendulum has swung a little too far into the exotic recently,” explained Kelly Montgomery, head brewer at Brink Brewing. “By frequently rotating our menu we feel there will always be something new to try along with the staples that have elevated craft beer.”

Since each of the young couples has young children, they say that they also hope the establishment will be family friendly. In order to help create this atmosphere, Brink Brewing will have a community table area and will even offer juice boxes, free wi-fi and board games.

The ownership group has signed a five-year lease on the space, which can be extended an additional 10 years. If all goes well, the team hopes that they can stay in the space for the long-haul.

“We want to be a part of revival of the Cincinnati beer tradition and become a part of the fabric of the neighborhood,” McGarry concluded. “We think our model of a modest-sized brewery and comfortable tap room to hang out in will allow us to do just that.”

Brink Brewing should open to the public sometime in November, and employ some 15 to 20 people within the next year or so.

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Business Development News

PHOTOS: $30M Renovation of Historic YMCA Building Now Complete

Following a year-and-a-half renovation process, the historic Central Parkway YMCA reopened last month, and leaders at Episcopal Retirement Homes, the company overseeing the residential portion of the project, have recently welcomed the project’s first residents.

The $30 million project overhauled the entire 123,000-square-foot structure and was undertaken by Model Group. The upgraded YMCA includes a new saline lap pool, all new equipment, and expanded class offerings. Officials hope the renovated club attracts 1,600 members by the end of the year and eventually reaches 2,000 members.

The building’s upper six floors include 65 residences for seniors, providing much-needed affordable housing in the heart of the center city. A similar partnership has been tried before with the Parkview Place project in Anderson, Indiana, which also consists of affordable senior apartments located above an historic YMCA.

Nearby, scores of multi-million dollar development projects are underway that will add dozens of hotel rooms, hundreds of residents, and tens of thousands of square feet of commercial office and retail space. Such changes are expected to both raise rents and further increase the desirability of Over-the-Rhine, Downtown and the nearby West End neighborhood.

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Business News Transportation

Cincinnati Bell Connector Makes Its Debut With New Branding Scheme

Local transit officials on Tuesday rolled out the first vehicle to bear the colors of the new branding scheme for the Cincinnati Bell Connector. Naming rights for the local rail transit system, formerly known as the Cincinnati Streetcar, have been purchased by Cincinnati Bell.

Under the sponsorship contract, the communications company has agreed to pay $340,000 per year for the next decade. The funding will be used to help cover costs for streetcar operations.

The new graphic scheme for the transit vehicles features the blue and green colors of Cincinnati Bell on the ends of the cars, and above the windows. While some remnants of the original branding scheme remain, the burnt orange color that had become synonymous with the streetcar will entirely go away in time for the system’s opening.

The new branding will be used throughout the system, including on the website, on all printed materials, and on support vehicles. Stations will be rebranded as Cincinnati Bell Connector stations; and several stations already have new signage reflecting the change.

After a photo session for the media, the vehicle departed along Race Street to start regular operations for the day. All five streetcars will display the new branding by the start of regular service on September 9.

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Business News Transportation

Is Cincy RedBike America’s Most Financially Successful Bike-Share System?

RedBike Monthly Ridership Totals
RedBike Monthly Ridership Totals

Since launching nearly two years ago, RedBike has been embraced by the region in a way even the bike-share system’s early proponents had not imagined.

When RedBike opened to the public on September 15, 2014 it included 29 stations, but has since swelled to 57 stations spanning two states, four cities and more than a dozen neighborhoods. The ability to expand and integrate the system across state and city lines is particularly notable as it is a feat most other bike-share systems in North America have not yet achieved.

This relatively rapid expansion has been fueled by higher than expected ridership. As of early July, RedBike had hosted 116,739 rides – or about 5,300 per month. Bolstered by more than 1,500 annual members, these ridership totals translate into some 17,683 different people who have ridden a RedBike.

“Red Bike has gotten off to a dream start. Our community has embraced this new form of transportation,” Leslie Maloney, President of the Red Bike Board of Directors and Senior Vice President of the Carol Ann and Ralph V. Haile, Jr./U.S. Bank Foundation, said in a prepared release. “We will work to continue providing the highest quality and most fun transportation option in Cincinnati.”

Following the trends of bike-share systems elsewhere throughout the world, approximately 74% of its riders have either never ridden a bike before or at least not within the month before RedBike opened. This data makes many bike advocates in the region looking for ways to improve road safety for the surge of new cyclists out on the streets.

The biggest news in RedBike’s recently released annual report, however, pertains to its finances.

While many bike-share systems around the country have struggled financially, RedBike has been able to operate in the black since its inception, and has grown its cash reserves year-over-year.

In 2014 RedBike had a total of $234,251 in expenses and $1,144,911 in revenues. That net income grew in 2015 when the bike-share system had $484,389, but $1,740,792 in revenues. This net income, RedBike officials say, is used to purchase capital equipment necessary to keep the system fully functional.

While it is difficult to find bad news in the financial details released by RedBike, one might look at the fact that direct program income (user fees) cover only 65% of program expenses. When factoring in sponsorships, a fairly reliable and steady stream of income, it covers nearly 118% of program expenses.

All of the other income sources help to further stabilize the system, keep it operating at reliable and optimal levels, and are helping build a reserve fund that could be used to offset unexpected capital expenses or lower than anticipated operational performance.

UC Health is thrilled to be the presenting sponsor of the RedBike program,” said Dr. Richard P. Lofgren, President and CEO of UC Health. “As someone who lives downtown, all I have to do is look outside to see how successful this program is, and how bike share has been embraced by the citizens of Cincinnati.”