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.”

Uptown Leaders Hoping $2.4M Northern Townhomes Project Accelerates Avondale’s Rebirth

Earlier this month community leaders and City officials gathered in Avondale to celebrate the groundbreaking for eight new market-rate townhomes in the long beleaguered Uptown neighborhood.

The Northern Townhomes project, named after the street on which it is located, is just the latest evidence of a startling transformation that has taken place along the Burnet Avenue corridor over recent years, which has included the construction new office mid-rises, street-level retail and renovation of historic buildings to accommodate new residences.

Much of this transformation has been spurred by the continued growth of Cincinnati Children’s Hospital Medical Center, which has added thousands of jobs since 2000. But that jobs growth, however, has not yet translated into an improved housing market in the impoverished neighborhood. Community leaders are hoping that Northern Townhomes will be the first of many more projects that will work toward improving just that.

“Any community developer knows that the key to smart growth is home ownership,” stated Ozie Davis, Executive Director at Avondale Comprehensive Development Corporation, in a prepared release.

Avondale currently has one of the lowest home ownership rates in the city at just 33%. According to the U.S. Census Bureau, the City of Cincinnati and State of Ohio, respectively, have home ownership rates of 40.5% and 68%.

The realization of this development has taken years, following a community-developed master plan for the area years ago. Correspondingly, the funding for the $2.4 million project also came from a diverse coalition of neighborhood stakeholders including the University of Cincinnati, UC Health, Cincinnati Children’s Hospital Medical Center, Cincinnati Zoo & Botanical Garden and TriHealth.

“The potential for the strong neighborhood revitalization like ours comes from good visioning, smart planning and patience, and this Northern Townhomes project proves that Avondale, Uptown Consortium and the Uptown institutional members have all three,” Davis emphasized.

Project officials say that each of the eight townhomes is approximately 1,400 square feet. Six are two-bedroom residences, while the remaining two have three bedrooms. Additionally, each home has a one-car garage and what the developers are calling tandem on-street parking.

As of now, the expected price point for each townhome is starting at $175,000, and may qualify for a 15-year LEED tax abatement should the developers successfully achieve LEED for Homes Silver certification.

If all goes according to plan, project construction is expected to be completed by fall 2015. After that project officials say that there is room for a second phase of another eight townhomes. The corner of Northern Avenue and Burnet Avenue, meanwhile, is being reserves for another commercial development.

“Avondale is key to the spirit of Uptown Cincinnati, and Avondale community leaders have been a great collaborator and convener as we have work together to revitalize the Burnet Avenue corridor,” concluded Beth Robinson, President and CEO of the Uptown Consortium. “Market rate housing is a fundamental anchor to a diverse residential neighborhood, and we are delighted to have this project be a significant milestone in the Burnet Avenue revitalization.”

Additional residential and mixed-use components remain to be realized as part of the Burnet Avenue corridor master plan, and no timeline has been identified for those elements as of yet.

Will a new UC Neuroscience Institute be first ‘Knowledge Cluster’ investment at MLK Interchange?

There has been a lot of hype about what will or will not happen with the land surrounding the new MLK Interchange. Just earlier this year city officials and Uptown leaders began discussing the early concepts of what they believe will become a hub of medical research and technology facilities that would transform the area. Will a major donation to build a new state-of-the-art neuroscience center be the initial spark? More from The Enquirer:

Mueller and institute Director Dr. Joseph Broderick said their hope is that the gift, the foundation’s largest ever, pushes the institute into the front ranks of neuroscience and makes Cincinnati a world center in the study of the brain and nervous system.

After much research and travel around the country to study other neurological care facilities, the institute – along with university and UC Health leaders – crafted a proposal for a new building to centralize institute functions, now scattered across the UC campus. The gift also will expand research, Broderick said, with patient care at the center.