Business Development News

Ruth’s Chris Steak House signs on at The Banks

Project officials have announced that Ruth’s Chris Steak House has signed a lease for a 9,600-square-foot, two-level location at The Banks. The annoucement means that the central riverfront development now has 82% of its retail space leased. Officials also seem poised for another major annoucement in the coming weeks.

Project officials have confirmed that a Ruth’s Chris Steak House will open at The Banks development in downtown Cincinnati. The addition of the exclusive chain restaurant has been predicted since May 2011, but project officials have refrained from commenting publicly until just now.

The addition of the 9,600-square-foot Ruth’s Chris restaurant will bring the total retail occupancy at The Banks to approximately 82 percent following the recent announcement that Mahogany’s Cafe & Grill will also open a location along the central riverfront.

The upscale restaurant, officials say, will open within the two-level retail space at the northeast corner of Walnut Street and Freedom Way. It will be Ruth’s Chris second Ohio location.

The future home of Ruth’s Chris Steak House Cincinnati. Photograph by Jake Mecklenborg for UrbanCincy.

While 2012 has already been a busy time for economic wins at The Banks, expect another major announcement within the coming weeks.

City and County officials are currently in negotiations to find a new location for dunnhumbyUSA’s North American headquarters. The growing consumer analytics firm appears to have narrowed its search down to the surface parking lot at Fifth Street and Race Street, and the office tower pad located at The Banks which is immediately north of the new Ruth’s Chris.

Hamilton County officials would like dunnhumbyUSA to locate at The Banks to help accelerate the pace of development there, while some city officials have stated a preference for the troubled Fifth & Race location. In the end, Hamilton County seems to have more leverage given their stock of underground parking at The Banks.

Chris Monzel (R) has stated a preference to get out of the parking business, but county officials have stated that controlling parking within the central business district is a strategic move in order to help spur economic development. To that end, it would seem logical that county officials will use artificially low parking rates to lure dunnhumbyUSA to the site at The Banks.

It is projected that dunnhumbyUSA will have at least 500 employees at whatever site they choose, with room for growth. Such size would make the construction of a new office tower at The Banks economically viable and potential immediately spark construction.

By Randy A. Simes

Randy is an award-winning urban planner who founded UrbanCincy in May 2007. He grew up on Cincinnati’s west side in Covedale, and graduated from the University of Cincinnati’s nationally acclaimed School of Planning in June 2009. In addition to maintaining ownership and serving as the managing editor for UrbanCincy, Randy has worked professionally as a planning consultant throughout the United States, Korea and the Middle East. After brief stints in Atlanta and Chicago, he currently lives in the Daechi neighborhood of Seoul’s Gangnam district.