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Up To Speed

Does Place Matter if Taxes Are Low?

Does Place Matter if Taxes Are Low?

In Meredith Whitney’s new book, the Fate of the States, she predicts a resurgence of economic growth in the Midwest. This growth she explains would be due to these state’s low tax burden, limited government restrictions and other incentives. To prove her case she highlights the percentage of growth in states such as Texas, Florida and North Carolina. Next City’s Brady Dale provides a more pragmatic view towards the author’s claims in his review of the book. Read more at Next City:

For example, in one chapter Whitney attempts to argue that growth is robust in her favored states while it has been hobbled by shortsighted policy in economic deadweights such as New York and California. The growth rates she gives are for Louisiana (16 percent), North Dakota (27 percent) and Iowa and Nebraska (11 percent for both).

It sounds attractive. A young person might like a shot at a piece of a 10-plus percent growth rate, right?

Hold on. Does a worker want a part of a percentage or a part of actual money? Because these numbers look a bit different. Let’s turn those rates-of-growth into real dollar values, using data from the U.S. Commerce’ Department’s Bureau of Economic Analysis. California’s growth was very bad in that time, no question. North Dakota, Iowa and Nebraska each made some nice money, ranging from $8 billion to $12 billion. Louisiana did better, at about $23 billion in growth. None made as good a showing as New York, however, which clocked in at $89 billion in growth, from the height of the recession to deep into the recovery.

 

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Arts & Entertainment News Transportation

Meet OKI Executive Director Mark Policinski at this Month’s URBANexchange

In an effort to better connect you with the region’s land use and transportation decision makers, we are doing something different this month for URBANexchange.

Instead of meeting at the Moerlein Lager House for food, drinks, networking and conversation, we will be meeting at Memorial Hall for the OKI Reveal event.

At this event, the OKI Regional Council of Governments will be sharing the information they have gathered and developed thus far as part of their regional planning process. This past winter, they conducted a survey that asked participants to share their thoughts on how they want the region to grow. The results were decisive with respondents indicating that they want walkable communities that are well-connected by transit.

In addition to being able to share your comments and questions with OKI staff, those who attend OKI Reveal through URBANexchange will be treated to an exclusive meet and greet with OKI executive director Mark Policinski.

The URBANexchange meet and greet with Policinski will take place at the start of the event from about 5pm to 5:30pm. At 5:30pm, those in attendance will then be asked to join in on a group photo out on the steps leading into Memorial Hall.

Following the group photo, those in attendance will head back inside to continue learning about OKI’s regional planning process and hear from Tim Miller about the focus land use areas that have been developed thus far.

There will also be a special farewell tribute for Don Burrell, senior bike planner at OKI for 35 years who has decided to retire. Burrell, over the course of his career, has said that he has put more than 90,000 miles on his bike and is striving for 100,000.

The OKI Reveal event will last until about 7pm, and then those that are still in attendance will head across the street to Washington Park for live jazz out on the oval lawn for their fellow urbanists.

All of this is free and open to the public, but we do encourage you to RSVP online. If you want to meet with the URBANexchange group, we will meet on the sidewalk just in front of the steps leading into Memorial Hall starting at 4:45pm, and then head inside at 5pm.

Memorial Hall is accessible via several Metro bus routes and sits along the first phase of the Cincinnati Streetcar system. Those who bike to the event will be treated to a free bike valet courtesy of Queen City Bike.

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Up To Speed

HOT Lanes Struggle to Raise Revenues

HOT Lanes Struggle to Raise Revenues

Part of the improvements to the Interstate 75 corridor through Cincinnati could include the addition of High Occupancy Toll (HOT) lanes. However reports from similar implementations across the country show that HOT lanes are not performing as expected and generating less revenue. These reports may be signs of caution for transportation officials and financiers eager to implement these measures as a way to finance large scale highway projects. More from the Atlantic Cities:

For sure, the lessons of SR-167 may not apply to every new HOT lane across the country, but Gross’s ongoing work does suggest a number of fairly universal takeaways. First things first, state DOTs would be wise to share commuter and traffic data. They should also enter projects with a clear sense of whether they want their express lane to offer congestion relief or generate revenue — and shift toll formulas accordingly. And they should factor a period of driver adjustment into fiscal forecasts.

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Development Opinion

IMAGE: Cincinnati To Grow Taller in the Coming Years

In just a few years time the Cincinnati’s center city could reach new heights with thousands of new residential units, several new hotel and office towers.

Last year, UrbanCincy analyzed the rate of tower construction in Cincinnati by decade and found that the 1960s through the 1980s saw the most tower construction of any decades in the history of the city. At that time, UrbanCincy counted six proposed towers into the tally for this decade, but our new list includes six more that we had not considered at that time.

Center City Cincinnati in 2015

In an effort to track the visual transformation of downtown Cincinnati,  we at UrbanCincy have used GoogleEarth to help track the dramatic new additions to the city’s downtown. Below is a compiled listing and description of these redevelopment projects:

  • dunnhumby Centre: A nine story office building located at Fifth Street and Race Street that will serve as the North American headquarters for dunnhumbyUSA.
  • Fountain Place Apartments: Late last year the Business Courier reported that Towne Properties was looking to construct an apartment tower over the building currently housing Macy’s department store. The tower could contain up to 225 apartment units.
  • Fourth and Race: Indianapolis developer Flaherty & Collins recently won approval from the city to move forward in constructing a 30-story residential tower with a grocery retailer on the first floor. The existing garage and attached skywalks will be demolished.
  • The Banks Phases 1B and 1C: Developers of The Banks are actively looking for an anchor office tenant to begin construction of a 13-story office tower at the corner of Second Street and Walnut Street. They are also looking for a hotel chain to construct a mid-rise along Joe Nuxhall Way and Freedom Way.
  • The Banks Phase 2: Development should begin by the end of the year on a 10-story apartment building housing 300 apartment units. This development will also include a future office building on the Vine Street side. The Carter-Dawson development team revealed their phase two designs to UrbanCincy last October.
  • Apartments at Seventh Street and Broadway Street: Announced in March, this apartment development will be constructed above an existing parking garage that was recently expanded by the city a couple of years ago. The development will have 110 apartment units.
  • Holiday Inn and Sycamore Street Garage: Part of the city’s Parking Modernization & Lease agreement includes the demolition of an aging city parking deck that will clear part of the site for construction of a 11-story Holiday Inn hotel. A 7-story garage with street-level retail will replace part of the old garage and the former American Red Cross building.
  • One River Place: The former condo project at the foot of the Purple People Bridge has extended its development approval with the city late last year and expressed an interest in developing as an apartment project. No number of units has been identified at this time.
  • Western & Southern Tower: With the resolution of litigation regarding the Ann Louise Inn, Western & Southern Financial Group will be able to move forward with plans to build a long planned tower at the site of the parking garage with the spinning clock. There are no renderings available as of this date so the model in the picture is a placeholder designed by the UrbanCincy team.

Of the nine towers on this list, six are recent additions to the tower listing compiled last year. Cincinnati is now poised to add 15 towers to its collection this decade, putting it dead even with how many the city added in the 1970s. Since many of these will be completed within the first half of this decade, it may be safe to assume that the city will add even more by decade’s end and approach the 1980s rate of tower construction.

While these new buildings may soon be added to downtown Cincinnati’s cityscape, other buildings are undergoing transformations including these following projects:

  • AT580: The renovation of an existing office building on Sixth Street, between Walnut and Main Street, into 176 apartment units, office and ground level retail. A steakhouse has already committed to the crucial corner spot of Sixth Street and Walnut Street.
  • Bartlett Building: This historic building, constructed and designed by Daniel Burnham has sat vacant as the bank foreclosed on the property owner during the recent financial crisis. The building’s new owners have recently received historic tax credits and city assistance in converting the building into a Renaissance Hotel.
  • Old Enquirer Building: Once slated to become condo’s prior to the recession, developers have recently begun construction of a dual brand hotel concept.
  • Terrace Plaza Hotel: The historic modernist building, which closed its doors in 2010, was recently sold. No word yet on whether their are plans for redevelopment of the building.

Half of the projects listed here are slated to start construction this year, adding an infusion of new residents and visitors to the Central Business District. The addition of these towers will not only accelerate the projected rate of tower construction in Cincinnati this decade, but it will also add fuel to the fire of the city’s ongoing renaissance.

And of course, none of this includes any of the any of the investment that is adding thousands of more residences, office and retail space, and hotel rooms throughout the city’s other neighborhoods. They just happen to not be taller than 100 feet in height.

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Up To Speed

Immigration Can Stabilize City Housing Market

Immigration Can Stabilize City Housing Market

As immigration reform is discussed on the national level, several cities have taken the lead in accepting more immigrants. This has led to an influx of population which have stabilized housing markets in several cities. A few months ago we discussed this issue on the UrbanCincy podcast and examined how the issue is affecting Cincinnati.  More from the Atlantic Cities:

Broadly, this implies that immigrants help boost housing markets, in much the same way that they’ve been shown in the past to shore up aging populations where large numbers of workers are retiring out of the workforce. And they’ve had the greatest impact boosting the housing market in areas that could use it most – specifically, in shrinking Rust Belt cities, or in the deteriorating neighborhoods of major metropolitan areas where it’s elsewhere unaffordable to live.