Tag: developments

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Development News

Over-the-Rhine condominium development to be converted into 16 apartments

Urban Sites completed the renovation of 16 condominium units at the Belmain Building approximately one-and-a-half years ago. The residential project has struggled with condo sales, and is now being transitioned to apartment units in a better performing rental market.

As a result Urban Sites and the Cincinnati Center City Development Corporation (3CDC) decided to transition the 16 residential units to rental properties just over a month ago. That decision has proved fruitful as NorthPointe Group has been able to lease 70 percent of the units thus far and has applications on the rest.

“The demand to live in Over-the-Rhine is incredible,” according to NorthPointe Group leasing agent JT Barse. “This is a place where people want to be, and a lifestyle that people want where they can be close to work and close to where they want to be after work.”

Even though many are moving into Over-the-Rhine to be close to work, Barse notes that some of the new residents moving in are just trying to take advantage of the urban lifestyle, and are reverse commuting to their jobs elsewhere.

“People have loved Belmain because they love being by Park+Vine and Neons Unplugged, and they love being on Main Street where it has such a vibrant community,” Barse continued. “Many people just want to live smart by being where they want to be.” The evidence of this smart living trend can be found in the projects for which NorthPointe Group is responsible.

The 48 rental units in Parvis Lofts filled up before the first unit was completed, and the development group is planning to add an additional eight to ten residential units behind Republic Street. Belmain’s 16 units will also be completely full by the time the first resident is able to move in on June 1.

Similar to the success at Parvis and Belmain, developers at The Banks saw 60 percent of its 300-unit first phase gobbled up before the first residents could move in. The success of the rental units in particular, Barse believes, is due to the demographics looking to move into the urban core.

“People are really recognizing that this is a great place to live, and for some people, it has been difficult to find this kind of quality at this price point. Plus, the success of downtown is helping drive success in OTR, and it’s all rolling together to be a good center city.”

LEED Silver-certified Belmain building photograph by Thadd Fiala for UrbanCincy.

Categories
Development News Politics Transportation

Cincinnati to break ground on smaller streetcar starter route this fall

Today Cincinnati Mayor Mark Mallory and City Manager Milton Dohoney announced that the city will push forward with its modern streetcar project even with recent setbacks. The announcement included the debut of a new shortened phase one routing that will run from Fifth Street in the Central Business District to Henry Street in Over-the-Rhine just north of Findlay Market.

The 3.1-mile route will cost $95 million to build and $2.5 million annually to operate. City leaders currently have a total of $99.5 million to build the line, and have conservatively identified $4.1 million to operate the line annually. City leaders say that this will mean no money will be needed from the City’s General Fund for operations.

While some supporters have expressed discontent over the shortened Cincinnati Streetcar route, Mayor Mallory emphasized that the long-term vision has not changed.

“The vision for the project remains the same. We are going to build a streetcar that connected Downtown to Uptown, and then we are going to build out into the neighborhoods,” explained Mallory. “We are going to get started with the funding that we have in hand, but we must move forward in order to attract jobs and residents to our region.”

Project officials say that the shortened line will operate 18 hours a day, seven days a week and will utilize five streetcars instead of the original seven planned for the longer route. The shortened route, city leaders say, was chosen based on its unique ability to maximize economic investment.

“Over-the-Rhine and portions of the downtown area have some 500 vacant buildings, and it is where you have the bulk of the 95 acres of what today is surface parking,” City Manager Dohoney told the audience. “The explosiveness of the development potential rests in the area that we’re covering.”

City officials also announced that they are exploring the idea of running the streetcars on battery power instead of electricity. This technology is currently being examined for Washington D.C.’s modern streetcar system where concerns have come up over the use of overhead electric wires. Cincinnati officials believe that such a move would also reduce costs upfront and long-term.

The city says that it expects to break ground on the modern streetcar system this fall, and will simultaneously work to raise additional funds to build the system’s extension to uptown, and reconnect with The Banks to the south which in and of itself costs an additional $9 million.

“Clearly there is a need to expand the tax base. No one wants to pay more taxes, so we must find a proactive step to take to expand the existing tax base,” City Manager Dohoney explained. “A streetcar is one such tool to do that. There are people that have issues with this project, and there are folks that are responsible for moving this city forward. We are unapologetic advocates.”

Categories
Business Development News

Developers, city leaders welcome first residents to $80M first phase of The Banks

Developers and city leaders gathered at The Banks development along Cincinnati’s riverfront to welcome the first residents of the $80 million first phase of the project called Current @ The Banks.

Over 60 percent of the project’s initial 300 residential units have been leased. The first phase includes two, five-story buildings bounded by Main Street to the east, Walnut Street to the west, Second Street to the north and the Cincinnati Riverfront Park to the south.

Last month the Carter/Dawson development team welcomed the first retail tenant to the development when the Holy Grail Tavern & Grill opened at the corner of Main Street (Joe Nuxall Way) and Freedom Way. Additional retail tenants including The Wine Loft, Toby Keith’s I Love This Bar & Grill, La Crepe Nanou, Johnny Rockets, Huey’s 24/7 Diner will open over the next several months as interior finishes are completed on the 96,000 square feet of retail space.

UrbanCincy photographer Jake Mecklenborg attended a ribbon cutting ceremony this morning that welcomed the development’s first residents. Mecklenborg then took a tour of some of the available apartments that range in price from $800 per month to $2,400 per month for a two-bedroom, two-bath luxury apartment overlooking the Ohio River. Those interested in touring the apartment units are asked to contact leasing agents at (888) 277-6611, or by visiting the project’s leasing website.

Categories
News Politics Transportation

Ohio’s TRAC prepares for large public turnout, changes rules for Cincinnati Streetcar hearing

On March 23, Ohio’s Transportation Review Advisory Council (TRAC) was greeted by 32 Cincinnati Streetcar supporters. The residents and business owners went to Columbus to let their voice be heard on the state’s highest-rated transportation project that appeared ready to be gutted by a new administration set to cancel all investments in rail transportation.

The presence of these individuals not only came as a surprise to many on the council, but also made several of the members reconsider the idea of making the state’s highest-rated project shoulder 52 percent of all proposed cuts in a “fiscal balancing” effort.

“The number one rated project is recommended to take the brunt of the cuts…that’s a problem for me,” William Brennan stated at the March 23 meeting.

Other council members, UrbanCincy‘s Jenny Kessler reported, shook their heads in agreement with Brenna as he made the statement. Fellow council member Antoinette Maddox suggested that all new projects be sunsetted, or that cuts be made to lower-ranking projects to avoid such drastic cuts to the state’s highest-rated transportation project.

The public comments and debate made no impact on the TRAC’s recommendation that day as they followed marching orders to cut 100 percent of the Cincinnati Streetcar’s state administered funding.

The results of the meeting, combined with an “unprecedented attack” on the streetcar project from Governor Kasich, lit a fire within many Cincinnatians who have supported the streetcar project for years. Groups began organizing to continue to show the TRAC their support for the project at the upcoming April 12 meeting where they will hold a final vote on the recommendation to strip the Cincinnati Streetcar of $51.8 million.

Anticipating a large turnout for the April 12 public hearing, the TRAC has rewritten its speaking guidelines for such meetings. At the April 12 meeting only, the TRAC has restricted public comment to 40 minutes for the Cincinnati Streetcar project. Opponents will be allotted 10 speaker positions getting two minutes each. Supporters will get only seven positions with two minutes each, plus an additional six minutes for a representative from the City of Cincinnati, totalling 20 minutes.

The TRAC has also stated that Room GA, in which the meeting will be held, will be open to the public beginning at 9am. The council also states that overflow seating will be provided in Room GB if necessary. The meeting is scheduled to start at 10am.

Cincinnati Streetcar supporters photograph by Sherman Cahal.

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Arts & Entertainment Business Development News

Get sneak peek of nearly completed first phase of The Banks tomorrow

As the Cincinnati Enquirer so often likes to remind us, The Banks has been decades in the making, and after much political infighting, the project is finally coming to fruition. The massive mixed-use riverfront development project saw its first business open on St. Patrick’s Day and will soon start welcoming hundreds of new residents.

Developers have decided to invite those interested along for a tour of the $90 million first phase (map) that is nearing completion on Wednesday, March 30. The event is free, but reservations are required in order to participate in one of the two tours.

Tours will meet in from the National Underground Railroad Freedom Center and will begin at 4:15pm and 4:30pm. Following the tours, there will be happy hour drink specials and light appetizers at the Holy Grail Tavern & Grille. Those who wish to attend one of the tours are asked to contact Mary Kathryn Kennon at mkennon@carterusa.com (please indicate preferred tour time in RSVP email).

For fun, you can also RSVP to the event’s TwtVite page brought to you by UrbanCincy and The Banks Master Development Team.

The Banks phase one photograph by Thadd Fiala for UrbanCincy.