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Development News Politics Transportation

$809M identified for extension of I-74 through Hamilton County

The Ohio Department of Transportation (ODOT) published its 2011-2015 Major New Construction Program List on December 9. The list included six funding allocations totaling more than $809 million of expressway work that will set the stage for the long-envisioned extension of I-74 through Cincinnati.

The money is being allocated through the veil of the controversial Eastern Corridor Project. $115 million has been budgeted for reconstruction of the US 32 – I-275 cloverleaf, grade separation of US 32 near this interchange, and modifications to Red Bank Road that anticipate its reconstruction as a fully grade separated expressway. Another $13.8 million has also been budgeted for the long-planned $366 million US 32 bypass and Little Miami River bridge between Red Bank Road and Interstate 275.

This partial funding of all segments of the Eastern Corridor Project on ODOT’s current Program List illustrates that the project is still very much on the table, and that ODOT will likely turn its full attention and funding toward the project after the reconstruction and widening of Interstate 75 is completed later this decade.

I-74 Extension Details
Many have suspected the use of the Eastern Corridor Project was being used as a veil for an interstate project, but until now there has been no financial backing to these claims. The extension of I-74, through Hamilton County, would be realized by upgrading US 32 between I-71 and I-275, and by upgrading other stretches of local expressways to interstate status and giving them the I-74 name. Once the extension is complete, I-74 would run from its current terminus at I-75 in Cincinnati to existing sections of I-74 in North Carolina.

In such a scenario, three miles of I-75 between Northside and Bond Hill would be co-signed as I-74, the entirety of the Norwood Lateral would become I-74, and I-71 between the Lateral and Red Bank Road would be co-signed as I-74. From that point, the planned “Eastern Corridor” US 32 bypass, which is being built to interstate highway design standards, can with the stroke of a pen become I-74.

Critical pieces of such a cross-county plan will soon commence construction as part of the I-75 Millcreek Expressway project. This year, the Millcreek Expressway project will fund $9 million in modifications to the I-74 Colerain Avenue interchange near Mt. Airy Forest. The nearby I-74/75 interchange in Northside, the present site of I-74’s terminus, is scheduled to be completely reconstructed in 2013. The I-75/Norwood Lateral interchange is scheduled to be rebuilt between 2016 and 2018.

Beneficiaries of an I-74 Extension
US 32 between I-275 and eastern Ohio, completed in the late 1990’s, was built to near-interstate specifications in anticipation of its future designation as I-74. In the fifteen years since its completion, it has attracted almost zero development along its more than 200-mile path. It is unlikely that replacement of its at-grade intersections with diamond interchanges will encourage increased private investment.

In the Cincinnati area, the most obvious beneficiaries of the Eastern Corridor plan, aside from those construction companies who would actually build it, are those who control tracts of land in Clermont County, who no doubt wish to develop large-scale sprawl along US 32 outside the I-275 loop. Such a roadway would only marginally improve the area’s access to downtown Cincinnati, and therefore strengthen the position of Kenwood, Blue Ash, and other suburban areas that compete with it for jobs and commerce.

The possible designation of the Norwood Lateral as an interstate would make its reconstruction a priority, and reconfiguration of its ramps could make possible the redevelopment of vacant land in Norwood and Bond Hill. Reconstruction of the I-71/Norwood Lateral interchange could accelerate the redevelopment of the Cincinnati Milacron site.

Potential Impacts
The US 32 bypass will negatively affect property values and the quality-of-life presently enjoyed by those who reside in the Newtown area. Additionally, the Sierra Club has campaigned against the highway’s Little Miami River bridge since the concept was introduced, arguing that its construction will negatively affect the river’s wildlife.

From the 1930’s on through the 1960’s, every mile of the 43,000-mile Interstate Highway System first appeared as a line on somebody’s map. In Cincinnati, remnants of abandoned subway right-of-way gradually became parts of what we know today as I-75, I-71, and the Norwood Lateral. The idea was to spread the population of Cincinnati into suburban areas. Another cross-town freeway in the form of I-74 will further depopulate the core of our region.

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Business Development News

Celebrating a year of progress in Cincinnati’s urban core

2010 has been a monumental year of sorts for Cincinnati’s urban core.  New residents and businesses have been added, major construction projects have moved forward, and new major investments have been laid out and are on the horizon.  While UrbanCincy has been able to cover many of these items throughout the year, but some have also gone uncovered.

With one year ending and a new year about to begin it seems only natural to reflect on where things have been, and discuss where they might be headed.  So while the UrbanCincy team is proud of the work we have been able to produce, we know we could and should be doing much more.  If you have any thoughts, recommendations, or services you would like to offer that might make UrbanCincy better please let us know in the comment section or by emailing UrbanCincy@gmail.com.

As the driving force behind UrbanCincy since its inception I can make the following promise to you.  UrbanCincy will continue to change the conversation about Cincinnati’s urban core.  This will more than likely include some changes beyond the typical evolutions of the site.  Please be patient as these changes happen, and please keep supporting Cincinnati’s great urban core.

Enjoy this holiday video put together by the Cincinnati Center City Development Corporation (3CDC).  Happy New Year!  You will next hear from us in 2011.

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Business Development News

Beer is brewing in historic Over-the-Rhine once again

Beer is being brewed in historic Over-the-Rhine once again.  Christian Moerlein Brewing Company has returned its brewing operations to the neighborhood where it got its start.  It has been almost 100 years since Christian Moerlein ceased brewing operations in 1918, but the resurgence of the beer brand, neighborhood, and interest in craft beers Christian Moerlein owner Greg Hardman has put his focus squarely on the beer and its long-time neighborhood.

The first beer being produced at the Over-the-Rhine brewery is the Arnold’s 1861 Porter in honor of the 150th anniversary of Cincinnati’s oldest tavern.  Hardman is using a one-barrel pilot brewing system and says that the beer can be produced over the course of 12 days.  The first people to see the brewery in action included Arnold’s Bar & Grill owner Ronda Androski and others associated with Christian Moerlein.

Once fully operational in spring 2011, the new brewery will be able to produce 10,000 to 15,000 barrels of beer annually.  The new 1861 Porter will only be available at Arnold’s (map), and will reportedly first be served at the stroke of midnight on New Year’s Eve (make your plans now).  Those at Arnold’s on New Year’s Eve will be able to enjoy 12-ounce drafts of the new porter for just $1.50 in honor of the tavern’s 150th anniversary celebration.

Our friends at Arnold’s and Christian Moerlein were kind enough to provide UrbanCincy with the exclusive first photos taken inside the new brewery.  The photos capture Greg Hardman, Ronda Androski and others checking out the setup of the brewery located in the Northern Liberties section of Over-the-Rhine.  Cheers.

Categories
Business Development News

Redeveloped warehouse to include largest solar photovoltaic project in the Midwest

Cincinnati-based Neyer Properties is working on $4 million worth of improvement to a large structure along I-75 in Sharonville. The 1.1 million square-foot building will soon become a “major distribution hub” for Hamilton County while also becoming the largest solar photovoltaic project in the Midwest.

While officials expect the redevelopment of Gateway 75 to increase tax revenues and spark additional investments in downtown Sharonville, the development’s focus on sustainable building practices is what has caught the eye of many in the industry.

“Energy savings at Gateway will average 40 to 60 percent annually compared to power generated by fossil fuels,” said Dan Neyer, president of Neyer Properties. “This is a great opportunity for companies that want to lease space at a building that not only saves energy and the planet, but saves on utilities, too.”

In addition to the seven-megawatt solar plant on the roof of Gateway 75, developers hope to make the structure the first LEED-certified industrial building in Ohio and one of only 51 in the nation.

Once installed in 2011, the rooftop solar plant will be leased to a third-party, through a Power Purchase Agreement, that will operate the utility and then sell back the power to Neyer. Developers say that the solar energy generated at Gateway 75 is the equivalent of offsetting roughly 10 million pounds of carbon per year.

Sharonville officials also state that the successful completion of Gateway 75 will result in a major economic gain for the city, and as a result, have contributed $1.8 million in tax increment financing (TIF) to the project. A fully occupied structure, analysts say, will lower bulk warehouse vacancy rate in the Sharonville area from 30 percent to 6 percent.

Developers are finalizing improvements to the building now, and will complete the project as tenants are secured for the refurbished warehouse space.

Categories
Business Development News

Home ReStart partnering with Neyer Properties to renovate, sell historic Cincinnati homes

Since the inception of Neyer Properties in 1995, the company has developed hundreds of projects totaling over $1 billion in both construction and development in the Cincinnati region.  While the company has typically focused on commercial development, they have begun investing in a new real-estate company called Home Restart. The relatively new endeavor specializes in buying distressed homes, making renovations, and re-selling the properties.

Over the past year, the company has purchased, renovated, and prepared seven houses for re-sale. In that time, they have intentionally focused their efforts in more desirable urban neighborhoods like Hyde Park, Oakley, Edgewood and Fort Thomas.  According to the company’s leadership, this was done to help make the projects successful in an otherwise difficult market.

“The housing market has taken a hit throughout the Greater Cincinnati area, but neighborhoods such as Hyde Park and Fort Thomas always have a relatively active market,” explained Anne Pond, Vice President of ReStart. “By focusing on these areas, we can decrease the number of days that our houses sit on the market.”

According to Pond, the large stock of historic homes in these neighborhoods is another key selling point, as they have a charm that cannot be replicated in new construction.

“Over the years, many older homes have fallen into disrepair and have been converted into two-family homes,” Pond continued. “We work very hard to maintain the charm and character of historic homes, while bringing them up-to-date for modern living.”

Pond says that ReStart typically purchases homes from anywhere between $50,000 and $200,000.  After the initial purchase, ReStart then renovates and sells the properties for prices ranging between $130,000 and $350,000. Following this work, ReStart then turns to Neyer Properties for its expertise in purchase approval, renovations, and finance management.

Of the seven homes purchased and renovated through the program thus far, five have been sold and another is currently under contract.