Tag: General Electric

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Development News

Project Officials Ready to Move Forward With Next Phase of The Banks

Officials overseeing the development of The Banks have announced that they will soon proceed with the design and construction of the infrastructure needed for the next phase of the massive riverfront project.

Yesterday, at a special meeting of The Banks Steering Committee, the eight-member group unanimously voted in favor of moving forward with what they expect to be $29.3 million worth of work, which would then provide the platform for millions more in private investment in the form of offices, residences and retail on what is referred to as Lot 24.

As has been the case with all prior phases of the mixed-use development, the City of Cincinnati and Hamilton County will build out the utilities and roadway network, and construct a 690-space, two-level parking garage that will lift the site out of the Ohio River floodplain. Carter and The Dawson Company – the private development team selected for the project – would consider what elements should be included and then proceed with building and leasing out whatever is built on top of the parking decks.

A guiding principle that has not changed since the beginning of the development process is that the underground parking garage will be reserved for public parking, leaving Carter-Dawson to develop additional above-ground parking to satisfy the City’s mandatory parking requirements.

The Steering Committee said that the public work will be funded through the issuance of $22 million in tax increment finance bonds, and $7 million from the State of Ohio. Project officials say issuance of the bonds is expected to come within the coming months.

While the Carter-Dawson team has not yet decided the exact mix for this third phase of work, it is widely expected to be primarily residential. In total, the zoning and infrastructure for the site will allow for around 320,000 to 400,000 square feet of developable space.

The timing of the announcement could not be better, with work rapidly progressing on General Electric’s 338,000-square-foot Global Operations Center, 19,000 square feet of retail space, and the 291 apartments at the phase two site to the immediate north; and with the announcement that AC Hotels will develop the long-sought hotel along Main Street in front of Great American Ball Park.

Phase two work is expected to be completed in phases throughout 2016, while AC Hotel by Marriott is expected to open in spring 2017.

While management with the Cincinnati Bengals expressed some concern over the loss of one of the team’s few remaining tailgating lots, The Banks itself is evolving into more of an entertainment district than many had thought.

In April, state officials approved a new open-container district law that will soon be in place at The Banks; and yesterday, in a separate move, the Cincinnati Reds applied for a zoning variance to allow for the installation of a video board that will overlook Freedom Way – providing live video programming when the surrounding streets are shut down to cars for special events. Such moves could render tailgating lots obsolete as fans move to the streets on game days.

Project officials say the phasing of construction at the 18-acre site has been carefully coordinated between the district’s various stakeholders, along with the construction schedule of Smale Riverfront Park. As park work has moved west so has work at The Banks, and with the latest work on the park taking place just south of phase three of The Banks, the timing makes perfect sense.

If all goes according to plan, this next phase of infrastructure work could begin as soon as January or February – just after the conclusion of the Bengals football season.

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Development News

PHOTOS: Construction Continues to Transform Cincinnati’s Central Riverfront

The changes early phases of The Banks and Smale Riverfront Park brought to Cincinnati’s central waterfront were remarkable to many lifelong Cincinnatians. In fact, when UrbanCincy showed those dramatic changes through Google Street View imagery last year many were stunned.

Those changes, however, were just the beginning. Work has progressed rapidly on the subsequent phases of work at The Banks and Smale Riverfront Park. The structures and final look of this work is now taking shape and is easily visible.

Much of the work at Smale Riverfront Park will be complete within the next month or so; then the next wave of activity will begin and continue to push the park westward toward its ultimate completion several years later. The second phase of The Banks, which includes 60,000 square feet of street-level retail, 300 apartments and General Electric’s 340,000-square-foot Global Operations Center, is scheduled for completion at the end of 2015. The complete build out of GE’s new $90 million office building will not be fully finished until sometime in 2016.

EDITORIAL NOTE: All 15 photographs in this gallery were taken by Jake Mecklenborg for UrbanCincy on April 12, 2015.

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Development News

PHOTOS: Construction Updates From Along the Mighty Ohio River

Phase Two Construction at The Banks [Jake Mecklenborg]

Both sides of the Ohio River are full of construction right now. In Cincinnati, General Electric’s new Global Operations Center, 300 new apartments, and 60,000 square feet of retail space are under construction at phase two of The Banks. The latest phase of the Smale Riverfront Park, which includes Carol Ann’s Carousel, is also moving along just around the corner.

Then, across the river in Newport, 238 apartments, 8,300 square feet of retail space, and an Aloft hotel are being added as part of the next phase of Newport on the Levee. Prep work is also taking place for the relocation of Kentucky Route 9 and the long-delayed Ovation project.

You can click on any image to enlarge it.

EDITORIAL NOTE: All 13 photos were taken by Travis Estell for UrbanCincy between January 18 and February 15, 2015.

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Business News

Rapidly Growing Cincybite to Expand Delivery Area and Service Offerings

Crave [Thadd Fiala]

Just about a year ago, a new food delivery service entered the Cincinnati market. The idea behind it was one not uncommon in other larger urban centers around the country, but was new to the area.

While it can be simple to get sandwiches, pizza, or Chinese food delivered locally, that tends to be the limit of your options. But Robbie Sosna, who had lived Miami, New York City and Los Angeles after growing up in Blue Ash, knew the city could do better. So he launched Cincybite last December.

What Cincybite does is partner with area restaurants to deliver their regular menu items to hungry customers around the city. Sosna said they first started with just six restaurant partners and delivered only during dinner time in the center city. However, after a strong start, Cincybite quickly added lunch delivery options and added an additional seven restaurant partners within two weeks after their initial launch.

The early success of the business is yet another example of the retail services not keeping pace with the city’s population growth. While the age-old idea of ‘retail follows rooftops’ may still be true, technology is also now allowing some of that to be bypassed through innovative on-demand delivery services.

“In New York and LA there were restaurant delivery services, and I was surprised to find none existed in town,” Sosna explained. “The response has been phenomenal and I’m working hard to expand the service through the metro area.”

This is not his first foray into the food industry. In 2009, he purchased his first Freshii franchise in Los Angeles before ultimately moving those operations to Cincinnati and bringing the popular fresh food chain to the region in 2012.

Cincybite’s offices are located downtown and are currently staffed by six employees who are tracking all sorts of data and usage patterns. The data they are collecting, Sosna says, is what is helping them determine what other restaurants to approach, types of food to add, and which areas to expand to next.

One area that has not yet been officially added to Cincybite’s delivery area is the city’s west side neighborhoods, but they say it is only a matter of time, and drivers, before that happens. As for now, the focus remains on the region’s center city neighborhoods and many on the city’s east side and along the I-71 corridor.

“When looking at future areas of growth, my director of ops and I study our current sales data and customer feedback,” Sonsa explained. “We’re looking at strengthening our variety of restaurants in our current zones and planning our growth north.”

When asked where those next areas of operations might be, he said that they are looking at Kenwood, Madeira, Blue Ash, Montgomery and Indian Hill, but also clarified that Cincybite has unofficially also begun serving the west side.

Growing Cincybite’s delivery area and food options is just the beginning of the company’s overall growth plans. They have just launched a new service that offers delivery of basic grocery items and other incidentals like batteries, cleaning products, toiletries, over the counter medicine, baby food and supplies, and snacks. Likening the service to Amazon Fresh, Sosna says that he is working with a number of other businesses in order to add even more items.

“We’ve had conversations with local pet shops, butcher shops, dessert companies and a variety of other businesses looking to add additional revenue and awareness to their brand,” said Sosna. “There really is no limit for what Cincybite can offer Cincinnati, and we’re working hard to expand the delivery zones so everyone in the city can enjoy.”

Those who want to use the service merely need to register for an account and then shopping as would typically be done with any online retailer. The website also allows customers to select the date and time they would like to have their items delivered, and also allows for the user to pre-select an amount to tip the driver.

But one thing that was made clear was that none of this would be possible for Sosna without the resurgence taking place in Cincinnati. Had it not been for that, he said he may have stayed in Los Angeles instead of coming home.

“The commute back and forth for 2.5 years helped calm my nerves, but as I opened my Freshii location and began spending more time in the city, I realized a lot of progress had been made and the city was headed in the right direction,” Sosna told UrbanCincy.

“The approval of the streetcar, construction of The Banks, revival of OTR, food scene throughout the city, investment in tech with Brandery and Cintrifuse, and GE selecting Cincinnati for their future operations center were just a few of the reasons highlighting how great the city had improved and made the transition all the easier.”

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Business News

Economists: Cincinnati’s Regional Economy Outperforming Both Pittsburgh and Cleveland

Cincinnati Children's Hospital Medical Center Research Tower

Analysis of data recently released by the Cincinnati Branch of the Federal Reserve Bank of Cleveland shows the area’s economy in a relatively healthy position compared to nearby metro areas, and to the nation as a whole.

LaVaughn Henry, Vice President and Senior Regional Officer at the Cincinnati Branch, says that he believes the region’s economy is poised for continued economic growth, and he points to several factors that contribute to his optimism – a highly educated workforce, an economy healthily spread amongst different sectors, and numerous Fortune 500 companies headquartered in the city.

When diving into the numbers, Henry points to 30% of the regional workforce holding a bachelor’s degree as an item that makes the city an attractive place to do business.

He also touts the city’s relatively low unemployment rate which stands at 5.2% – about even with Pittsburgh and a full percentage point better than the rates nationally and for the state of Ohio. Making the area’s economy even stronger is the fact that its top industry sectors – professional and business services, health and education, and skilled manufacturing – all continue to experience healthy growth.

The Federal Reserve also pointed to continued capital spending as a bright spot that is boosting employment and earnings. Specifically, two hospital expansions and the opening of General Electric’s Global Operations Center at The Banks are expected to support thousands of jobs through 2016.

While the data found that Cincinnati is out-performing many of its peers, it also found that it has room for improvement in terms of wage and GDP growth.

Wages, the Federal Reserve says, have yet to reach pre-recession levels locally, and, while growing, are growing modestly at best. Researchers say that Cincinnati is suffering from a national problem of too many workers in the labor market, and high growth in low-paying service sector jobs that depress wage data. And while the region’s gross domestic product is growing faster than the national average, economists note that, like wages, it has yet to reach pre-recession levels.

When compared to Pittsburgh and Cleveland, the only other two metropolitan regions with more than 2 million people in the Federal Reserve Bank of Cleveland district, Cincinnati is, by far, the healthiest performer.

In Cleveland economists note that its economy is recovering from the Great Recession much better than the recession of 2001, yet it continues to trail national averages. While unemployment is falling throughout the region, it remains stubbornly high at 6.8% – above both the national and state averages. A bright spot, however, is Cleveland’s 28.5% bachelor’s degree rate within the workforce is at least on-par with the national average.

Pittsburgh, meanwhile, recovered the quickest of the three from the Great Recession, but has since seen its economic indicators stall. While unemployment has consistently stayed below the national average, growth in almost all industries in the city was lower than the national average. And while GDP grew from 2009 to 2012, economists at the Federal Reserve expect the data to be somewhat more somber once data is released for 2013 and 2014.