Phil Beck – UrbanCincy

Hamilton County has awarded the latest bid package for a variety of trade contracts on the infrastructure work for Phase III of The Banks, which includes a 690-space addition to the Central Riverfront Garage and a one-block addition of other infrastructure south of Freedom Way.

All three contacts were valued at a combined $653,228; and all went to area companies. According to Phil Beck, project executive for The Banks development, Universal Contracting Corporation will perform site work, Geograph Industries will handle signage, and ESI will manage security of the site.

While not particularly large or sexy contracts, project officials say they are representative of the continued progress being made at the massive central riverfront mixed-use development.

“Awarding these contracts for work at The Banks signals that another aspect of the riverfront development is nearing completion,” said Chris Monzel (R), president of the Hamilton County Board of Commissioners. “This phase of the project sets the stage for more economic impact.”

The University of Cincinnati Economics Center has estimated that, once fully completed, the first phase of The Banks will positively impacting the local economy by some $276 million per year – a figure they expect to grow substantially once later phases are built out. General Electric’s new 338,000-square-foot Global Operations Center, alone, is projected to boost the region’s economy by roughly $1 billion annually.

While Hamilton County is overseeing the construction of the infrastructure work at Phase III, the City of Cincinnati and the private development team is making progress on the vertical build of GE’s new building, the 165-room AC Hotel, and 291 apartments and 19,000 square feet of retail within the first two phases of the project.

THP Limited and Burgess & Niple are in charge of the design of Phase III work, while Messer is handling the construction.

As of now, all the infrastructure work being managed by Hamilton County and the City of Cincinnati is $29.3 million within budget; and project officials say that they have achieved 30% Small Business Enterprises participation on all work, but just 17.3% on phase three activities thus far. Beck also says that phase three work is on schedule to be complete by September.

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.

SW View of Phase 2 of The Banks [Jake Mecklenborg]

Phase Two Construction at The Banks [Jake Mecklenborg]

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.