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Business Development News

Hamilton County Pushes Forward With Latest Phase of The Banks

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.

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News Politics Transportation

EXCLUSIVE: ODOT Expected to Announce Major Shift to ‘Fix-it-First’ Policy

While Ohio’s gas taxes and population have remained flat over the past decade, the Ohio Department of Transportation has continued to add capacity to roadways across the state – in some cases even building entirely new roadways to add to the state’s existing infrastructure. This may all soon be ready to change in what is being called a “major” policy shift in Columbus.

According to employees at ODOT who were briefed at an internal meeting on the matter recently, the nation’s seventh-largest state is poised to announce in the coming months that the days of roadway expansion are over. Instead they say that ODOT will embrace a future focused on maintenance and preservation of its existing network of more than 43,000 miles of roads and 14,000 bridges.

While officials say the move is economically driven, it also comes at a time as activists around the country – including numerous cities throughout Ohio – are increasingly calling for governments to embrace a “fix-it-first” policy.

An increasing number of states have been adopting such policies, with Michigan being one of the first when it enacted its Preserve First program in 2003, and California being the largest when it joined the fray last year.

The forthcoming announcement from ODOT, however, goes a step further than that.

In addition to focusing funds on maintenance and preservation, ODOT officials also say that they will abandon their “worst first” approach to fixing existing roadways. In doing so they say that the new program, called the Transportation Asset Management Plan, can save the state an estimated $300 million over the next six years – money that can then be redirected to other preservation activities like cleaning, sweeping, sealing and micro-surfacing.

The idea here, similar to healthcare or household maintenance, is that it is often much more economical to make steady improvements rather than waiting to make repairs until the asset is too far gone.

“It’s finally sinking in that we cannot continue on this unsustainable pace of highway expansion,” said an ODOT employee who spoke to UrbanCincy on the conditions of anonymity because they were not authorized to speak publicly.

According to ODOT’s own internal estimates, current funds will not be enough to maintain Ohio’s existing system by 2019 – the time when the Ohio Turnpike bonds are gone. Thus, without a major new source of revenue like a gas tax increase, ODOT intends to completely get out of the highway expansion business, and shift all funds to maintenance and rehabilitation.

“Most projects will occur before a road becomes severely compromised, and will be based around maximizing the service life of a particular road,” the ODOT staffer continued. “Long story short, ODOT isn’t going to waste its money on patching up a road as a temporary fix that will simply deteriorate again quickly because of major structural problems.”

There is no clear idea as to whether highway expansion projects currently on the drawing board will be impacted by this, but it appears likely that they will unless they receive capital funding through TRAC prior to 2019.

Such news could be damning for projects like the recently proposed Eastern Bypass or what is left of the Eastern Corridor project. At the same time, it could be the positive jolt needed for projects like the Western Hills Viaduct, which is in desperate need of an estimated $280 million fix.

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Business News Transportation

Knight Foundation Announces Nearly 150 Finalists For Cities Challenge

The Knight Foundation will announce their list of finalists in the Knight Cities Challenge today. The finalists have been pulled from a collection of more than 4,500 ideas submitted through the challenge to help improve the vibrancy of cities throughout America.

The competition, as with all Knight Foundation grants, is limited to the 26 communities where the organization focuses its efforts. The nearest cities to Cincinnati include Akron and Lexington – both of which were places where the Knight brothers once owned newspapers.

“Through the challenge we want to find new voices and new ideas that capture the three key ingredients of city success—talent, opportunity and engagement,” said Carol Coletta, Knight Foundation vice president for community and national initiatives. “We see these as essential to the challenge and to building stronger futures for all of our cities.”

Akron has become a bit of a darling in the Knight Foundation group as many efforts originating their so tightly align with the non-profit’s core values. In fact, this past October Akron grabbed national headlines when it staged a 500-person dinner on an underutilized highway in the heart of the city – an effort the Knight Foundation supported financially.

The winners of this year’s challenge will be awarded grants to implement their ideas from a pool of $5 million. The target, program officials say, is to invest in civic innovators who help cities attract and keep talented people, expand economic opportunity and create a culture of engagement. Such a model is similar to what People’s Liberty has taken on here in Cincinnati.

Three projects that may prove of interest to leaders here in the Queen City include the Tree Debris to Opportunity project in Boulder, and the New Flavors Food Truck project in North Dakota.

In Boulder, city officials are looking to turn tree debris into an opportunity by training members of the community looking for new skills into collectors and artisans. Through the project, participants would work with the city to collect tree debris and turn it into furniture and art – thus improving the cleanliness of the city and providing the participants with new skills.

In Cincinnati, such a program could potentially help bolster Mayor John Cranley‘s Hand Up Initiative which is aiming to lift 4,000 Cincinnatians out of poverty, while also helping improve the cleanliness of city neighborhoods.

The proposal for the New Flavors Food Truck looks to capitalize on the continued popularity and low-cost of food trucks. In this effort, the organizers would use a generic food truck to provide opportunities to new immigrants to start new food service businesses or restaurants.

With Cincinnati placing a growing interest in embracing and growing its immigrant population, an idea akin to this might serve as a good building block to empower those individuals.

The Knight Foundation will select the winners from this pool of nearly 150 finalists later this spring.

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Business Development News

Grandin Properties To Celebrate Ribbon Cutting For $2M Hogan Building Restoration

Roughly two years ago UrbanCincy reported that Grandin Properties had been awarded nearly $400,000 in historic tax credits from the Ohio Development Services Agency. The past 24 months have proved fruitful, and neighborhood leaders now intend to celebrate a ribbon cutting for the $2 million project on Tuesday.

The developers say that the Hogan Building is already 50% leased, and that the 12 residences range from $995 per month for one-bedroom units, up to $2,395 per month for two-story, two-bedroom units with decks.

The restoration work brings two historic structures back to life that are now 138-years-old.

The project is named after Ohio Attorney General Timothy Hogan for his courageous role in defending German immigrants during the anti-German hysteria during World War I. Interestingly enough, Hogan is also the grandfather of Peg Wyant – the Founder and CEO of Grandin Properties.

“Few in any age have the courage to stand up to such hysteria,” Wyant said. “On behalf of two high school teachers of German, he filed suit against Ohio demanding preservation of the right to speak and use and teach the language of ones choosing.”

Wyant went on to say that Hogan won that case, which has since become known as the German School case in the Supreme Court of the United States.

The Hogan Building, of course, also represents a win for the State of Ohio’s bold historic tax credit program which is seen as saving hundreds of buildings and spurring millions of private investment throughout the state.

“This is public-private money coming together,” explained David Goodman, Director of the Ohio Development Services Agency. “Saving historic buildings strengthens Ohio’s communities which attracts businesses and visitors to the state.”

The conclusion of work at the Hogan Building also comes just after Grandin Properties announced an intention to raise $5 million to $10 million in private equity to spur even more redevelopment work in Over-the-Rhine. To date, Grandin Properties has completed seven projects tallying nearly $10 million in private investments.

Denis Back served as the project architect, while Hudepohl Construction worked as the general contractor. The property was sold to Grandin Properties by 3CDC. It was financed through PNC, with financial support from the City of Cincinnati and Ohio Development Services Agency.

Those interested in touring the remaining available units can do so by contacting leasing@grandinproperties.com or (513) 871-7110. Those looking to participate in the ribbon cutting festivities are encouraged to arrive at the project site, located at 1317 and 1319 Republic Street, by 10:30am on Tuesday, January 12.

Categories
Business Development News

Paragon Salon & Day Spa’s Relocation Paves Way For Pogue’s Garage Demolition

Paragon Salon & Day Spa celebrated the opening of their new location along Fifth Street in the Carew Tower yesterday. While smaller in size than their previous location, the move serves as a potentially monumental moment for the center city since it paves the way for the demolition of the decaying Pogue’s Garage.

While the location of Pogue’s Garage is one of downtown’s most prominent, it is also one of the ugliest and most inhospitable blocks in the city. In 2013 a plan was crafted to fix that by tearing down the decrepit garage and replacing it with a new parking structure, street-level grocery store and 300-unit residential high-rise. Due to politics, finances and other logistics, that plan stalled and was eventually amended in December 2014.

Under that revised plan, Indianapolis-based developers Flaherty & Collins agreed to build an eight-story residential structure, with 208 units, while 3CDC would build a 925-space parking structure that would serve as the tower’s platform. The project would also include 25,000 square feet of street-level retail space.

In addition to serving the project’s needs and providing a platform for the tower to rise, the new parking structure would also provide parking capacity for the many historic high-rises along Fourth Street that currently lack any parking options at all. City officials point to public garages such as this as an opportunity to better utilize those other properties.

But before any of that can happen, the massive Pogue’s Garage must be demolished. That, in and of itself, would serve as a major benefit for downtown as it would remove one of its biggest eyesores and improve safety for people walking and biking along Fourth, Race and Elm Streets.

That demolition effort is not expected to be easy. Due to its immediate surroundings, the structure will not be able to be imploded, and will thus need to be deconstructed using traditional methods over a much longer period of time. Further complicating the matter was Paragon’s ongoing presence in the structure, which was obviously relieved yesterday.

There is no word yet on when demolition work will begin, but it now appears likely that work will finally advance on one of the center city’s highest profile projects. The coming weeks should reveal what its revised design will look like and when residents will be moving in.