Category: Development

Categories
Arts & Entertainment Business Development News

SpringBoard Cincinnati merges art and business

Right brain vs. left brain; canvas vs. spreadsheet; the dreamers vs. the driven. In a world that becomes more connected every day, who says art and business are mutually exclusive? This attitude drives local nonprofit ArtWorks’ newest creative enterprise program. SpringBoard Cincinnati is a business development program for artists and creative entrepreneurs.

SpringBoard is more than a classroom with a packet of information and a “good luck” at the end. It’s the most effective way for creative entrepreneurs to see their ideas turn into action, and action into results. The $250 fee includes an 8-week course convening three hours each week, personal consulting from experts in accountancy, finance, law and branding, and a comprehensive business plan. Graduates will also be connected to potential storefront spaces in Over-the-Rhine and downtown.


Vine Street image by Thadd Fiala for UrbanCincy.

“The course is tailored so you aren’t sitting in a room with thirty people just listening to someone speak, only to walk out confused. Students gain applicable, real world information about running their own business,” said SpringBoard Coordinator Sarah Corlett.

Professionals donate their time each week to giving direction to the entrepreneurs’ ideas. Students will be working with the likes of Keating, Meuthing & Klemkamp, P.P.L., Taft Stettinius & Hollister LLP, Burke and Schindler, P.L.L., Rockfish Interactive, and PNC Bank.

“The first week may be an attorney who will instruct the class on the legal structure of starting a business. They will lecture for one hour and the remaining time is dedicated to the class asking questions specific to their future business,” said Corlett.

Nothing short of innovative, SpringBoard is just the next logical step for ArtWorks, an award winning non-profit based in Over-the-Rhine that has been connecting artists with apprenticeships, job opportunities and community partnerships since 1996.  SpringBoard is licensing the curriculum from a program of the same name founded by the Chattanooga-based non-profit Create Here. The SpringBoard in the South has been in operation for three years and already boasts 325 graduates.

“Walking down Main Street in the south side of Chattanooga it seems like every storefront is a product of SpringBoard,” said Corlett. “In Cincinnati we are losing a lot of our young, creative population to other cities – Chicago, New York, and the West Coast. SpringBoard is helping to create an environment of locally, handcrafted ideas here in Cincinnati,” she added.

Funded by the Carol Ann & Ralph V. Haile Jr./ U.S. Bank Foundation, SpringBoard’s first course is set to begin June 7th. Interested creative entrepreneurs – from metal sculptors to musicians, and everything in between – can sign up on the website. space is limited but sessions will be ongoing. For more information regarding class registration or to volunteer your professional expertise contact Sarah Corlett at 513-333-0388 or Sarah@ArtWorksCincinnati.org.

Categories
Business Development News

CDFC $2 million closer to investing in Northern Kentucky’s urban neighborhoods

Thanks to an equity investment from PNC Bank, the Catalytic Development Funding Corporation (CDFC) of Northern Kentucky is $2 million closer to its $10 million capitalization goal. With the recent investment, the Catalytic Fund is up to $6.5 million.

Once the $10 million goal is met, CDFC will begin making targeted investments in catalytic development and redevelopment projects in northern Kentucky’s urban neighborhoods in order to spur additional investment and revitalization in the area. The Catalytic Fund investments will provide patient capital for projects that could not occur due to private capital market constraints.

Patient capital does not always take the same form, but generally it is more flexible and willing to accept more risk than conventional funding. The purpose is to fill in gaps in a financing package to make a project more attractive to primary lenders. Patient capital tends to be the first money into a project and typically is repaid after the primary loan payment is made each payment period. This is a similar model that 3CDC uses when deploying Cincinnati Equity Fund capital.

In addition to providing patient capital for development projects that meet the Catalytic Fund’s investment criteria, CDFC will also facilitate development by acquiring land for future projects, providing technical assistance to developers, and recruiting developers to participate in northern Kentucky’s urban renaissance.

The CDFC and the Catalytic Fund will be in very capable hands. Jeanne Schroer, the executive director of CDFC, has over 25 years of experience as a real estate professional specializing in project financing.

The CDFC and the Catalytic Fund were created in 2008 based on a recommendation by the Urban Renaissance Action Team of northern Kentucky’s Vision 2015 planning initiative. Since the fund’s inception, Jeanne Schroer has been working tirelessly to raise $10 million during tough economic times. This is a list of all the contributors to the fund so far:

Photo courtesy of Jeanne Schroer

Categories
Development News

First phase of Cincinnati Riverfront Park quickly becoming reality

The first phase of The Banks has made dramatic progress in 2011, and has even welcomed its first residents and businesses over the past one to two months. Meanwhile, the new $120 million Cincinnati Riverfront Park (CRP) has also seen significant progress made on its first phase of work.

Project manager Dave Prather gives another visual tour of the construction progress at the CRP, and specifically highlights the rise of the Moerlein Lager House, demolition of the old Mehring Way, Jacob G. Schmidlapp Stage & Event Lawn, Women’s Committee Garden and the Walnut Street Fountain & Steps.

Most noteworth, Prather says that the first elements of the park will be completed by the next video update, and that the event lawn will be recognizable within two weeks. The event lawn will host its first public concert on Thursday, May 26 from 5:30pm to 9pm during Riverfront Fusion.

Categories
Arts & Entertainment Development News

Framester takes event photography to the next level

Chances are, if you have a Facebook account, you’ve seen the pictures floating around your friends’ feeds. High quality photo booth style pictures, perfectly capturing the essence of an event or party. This phenomenon is the brainchild of local entrepreneurs David Dewitt and Adam Kleshinski. It’s called Framester.

The philosophy behind the event photography company is that, given the circumstances, every person wants the chance to show their creative, spontaneous selves… and to take the perfect picture. The self-timed setup – a camera, a backdrop, and a little red button – allows party goers to create their own portraits in a way that traditional event photographers can’t.

DeWitt, a former DAAP student at the University of Cincinnati, set up his camera one night at a friend’s party in 2008, and was taken aback at the response it received. “It took a lot of trust, to leave my lighting and camera equipment up all night, but no one messed with it,” David explained. “My friends loved it, and it turned into something bigger.”

Through various connections around town, DeWitt took his setup to local philanthropic events over the next year, experimenting with props, backdrops and photography techniques. Bars and parties began to hire him as a special addition to their shindigs- tagging and sharing the pictures on Facebook helped gather name recognition for the venues, as well as give everyone kick-ass profile pictures.

DeWitt and Kleshinski connected near the end of 2010, where the Xavier MBA graduate saw a business opportunity that couldn’t be passed up. “I couldn’t believe it was just [DeWitt],” said Kleshinski. “I knew it could be something bigger.” The two worked through a business plan, and launched the Framester brand in the beginning of May.

“The goal now is to expand through the Cincinnati area,” explained Adam. “We want it to expand organically, and with 2.5 million people in the region, there’s a lot of room for growth here. Things are changing and moving in the right direction. Cincinnati is a base of ingenuity and entrepreneurship and good business – it’s a great market.”

The duo feels that Cincinnati is a perfect test market – a microcosm with enough diversity to try out different things as they tweak the business model and prepare to grow.

The difference between Framester’s services and any huckster with a camera is the professional level of quality and attention to detail for each event – no two are alike. The service naturally offers a distinctive brand marketing advantage to event sponsors and venues by levering advances in social media technologies, and former clients have seen immediate results in collecting contact information from their attendees along with targeted brand exposure.

Ultimately, Framester is helping to celebrate and showcase the momentum that is driving Cincinnati forward. Kleshinski and DeWitt both say it’s been incredible watching the amount of energy building in Cincinnati’s urban core.

“For too long there’s been this theory that Cincinnati is boring – there’s nothing fun to do here,” said DeWitt. “We know that’s not true – and we’ve got the pictures to prove it.”

CityBeat Best of Cincinnati Party photo provided by Framester.

Categories
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.