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Business News Transportation

Is Cincy RedBike America’s Most Financially Successful Bike-Share System?

RedBike Monthly Ridership Totals
RedBike Monthly Ridership Totals

Since launching nearly two years ago, RedBike has been embraced by the region in a way even the bike-share system’s early proponents had not imagined.

When RedBike opened to the public on September 15, 2014 it included 29 stations, but has since swelled to 57 stations spanning two states, four cities and more than a dozen neighborhoods. The ability to expand and integrate the system across state and city lines is particularly notable as it is a feat most other bike-share systems in North America have not yet achieved.

This relatively rapid expansion has been fueled by higher than expected ridership. As of early July, RedBike had hosted 116,739 rides – or about 5,300 per month. Bolstered by more than 1,500 annual members, these ridership totals translate into some 17,683 different people who have ridden a RedBike.

“Red Bike has gotten off to a dream start. Our community has embraced this new form of transportation,” Leslie Maloney, President of the Red Bike Board of Directors and Senior Vice President of the Carol Ann and Ralph V. Haile, Jr./U.S. Bank Foundation, said in a prepared release. “We will work to continue providing the highest quality and most fun transportation option in Cincinnati.”

Following the trends of bike-share systems elsewhere throughout the world, approximately 74% of its riders have either never ridden a bike before or at least not within the month before RedBike opened. This data makes many bike advocates in the region looking for ways to improve road safety for the surge of new cyclists out on the streets.

The biggest news in RedBike’s recently released annual report, however, pertains to its finances.

While many bike-share systems around the country have struggled financially, RedBike has been able to operate in the black since its inception, and has grown its cash reserves year-over-year.

In 2014 RedBike had a total of $234,251 in expenses and $1,144,911 in revenues. That net income grew in 2015 when the bike-share system had $484,389, but $1,740,792 in revenues. This net income, RedBike officials say, is used to purchase capital equipment necessary to keep the system fully functional.

While it is difficult to find bad news in the financial details released by RedBike, one might look at the fact that direct program income (user fees) cover only 65% of program expenses. When factoring in sponsorships, a fairly reliable and steady stream of income, it covers nearly 118% of program expenses.

All of the other income sources help to further stabilize the system, keep it operating at reliable and optimal levels, and are helping build a reserve fund that could be used to offset unexpected capital expenses or lower than anticipated operational performance.

“UC Health is thrilled to be the presenting sponsor of the RedBike program,” said Dr. Richard P. Lofgren, President and CEO of UC Health. “As someone who lives downtown, all I have to do is look outside to see how successful this program is, and how bike share has been embraced by the citizens of Cincinnati.”

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News Transportation

VIDEO: Cincy Red Bike Provides New Transportation Choice for the Urban Core

Although it launched less than two years ago, Red Bike has already become a very popular way to get around Cincinnati’s urban core. This new transportation option seems to be equally popular with recreational riders and those seeking to get around for practical purposes.

In a new video produced by Give Back Cincinnati — the second in a series on new transportation options in the city — the creation and growth of Red Bike is explored.

Be sure to check out the first video in the series, which focused on the tri*Metro program, and stay tuned to UrbanCincy for the third and final part of the series.

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Business News Transportation

Red Bike Firmly Establishes Itself As Tri-State’s Largest Bike-Share Program

Red Bike recorded its 100,000th ride early last week when Keith Piercy checked out a bike at the Port Bellevue Station in Northern Kentucky.

According to Jason Barron, Executive Director of Red Bike, Piercy rode the bike across the river and docked it at the Freedom Center Station at The Banks. Piercy explained that he was out running some errands and was even on his way to go buy a new bike helmet.

“This is awesome. It [Red Bike] has been working out great for me,” Piercy said. “It is really helping out our one-car family.”

The moment comes as data from the American Community Survey found that Cincinnati has one of the fastest growing bicycling communities in the nation, and the biggest in Ohio. It also comes just after the one-year anniversary of Red Bike’s launch, which also took place in front of the National Underground Railroad Freedom Center.

According to Barron, ridership has far exceeded initial expectations, with more than 17,000 people using Red Bike in its first year. This growth also fueled the quicker than anticipated expansion of the system. With 50 stations located on both sides of the Ohio River, Red Bike is the largest bike share system in Ohio, and the first public bike share system in Kentucky.

While it is expected that ridership and system growth will level off over the second year of operations, Red Bike leadership is looking to iron out finances and expand upon programs, like the one recently launched with CityLink, to make the system more accessible to people at all income levels.

Annual memberships can be purchased for $80, while day passes can be purchased for $8. Semester passes, which are good for 120 days and are marketed toward university students, can be purchased for $30.

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Business News

John Yung to Become Lead Project Executive at Urban Fast Forward

John Yung, UrbanCincy’s Associate Editor of Public Policy, will take on a new role with Urban Fast Forward as the firm’s Lead Project Executive.

John will maintain his position at UrbanCincy, where he has contributed for nearly five years. Over this time he also worked for the Bellevue, KY, and led the effort there to implement one of the region’s first form-based codes. He then obtained his American Institute of Certified Planners certification in 2014, and took on a leading planning role at the Village of Yellow Springs this past winter.

John says that he is excited to be back in Cincinnati full-time and is looking forward to the possibility of living car-free with his new office within walking distance of his Over-the-Rhine apartment. Kathleen Norris, Managing Principal at Urban Fast Forward, is also excited about the addition to her team.

“John is an urban rock star. His insight into the ebb and flow of cities and their neighborhoods is going to add real value for our clients,” Norris said.

In the new role, Norris says that John will be taking the place of Matt Shad, who is moving on to become Cincinnati’s Deputy Director of Zoning Administration. While at Urban Fast Forward, Shad assisted Norris with strategic planning consulting that complimented the firm’s retail leasing and development consultancy.

“The City of Cincinnati is lucky to be getting Matt,” said Norris. “He knows the intricacies of planning and zoning, in both theory and practical application, and I think he is going to make the whole development process lighter, quicker and faster.”

Since its founding in 2012, Urban Fast Forward has established itself as a firm that specializes in urban real estate and development, with a particular focus on retail district revitalization.

Urban Fast Forward has been particularly involved with the retail strategy in Over-the-Rhine, Pendleton and along Short Vine in Corryville. More recently the firm has been taking on bigger roles in Walnut Hills and Northside, and is also overseeing the strategic development of a Race Street retail corridor downtown.

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News Transportation

Cincy Red Bike On Pace to Shatter First Year Ridership Projections

Cincy Red Bike in Covington [Provided]

Community leaders gathered in Covington yesterday to celebrate the opening of the first six of 11 new Cincy Red Bike stations in Northern Kentucky. Four additional stations will be opened in Newport, and one in Bellevue, by the end of the week.

The expansion south of the river is a natural expansion for the system, which has thus far focused on Cincinnati’s center city neighborhoods. After initially launching with 30 stations in Downtown, Over-the-Rhine, Clifton Heights, University Heights, Clifton, Corryville and Avondale, Cincy Red Bike has now added new stations in the West End and Northside.

Perhaps more critical for the system’s ridership, however, is the fact that many of the newer stations in Ohio are what operators call “infill” stations. For these, Jason Barron, Cincy Red Bike Executive Director, says that they are looking at locations that focus less on landmarks, and more on where people live car-light or car-free.

“The three busiest stations, by a factor of a third, are Fountain Square, 12th/Vine and Main/Orchard,” Barron previously told UrbanCincy. “We will start to look at areas in the West End like Linn Street, Bank Street, City West and maybe Brighton. We have to look and see where there are opportunities to connect people and make a difference in their lives.”

Once the remaining installations are complete, Red Bike will boast 50 stations, making it the largest bike-share operator in Ohio and the first in all of Kentucky. CoGo Bike Share in Columbus is the second largest with 41 stations following a recent expansion of their own.

After a predictably sluggish winter, it now appears that Cincy Red Bike is on pace to at the very least meet, and most likely exceed, its first year ridership projections. When the system launched in September 2014 the hope was to attract 52,000 rides within the first year. As of now, some 46,000 rides have been made on the public bike-share system.

With the system average 4,600 rides per month, including the slow winter months, the initial projection will be easily surpassed. If that monthly ridership rate increases over the forthcoming summer months, and with the added stations and bikes, the non-profit agency may be able to significantly exceed its own goals.

The enthusiasm in Northern Kentucky appears to be setting the table for even more expansions in the Bluegrass State in the near future. Already, funding is being lined up for an additional station in Bellevue, and the president of Southbank Partners told River City News that they hope to see Red Bike added to Dayton, Ft. Thomas and Ludlow as well.

In addition to Northern Kentucky, additional infill stations are anticipated uptown and neighborhood leaders continue to call for the system’s expansion to the Walnut Hills area.

Red Bikes can be used by purchasing an $8 pass that is good for unlimited rides of 60 minutes or less over a 24-hour period. Those who plan on using the system more than 10 times per year are better off purchasing an annual membership for $80.