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Business Development News

First Elements of Cincinnati’s New $120M Central Riverfront Park Coming Online

As mid-rise residential buildings rise from the ground nearby at The Banks, the Cincinnati Riverfront Park (CRP) is making significant progress of its own. Phase 1 of the $120 million, 45-acre park is now just one year away from completion and the first elements of the park are becoming recognizable.

Crews have completed the installation of twenty, 300-foot geothermal wells that will heat and cool several facilities within CRP’s first phase. At the same time construction workers are finishing work on the realigned Mehring Way which will free up direct riverfront space, create a more user-friendly street for all modes of transportation, incorporate space for the Ohio River Trail, and maintain the roadway’s necessary specifications for hazardous materials transportation.

In this fall 2010 update, Project Manager Dave Prather also discusses how meticulous the project team has been in their selection of materials including the granite which will be prominently used throughout this first phase.

The Head House that connects the underground parking garage to the park is the first feature of the Cincinnati Riverfront Park to be completed.  The next elements to come online will be the Schmidlapp Stage & Event Lawn in May 2011 with the Moerlein Lager House following shortly thereafter. Project officials expect the Walnut Street Fountain & Steps and Bike, Mobility & Visitors Center in late summer 2011.  The remaining features of Phase 1 will be completed next fall.

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Business Development News Transportation

Oakley businesses prepare for a construction-free holiday shopping season

Construction crews are currently finishing the Oakley Square streetscape, and officials plan to have all traffic lanes re-opened by this weekend well in advance of the critical holiday shopping season.

What began as a $50,000 grant request from the Oakley Community Council to study ways to improve the safety and walkability of the public square has leveraged enough other sources to include sweeping improvements throughout the neighborhood business district. A previously dangerous and confusing five-direction intersection has been reconfigured for the safety of pedestrians and drivers. Streetscape improvements around Oakley Square including rain gardens, street lighting, outdoor dining space, street signs and meter posts, street trees, pedestrian crossings and other traffic calming measures are now complete.

The Cincinnati Park Board says that it will be putting the finishing touches on their contribution to the project by completing the much anticipated Geier Esplanade Park over the next four weeks. Once complete, the park space will include an expanded lawn, movable outdoor furniture, and a multi-use stage area. Combined, these elements are expected to become the social and civic hub of Oakley.

Michael Cervay, director of Cincinnati’s Department of Community Development, says that remaining water main work on Madison Road and streetscaping throughout the district will be put on hold until January 2011 to allow businesses in the district to have a construction-free holiday shopping season.

“The City’s goal is to work with residents and businesses alike to create thriving places, such as Oakley Square, that act as amenities to our neighborhoods,” he explained. “Construction work is pausing through the holiday season to assure an even more positive shopping experience.”

The improvements have sparked several businesses to expand or invest in the district. Sonoma American & Mediterranean Grill which opened on Oakley Square last month hiring 20 new employees, and the historic 20th Century Theatre recently launched a restoration project of the theatre’s historic tower.

“This project was a huge part of why we chose to invest in Oakley,” detailed Sonoma American & Mediterranean Grill owner Ryan Kassis. “It shows a long-term commitment to the neighborhood and added the character that we were looking for.”

Although business owners acknowledge that weathering the construction has been a challenge, the result they hope will be a re-energized Oakley Square that is safer, greener, cleaner, and poised for long-term success.

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Business Development News

Fay Apartments to be renamed The Villages of Roll Hill, undergo $36M renovation

Developers and city leaders kicked off a 30-month long rehabilitation project at Fay Apartments yesterday morning on the city’s west side. Once complete, the project will reduce the total number of housing units and become the largest green renovation of an affordable housing community in the United States.

In addition to a $36 million face-lift that will include the demolition of 17 buildings, the community has also been renamed The Villages of Roll Hill. At this time, city officials say that it has yet to be determined if the new community name will impact the official city neighborhood name of “Fay Apartments”, but early indications seem to indicate so.

Community leaders have been looking at rehabilitating the affordable housing community (map) for nearly five years. The latest version of the plan soon to be realized will reduce reduce the number of housing units from 893 to 703 and upgrade security measures, add new landscaping and trees, and include new playgrounds for the many children that live in the community.

The project was made possible through federal funds including a $32 million loan from the Department of Housing & Urban Development and a $3.2 million loan from City HOME. The City of Cincinnati has also granted an eight-year tax abatement on the renovation work.

Developers from Cincinnati-based Wallick-Hendy Properties are seeking Leadership in Energy and Environmental Design (LEED) certification for the project, but stated last year that the level of green improvements would be dependent upon government support.

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Development News

$661k renovation project saves historic Northside structure from wrecking ball

A $661,000 renovation project in Northside is nearing completion and will host its first open house next weekend on Saturday, October 16 from 12:30pm to 2:30pm. The renovation work saved the historic building from demolition and has introduced four new condominiums to the Northside neighborhood.

To help make the project a reality, the City of Cincinnati granted a $140,000 forgivable loan to the development group to help support the affordable housing in November 2009 through Emergency City Ordinance 335-2009.

The Bridgeview was developed by the MC3 Group and is being listed by Comey & Shepherd Realtors. The structure was originally built in 1890 and is located within the Hoffner Historic District. The development team purchased the building in May 2009, and said that special attention was paid to retaining the integrity of the building’s architectural detail during the renovation work.

“When the building was boarded up and headed for demolition, we saw the potential and beauty of what it could be,” stated Michael Berry of MC3.

Inside the residential units range from 720 to 1,880 square feet, and range from $130,000 to $230,000. The development team also states the units qualify for a 15-year tax abatement. In addition to the residential units located in the historic structure, the development team is also listing approximately 1,695 square feet of street-level commercial space (map).

The developers expect the project to be a nice fit for the diverse neighborhood stating, “Northside is such a vibrant neighborhood, with a concentration of families, as well as empty nesters and young professionals, so The Bridgeview offers a natural fit for that.”

Those interested in touring the project can do so by contacting Barbra Druffel or Diane Debevec at (513) 281-7653 or bdruffel@comey.com.  First occupancy is expected to be available in late October 2010.

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Business Development News Politics

A strategic residential plan for Cincinnati’s center city

There are increasingly fewer and fewer development sites remaining inside Cincinnati’s central business district. There are small surface lots scattered about the CBD, and some larger collections near City Hall and the Hamilton County Courthouse, but outside of that there is not much land left to be built upon.

This makes the things we do build on those sites even more important. The Banks seems like it will end up being successful in an urban design context, as well as an urban vibrancy context with its inclusion of so much residential in addition to office, retail and entertainment space. The recent Procter & Gamble daycare facility on Broadway Street, not so much.

What has long held back Cincinnati has not been a lack of tourists, commerce, or entertainment, but rather it has been the lack of a critical mass of residents. The lack of this critical mass is what has prevented the CBD from attracting everyday retailers, groceries, affordable dining, and later evening hours for all of the above.

According to a 2009 Downtown Cincinnati Inc. report, there are 9,000 residents living in the greater downtown area which primarily includes the CBD and Over-the-Rhine. According to the same DCI report, that number of downtown residents is expected to grow to 12,500 by 2012 largely in part to the opening of the initial phase of The Banks. Even while this growth is encouraging, if Cincinnati wants its center city to be truly vibrant around the clock, more needs to be done.

Cincinnati leaders should identify residential focus areas and work with developers on a comprehensive plan that would strategically place residents throughout the center city in the most economically feasible, and beneficial ways. Based on Cincinnati’s current central business district buildout, its surrounding neighborhoods, and potential opportunities I have developed a general plan for two residential focus areas for which Cincinnati leaders should develop.

Core High-Rise:
Within the CBD itself there are several real opportunities to not only add to the urban context, but its vibrancy. Surface lots at Fifth & Race, Seventh & Vine, Fourth & Plum, and Third & Race offer the greatest potential of them all. These sites could all potentially host high-rise residential living which could finally put Cincinnati’s center city over the top.

Affordable and successful residential high-rises can be done. Many cities around the country have experienced this first-hand. In Atlanta, 30- to 40-story residential towers have sprung up throughout Midtown and Buckhead like weeds, and were often built in an almost cookie cutter way that was sure to deliver profits for the developer. The same has happened in Charlotte, Miami, Austin, Portland, Seattle, Philadelphia, Denver, San Diego, Chicago, and elsewhere.

These efforts should not exist on their own, but rather also work with potential residential conversions of aging office structures nearby. This will remove antiquated office space from the market, and add critical new housing opportunities within the center city.

Mid-Rise Community:
Another great opportunity for the CBD is a collection of low- to mid-rise residential structures near City Hall on approximately four city blocks of available surface parking lots. The area is bounded by Over-the-Rhine to the north, the Betts-Longworth Historic District to the west, Ninth Street Historic District to the south, and the Court Street district to the east. All of these surrounding areas are made up of three to five story structures which would make a three to five story residential community ideal in this area.

It would make sense to include townhouses/rowhouses along Ninth Street and Central Avenue to help create a natural blend with the surrounding areas, but also provide a greater mix of residential offerings. The rest of the residential focus area would be made up of multi-unit mid-rises similar to those being built at The Banks right now. This addition of residential activity would inject new life into arguably the most lifeless part of the CBD, and it would create a tangible connection from the CBD to Over-the-Rhine and the West End.

While not identified as a focus area due to its small size, the surface lots near Eighth & Sycamore should also be developed with a residential focus to compliment the burgeoning residential district there.

By developing a strategic approach for implementing new residential offerings in Cincinnati’s center city, city leaders and developers will be able to improve the area’s urban framework and its vitality.  New residents will demand new retail offerings that will benefit the thousands already living within the greater downtown area, and more residents will help drive existing businesses to maintain later hours to serve the growing residential base.

The buzz surrounding 21st century planning has often been about creating 24/7 urban communities where people live, work and play.  Cincinnati already has a great set-up for exactly that, its leaders and investors simply need to take advantage of those opportunities and position the center city for even greater success.