Tag: economic

Categories
Business Development News

Redeveloped warehouse to include largest solar photovoltaic project in the Midwest

Cincinnati-based Neyer Properties is working on $4 million worth of improvement to a large structure along I-75 in Sharonville. The 1.1 million square-foot building will soon become a “major distribution hub” for Hamilton County while also becoming the largest solar photovoltaic project in the Midwest.

While officials expect the redevelopment of Gateway 75 to increase tax revenues and spark additional investments in downtown Sharonville, the development’s focus on sustainable building practices is what has caught the eye of many in the industry.

“Energy savings at Gateway will average 40 to 60 percent annually compared to power generated by fossil fuels,” said Dan Neyer, president of Neyer Properties. “This is a great opportunity for companies that want to lease space at a building that not only saves energy and the planet, but saves on utilities, too.”

In addition to the seven-megawatt solar plant on the roof of Gateway 75, developers hope to make the structure the first LEED-certified industrial building in Ohio and one of only 51 in the nation.

Once installed in 2011, the rooftop solar plant will be leased to a third-party, through a Power Purchase Agreement, that will operate the utility and then sell back the power to Neyer. Developers say that the solar energy generated at Gateway 75 is the equivalent of offsetting roughly 10 million pounds of carbon per year.

Sharonville officials also state that the successful completion of Gateway 75 will result in a major economic gain for the city, and as a result, have contributed $1.8 million in tax increment financing (TIF) to the project. A fully occupied structure, analysts say, will lower bulk warehouse vacancy rate in the Sharonville area from 30 percent to 6 percent.

Developers are finalizing improvements to the building now, and will complete the project as tenants are secured for the refurbished warehouse space.

Categories
Business Development News

Home ReStart partnering with Neyer Properties to renovate, sell historic Cincinnati homes

Since the inception of Neyer Properties in 1995, the company has developed hundreds of projects totaling over $1 billion in both construction and development in the Cincinnati region.  While the company has typically focused on commercial development, they have begun investing in a new real-estate company called Home Restart. The relatively new endeavor specializes in buying distressed homes, making renovations, and re-selling the properties.

Over the past year, the company has purchased, renovated, and prepared seven houses for re-sale. In that time, they have intentionally focused their efforts in more desirable urban neighborhoods like Hyde Park, Oakley, Edgewood and Fort Thomas.  According to the company’s leadership, this was done to help make the projects successful in an otherwise difficult market.

“The housing market has taken a hit throughout the Greater Cincinnati area, but neighborhoods such as Hyde Park and Fort Thomas always have a relatively active market,” explained Anne Pond, Vice President of ReStart. “By focusing on these areas, we can decrease the number of days that our houses sit on the market.”

According to Pond, the large stock of historic homes in these neighborhoods is another key selling point, as they have a charm that cannot be replicated in new construction.

“Over the years, many older homes have fallen into disrepair and have been converted into two-family homes,” Pond continued. “We work very hard to maintain the charm and character of historic homes, while bringing them up-to-date for modern living.”

Pond says that ReStart typically purchases homes from anywhere between $50,000 and $200,000.  After the initial purchase, ReStart then renovates and sells the properties for prices ranging between $130,000 and $350,000. Following this work, ReStart then turns to Neyer Properties for its expertise in purchase approval, renovations, and finance management.

Of the seven homes purchased and renovated through the program thus far, five have been sold and another is currently under contract.

Categories
Development News Politics Transportation

Cincinnati secures full funding for first phase of modern streetcar system

The Transportation Review Advisory Council (TRAC) of the Ohio Department of Transportation (ODOT) announced yesterday that they have unanimously recommended an award of $35 million for the construction of phase one of the Cincinnati Streetcar. The $35 million award means that the first phase of Cincinnati’s modern streetcar system is now fully funded.

To date, the Cincinnati Streetcar has secured $150 million through a variety of public and private resources to fund the first phase of the system which is estimated to cost $128 million.

“Today was a great day for our streetcar project,” exclaimed Cincinnati Mayor Mark Mallory in an email yesterday. “We now have the full amount needed to complete the first phase. This will help grow our city and improve our financial future.”

In addition to $35 million for construction, TRAC also recommended $1.8 million for planning and preliminary engineering work for phase two of the project which will extend further throughout Cincinnati’s uptown neighborhoods.

The Cincinnati Streetcar project scored 84 out of a possible 100 points in TRAC’s ranking – by far the highest total of all transportation projects from around the state. As a result of that robust score, ODOT officials approved TRAC’s $15 million recommendation for the Cincinnati Streetcar project in May 2010.

During recent budget debates, some advocacy groups have lobbied against the Cincinnati Streetcar project and said that the money should be instead used for other purposes – mainly preserving police and fire sources.  City officials have responded by repeatedly stating that the capital funds identified for the Cincinnati Streetcar are restricted funds that can only be used on capital projects – not operating expenses like personnel. Furthermore, city officials also believe the streetcar investment will return an estimated $3 for every $1 invested.

“In light of the budget problems facing the city, I am convinced that we must use every economic development tool we can to bring residents, jobs, businesses – and tax revenue – to the city,” explained City Manager Milton Dohoney. “Together, the streetcar, casino, The Banks, 21c Hotel, and other investments generate bigger returns that will stabilize and grow our local economy.”

Once complete, the system will be managed and operated by the Southwest Ohio Regional Transit Authority which currently manages and operates Metro bus service. Phase one of the Cincinnati Streetcar is expected to take on its first passengers in spring 2013.

Categories
News Politics

Price Hill leaders to use citizen-directed budgeting process in new $40k challenge

Price Hill Will is taking community engagement to the next level. The neighborhood non-profit recently unveiled the $40K Challenge, an exciting and innovative new project designed to engage citizens in the neighborhood planning process.

As part of the challenge, $40,000 will be invested in East and West Price Hill, with the goal of empowering citizens to help create worthwhile community projects that make a broad impact on the neighborhood.

While Price Hill Will has utilized public participation in the past, this new project is trying something fairly new – a process called citizen-directed budgeting. This budgeting process calls for citizens to create the criteria for project proposals and ultimately decide where investments should be made.

“This type of public engagement is becoming increasingly important with the budget challenges everyone is facing,” explained Diana Vakharia, Director of Operations at Price Hill Will. “Citizens have to be involved in the weighing of the costs and benefits…when they’re in the room that’s when priorities emerge, and more importantly, that’s when we find creative solutions.”

Over the last month, a committee of Stewards, representing various groups in the neighborhood, has been meeting to ensure that the process reaches a large group of people and makes the greatest possible impact.

The $40K Challenge will be launched with a kickoff event open to the public from 9am to 11:30am Saturday, December 11, at Elder High School’s Schaeper Center (map). Taking part in the process will be Price Hill residents, community leaders, Price Hill Will, and an independent facilitator.

The meeting will take the themes created by the Stewards and allow the community to work together to refine these themes, possibly add to them, and make funding proposals that will be voted on by the entire community.

“We will measure success by how many residents not previously involved become engaged in community building,” added Vakharia. “We’re hoping this process reveals Price Hill’s goals for the community, while increasing the number of people working to achieve those goals.”

Categories
Development News Transportation

Cincinnati to examine bus rapid transit as part of expanding transit network

As Cincinnati moves forward with the development of the Midwest’s first modern streetcar system, a political leader is pushing for even greater transit improvements that would compliment an increasingly diverse collection of alternative forms of transport.

Cincinnati Vice Mayor Roxanne Qualls is proposing a robust network of bus rapid transit (BRT) that would connect the region’s commuters with major employment centers like Uptown and Downtown. Qualls believes BRT is a cost-effective and innovative transit strategy.

“Bus rapid transit incorporates many of the advantages of light rail, but is cheaper and can be implemented quickly,” Qualls said in a prepared statement. “Cities around the world and the country are giving commuters a great transit option now with rapid transit.”

Many cities around the United States and internationally are beginning to look at BRT more closely as a cheaper alternative to building dedicated rail transit systems. After first being popularized in Bogotá, Columbia, bus rapid transit now exists in 33 cities throughout the world with an additional 22 systems planned.

What differentiates BRT routes from other bus routes is the dedicated lanes they use. These dedicated corridors are often complimented by signal prioritization and timing that allows for faster travel times over long distances.

“Cities are looking to rapid transit to meet increased commuter demand and to spur development,” Qualls stated. “Because the conversion to rapid transit is faster and cheaper than developing light rail, it is an important interim step that helps build transit ridership and provides a great service in the near term.”

While some transit experts agree that BRT can serve as an integral part of an overall transit system, others believe that BRT can be compromised when pitched as an inexpensive alternative to light rail.

“If you look at Oakland, who was studying BRT, they’ve been working on the project for a long time and recently had the City of Berkeley decline to even study dedicated lanes even though that was the plan all along,” explained Jeff Wood, Chief Cartographer, Reconnecting America.  “They felt like they could do it cheaper than light rail, but now they aren’t even going to get any of the benefits of bus rapid transit.”

As part of Vice Mayor Qualls’ motion, BRT would be a portion of a larger multi-modal transit plan that would include the streetcar and light rail according to Cincinnati’s existing rail plan. Major corridors would include I-75, I-71, Queen City Avenue, Harrison Avenue, Vine Street, Reading Road, Madison Road, and Martin Luther King Drive. Qualls suggested the city aggressively pursue state and federal funds to pay for the development of bus rapid transit.

Those interested in learning more about bus rapid transit have the opportunity to meet with BRT expert Jack Gonsalves at the OKI Regional Council of Governments Board Room (map) on Monday, December 6 at 1pm.  Gonsalves will be joined by a variety of local leaders to discuss BRT and how it might be developed in Cincinnati.