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Aug. 19, 2013

The Banks Development Team Announces Start Date for Construction on Phase IIA

By Adrian Maties, Associate Editor

The Banks is destined to be Cincinnati’s largest single mixed-use development, with residential, office, hotel and retail components. In a recent release, the Banks’ master development team of Carter and The Dawson Co. announced work will soon start on Phase IIA of the project.

On Monday, Aug. 5, the Cincinnati City Council’s Budget and Finance Committee considered the proposed amendments to The Banks Master Development Agreement of Phase IIA of the development. Later this month, on Aug. 21, the Hamilton County Board of Commissioners will also consider the matter at its board meeting.

Phase IIA calls for the construction of a nine-story building with about 305 one- and two-bedroom apartments, ranging between 615 and 1,300 square feet, and 21,000 square feet of retail space. The development will be located on a full city block, from Rosa Parks to Race Street and between Freedom Way and Second Street.

Mayor Mark Mallory said in a press release that the projectwill continue the momentum of our city’s economic development efforts – adding jobs and making Cincinnati a more vibrant community. Chris Monzel, President of the Hamilton County Commissioners, also called the Banks a “huge success thus far for the county’s economic development efforts.”

Construction on Phase IIA will begin this December. It is expected to be completed in the fall of 2015. The city of Cincinnati and Hamilton County will grant a tax abatement on the residential portion of Phase IIA. Its has an estimated value of almost $12.9 million over 15 years.

Phase IA of the riverfront development is already finished. It includes a revised street grid, a parking facility, 300 apartments and 96,000 square feet of retail. The apartments are fully leased, while the retail space is 91 percent occupied. Phase IA has created more than 3,600 net new permanent jobs.

Photo credits: http://thebankscincy.com

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