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Capital Investment Breaks Ground on $80M Project in Newport

21 Nov 2014, 10:28 pm

By Adrian Maties, Associate Editor

Aqua on the Levee

Cincinnati-based Capital Investment Group Inc. broke ground Nov. 20 on the $80 million expansion of Newport on the Levee. Called Aqua on the Levee, it will bring apartments, retail, parking spaces and Greater Cincinnati’s first Aloft hotel to the development in Newport, Ky.

The project will be developed on a three-acre surface parking lot, located just east of Newport on the Levee. Plans call for the construction of 238 luxury one-, two- and three-bedroom apartments, 8,300 square feet of retail space, and a parking garage with 800 spaces.

Capital Investment Group is partnering with Musselman Hotels to develop the 144-key, seven-story Aloft, which will feature a bar in the lobby and 10,000 square feet of meeting space. Louisville-based Musselman will manage the property.

In a statement, Gregg Fusaro, Regional Partner at Capital Investment, predicted that the development will be ”perfect for Millennials, young professionals who work downtown, and empty nesters who want to live in an exciting urban environment.”

City, state and local officials attended the groundbreaking ceremony. In a statement, Kentucky Gov. Steve Beshear said: “Newport on the Levee is a vibrant hub for dining and entertainment, and this development will create even more reasons to eat, work, and play in this area. The new project takes advantage of great views of the river and a pedestrian-friendly environment and we look forward to welcoming even more visitors to Newport.”

Elsewhere in Newport, Capital Investment Group developed the SouthShore condominium tower and the Vue 180. With Aqua on the Levee, its total investment in the city is now nearly $150 million.

Photo credit: www.facebook.com/newportonthelevee



M-F Development Thrives Across Cincinnati Region

20 Nov 2014, 3:48 pm

By Adrian Maties, Associate Editor

Construction Trends – Cincinnati Metro Area

Multifamily development is on the rise in Cincinnati. Thanks to improved employment growth, rising household incomes and strong operations, many developers are building or looking to build apartments in the Cincinnati area.

A few weeks ago, Urban Sites, a local developer, started work on a project in Over-The-Rhine. According to Soapbox Cincinnati, the company is redeveloping two buildings, located at 1123 and 1125 Walnut St., right across the street from the Emery Theatre. When finished, the project will deliver 14 market-rate apartments and two commercial spaces.

Seth Maney, vice president of development for Urban Sites, told Soapbox Cincinnati that the target market is young professionals and people who work downtown. Each unit will have two bedrooms and about 800 square feet of space.

Another project, in Norwood, is nearing completion. The Cincinnati Business Courier reported that the One Rookwood luxury apartment development will open its doors on March 2015, and that leasing started on November 1.

Jeffrey R. Anderson Real Estate Inc. is developing the $15 million project as part of the Rookwood Exchange mixed-use development. One Rookwood will feature 127 one- and two-bedroom units, ranging in size between 555 square feet and  1,300 square feet, and with monthly rents between $910 and $2,140. Community amenities include a pool, a clubhouse and covered parking. According to the Business Courier, the complex is attracting interest from prospective residents ranging from young professionals to empty nesters.

And more apartments are on their way. The Business Courier also reported that Uptown Rental Properties L.L.C. and North American Properties plan to build a 108 unit complex on top of a two-story garage, in Corryville. It is expected to be completed in the summer of 2016.

The project, called 101 East Corry, will be located on property bordered by William Howard Taft Road, Euclid Avenue, East Corry Street and Eden Avenue. Plans also call for eight townhomes along East Corry Street.

In its second-quarter report for Greater Cincinnati, Marcus & Millichap Real Estate Investment Services Inc. projected deliveries of new apartment product will nearly triple this year to  1,200 units.  As supply outpaces demand, vacancy is expected to rise to 5.4 percent by the end of 2014, year, but rents will also increase , to $799 per month.

Charts courtesy of Marcus & Millichap.



Mercy Health Taps Local Contractors for $71M Bond Hill Headquarters

18 Nov 2014, 10:46 pm

By Adrian Maties, Associate Editor

Mercy Health has tapped two local companies for the construction of its headquarters campus in Bond Hill, the healthcare network announced on Nov. 13. Messer Construction Co. will serve as construction manager and general contractor. Jostin Construction will be Messer’s construction management partner and will also handle concrete flatwork on the project.

Located at 1701 Showcase Drive, Mercy Health’s new headquarters will provide about 365,000 square feet of office space in two buildings linked by a central common area. Upon completion, scheduled for the second quarter of 2016, the facility will be home to more than 1,000 Mercy Health employees currently working in Blue Ash, Springdale and Cincinnati.

In a statement, Mercy Health said the facility will feature an open-concept workspace, which will encourage collaboration and interaction, provide access to natural light and enable flexibility as department needs change over time.

“Our new facility is an outward sign of Mercy Health’s evolution to one unified team, working together to improve the health of the communities we serve,” Calvin T. Wright, chief resource officer of Mercy Health, said in a statement. “With multiple teams joining together in one facility, it’s important that the design and construction centers (on) achieving operational efficiencies through a deep understanding of how the space will be used.”

“Our approach takes into account Mercy Health’s vision for a collaborative and interactive work environment, which is why we’ll be using Lean project delivery principles, and in particular, the Last Planner System, as part of our construction management plan,” explained Steve Eder, vice president and Cincinnati region leader for Messer Construction.

According to the Cincinnati Business Courier, Mercy Health will invest $71 million to build its new headquarters. Z-shaped in plan, the facility will have an exterior designed by Cincinnati-based KZF Design and Solomon Cordwell Buenz of Chicago.Its interior was designed by Champlin Architecture of Cincinnati. Groundbreaking was scheduled for Nov. 18.

 



Lindner Annex Will Give Kennedy Heights Arts Center Room to Grow

18 Nov 2014, 10:00 pm

By Adrian Maties, Associate Editor

Rendering of The Carl, Robert, Richard and Dorothy Lindner Annex

After nearly five years of planning, the Kennedy Heights Arts Center, together with its partners, Kennedy Heights Montessori Center and Kennedy Heights Development Corp., broke ground Nov. 14, on the Carl, Robert, Richard and Dorothy Lindner Annex.

A Kroger store once occupied the site at the corner of Kennedy Avenue and Montgomery Road. Now, the Kennedy Heights Arts Center plans to transform the location into a vibrant cultural campus that will attract thousands of visitors each year. In a news release, the organization said that the Kennedy Heights neighborhood “is about to undergo one of the region’s most dramatic revitalizations.”

Plans call for the construction of a 10,500-square-foot annex, with 3,000 square feet of multi-purpose event space for workshops, theatre, dance and music classes, a state-of-the-art Scripps Howard Media Center, ten individual artist studios, and a gallery in the lobby. It will be completed in 2015.

The Lindner Annex will be located two doors down from the center’s historic mansion facility. It will quadruple the center’s size and will allow it to serve nearly 10,000 people, twice as many as it does now. The new building will also house the Kennedy Heights Montessori Center and will have space for a third organization.

The project’s $700,000 cost is being funded with the help of a $250,000 donation from Robert and Betty Lindner. Other major contributors include: Greater Cincinnati Foundation, Scripps Howard Foundation, George and Margaret McLane Foundation, The Kroger Co., John A. Schroth Charitable Trust/PNC Bank Trustee, Louise Taft Semple Foundation, Thomas Emery Memorial and the Ruth and Robert Conway Foundation. The city of Cincinnati also contributed a $675,000 grant to help the nonprofit Kennedy Heights Development Corp. buy the building in 2012.

The project carries a special meaning for the Lindner family, as Carl, Robert, Richard and Dorothy Lindner all attended the Kennedy-Silverton School. Over the past ten years, the Lindner family has contributed more than $900,000 to support the Kennedy Heights Arts Center.

Photo credit: Kennedy Heights Arts Center



Huntington Bank Plans Move to Fountain Square

17 Nov 2014, 10:26 pm

By Adrian Maties, Associate Editor

525 Vine Street

Huntington Bank is moving to downtown Cincinnati. The bank announced recently announced plans to relocate its regional headquarters from the Rookwood Tower in Norwood to 525 Vine Street in Fountain Square, where it will become the new name tenant.

The move is planned for mid-year 2015. Huntington signed a 13-year lease with renewal options for about 50,000 square feet of space in the 23-sory building, where it will occupy floors 14, 20 and 21. A permanent branch will open in the building in 2016.

Once the bank moves in, the building will be renamed Huntington Center at 525 Vine and the bank will be represented by signage at the top of the tower. In addition, Huntington will pursue opportunities for street-level signage.

The bank said it plans to move about 45 employees from its Rookwood office to the new location in 2016. Once the move is complete, Huntington expects to have more than 153 employees working in the downtown Cincinnati office.

“Huntington’s move to Fountain Square highlights our ongoing commitment to a strong presence in Cincinnati and the surrounding region, while supporting the continuing transformation of downtown,” Kevin Jones, Huntington’s Southern Ohio-Kentucky regional president, said in a statement. “We are excited to be a part of reenergizing the downtown workforce as we create new opportunities for our employees to maximize collaboration in a shared setting.”

Pittsburgh-based McKnight Realty Partners owns 525 Vine Street. The company purchased the 394,366-square-foot building in 2003. Other tenants at the property include AT&T, United States Post Office, and URS Corporation.

“I am pleased Huntington Bank has selected Cincinnati for its new regional headquarters,” Mayor John Cranley added. “Huntington is a well-known and well-liked brand in the Queen City, and I think it’s a perfect fit to grow in the heart of our downtown. We appreciate the company moving its jobs here and we look forward to having it increase its presence as a corporate citizen.”

Photo credit: McKnight Realty Partners







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