City Council Approves $126M Redevelopment
- May 21, 2015
Last week, the Cincinnati City Council unanimously approved a development agreement with RBM Development for a $126 million investment at the Madisonville campus of Medpace Inc. RBM is owned by Dr. August Troendle, Medpace’s founder and CEO.
RBM will redevelop the remaining eight acres of the 22-acre former NuTone manufacturing property. The site will be home to a $60 million, 217-key hotel; two office buildings, with a total of 160,000 square feet, to be built at a cost of $39.75 million; and 75,000 square feet of retail space, at a cost of $23.75 million. Retail tenants could include banks, pharmacies and restaurants. The project also calls for various public improvements, such as roadways, parking facilities and a public plaza.
The cost of the private development is expected to be $95.5 million. Public investments are estimated at $30.5 million. RBM plans to finance the public improvements be entering into a separate agreement with the Port of Greater Cincinnati Development Authority, which will issue $38 million in bonds.
The project is expected to create approximately 220 construction jobs, with an estimated total payroll of $17.8 million. It will also create about 700 permanents jobs, with an estimated annual payroll of $25 million.