CINCINNATI | Development Thread

[natiboy]

They just had the ribbon cutting for the Reserve Tower on Fourth Street this morning, and already 82 of the 88 apartments are leased.

New apartments open at former downtown office building

The Reserve @ 4th and Race is located at a former office building built in 1927, with 15 stories and 21 floor plans, including oversize windows, high ceilings, granite countertops and stadium and river views.

Already, 81 of the building's 88 units have been rented, with monthly rates starting at $925.

"It adds to the vibrancy of downtown," said Mayor Mark Mallory. "It adds to what's going on at The Banks, it adds to what's going on at Fountain Square. It adds to what's going on in Over-the-Rhine, and it's great to see it."

Read more: http://www.wlwt.com/news/local-news/...#ixzz2BmWEuiPX

[natiboy]

Indianapolis developer to buy former SCPA building

CINCINNATI — An Indianapolis developer has been revealed as the winning bidder for the former School of the Creative and Performing Arts building.

Core Redevelopment specializes in urban, market-rate properties, including transforming the Solotken warehouse and Bush Stadium in Indianapolis into loft apartments.

Read more: http://www.wlwt.com/news/local-news/...#ixzz2C3iHxcVT

[natiboy]

Garage design slammed for looking like a jail, now what's wrong with it?

Two years ago, it was criticized for looking like a jail.

Now, the design for a city-owned parking garage at Seventh and Sycamore streets is being panned for looking too much like the buildings around it.
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Hotel developers, meantime, are still conducting due diligence on the 200-room property that the Cincinnati Planning Commission “greenlighted” in 2010. Jeff McElravy, a senior development officer with the city, said he’s hoping to present elements of the hotel deal to city council by the end of this year. Fort Mitchell-based Rolling Hills Properties first announced hotel plans when it announced a contract to buy the old American Red Cross building on Sycamore.

Source: http://www.bizjournals.com/cincinnat...king-like.html

[natiboy]

Hyatt’s $20M renovation to add rooms, overhaul entire hotel

Hyatt Regency Cincinnati will undergo a $20 million renovation that will update every aspect of the downtown hotel.

“These improvements will maintain our competitive edge as a premier hotel for upscale business travelers in the state and in the mid-west,” General Manager Bruce Flyer said in a news release. “We are eager to debut our contemporary new look to both first-time visitors and loyal repeat guests, who will find the same level of service that they have come to expect from Hyatt Regency Cincinnati.”

Source: http://www.bizjournals.com/cincinnat...add-rooms.html

[natiboy]

Developer looks to convert 580 Building to residential

Anderson Birkla Investment Partners LLC is in talks to acquire the 580 Building in downtown Cincinnati and plans to convert most of the 17-story office building to residential units.

Tony Birkla, a principal of the Indianapolis-based development and management company, said the deal is “not 100 percent” but is being actively pursued.

“We’re in the throes of our due diligence,” he said Tuesday. ”We’re working on financing. I’m within weeks of being able to pull the trigger or not pull the trigger.”

Source: http://www.bizjournals.com/cincinnat...downtowns.html

[natiboy]

Hardman's latest venture, a brewing facility, opens in OTR

OVER-THE-RHINE — In the mid-1800s, beer was often transported from breweries in Over-the-Rhine, down Main Street, and eventually to ports on Cincinnati’s riverfront. Christian Moerlein Brewing Company now has reconnected those symbolic points, starting with the opening of the Moerlein Lager House in February, and continuing with Wednesday’s grand opening of Moerlein’s 125,000-square-foot brewing facility on Moore Street in Over-the-Rhine.

Source: http://news.cincinnati.com/article/2...nclick_check=1

[natiboy]

DunnhumbyUSA needs more room, residential out at new HQ

Plans for a new $100 million DunnhumbyUSA headquarters at Fifth and Race streets downtown have grown so big that the project can no longer accommodate a residential tower.
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As it’s now envisioned, the mixed-use development will have a 1,000-space parking garage, 35,000 square feet of commercial space and 280,000 square feet in a four-story office building for DunnhumbyUSA, according to a 3CDC project update.

Source: http://www.bizjournals.com/cincinnat...more-room.html

[natiboy]

Horseshoe Cincinnati Casino adding event plaza

Horseshoe Casino Cincinnati released details of its urban event plaza.

The plaza is located next to the front entrance of the casino between Reading Road, Court Street and Eggleston Avenue. The one-acre spot includes landscape elements and in-ground lighting features.

The space will be used to host entertainment, festivals and special events.

Source: http://www.bizjournals.com/cincinnat...no-adding.html

[natiboy]

21c Museum Hotel opens today

The 21c Museum Hotel, a 156-room boutique hotel that has been 4 1/2 years in the making, will open to the public today.

The 11-story, 100-year-old former Metropole Hotel has been restored into a contemporary art museum, boutique hotel and Metropole restaurant.

“We’re very proud to be opening our second property here and look forward to being part of this community’s art, civic, and business communities,” said Steve Wilson, co-founder and CEO of 21c Museum Hotels.

Source: http://news.cincinnati.com/article/2.../BIZ/311260034

[natiboy]

Developers plan 225 apartments above downtown Macy's

Developers of the Fountain Place retail complex are working to build up to 225 apartment units in a high-rise above Macy’s Inc.’s downtown department store. It’s one of several upgrades aimed at improving the performance and longevity of the store closest to Macy’s corporate headquarters.

“Macy’s has expressed their enthusiasm,” said Arn Bortz, a Towne Properties LLC principal who is working on the project with the city of Cincinnati and Cincinnati Center City Development Corp., or 3CDC. “We’re concentrating with Macy’s on giving them good reasons to stay.”

Source: http://www.bizjournals.com/cincinnat...cys-store.html


This is where the old Fountain Square West tower was to be built.

[natiboy]

OTR building to house entrepeneurs, squash courts

Entrepreneurs soon will have new space in which to grow their great ideas as yet another rehab comes on line in increasingly startup-friendly Over-the-Rhine.

Grandin Properties, the Hyde Park-based real estate management company that specializes in historic preservation, has reached an agreement with the Emanuel Community Center to purchase its building in the near-Downtown neighborhood.

Peg Wyant, Grand Properties president and chief executive office, said roughly 27,000 square feet of the building at 1308 Race St. will be converted into office space with an eye toward marketing that space to entrepreneurs.

Source: http://news.cincinnati.com/article/2...BIZ/311280110/

[natiboy]

Great American Tower 4th-best skyscraper finished in 2011

Of more than 220 skyscrapers finished in 2011, Great American Tower at Queen City Square in downtown Cincinnati tied with two other buildings for fourth place for the 2011 Emporis Skyscraper Award.

The 41-story office tower received 16 points from the jury. The architect for Great American Tower is Hellmuth, Obata & Kassabaum.

The buildings Great American Tower tied with are the 100-story KK100 tower in Shenzhen, China, and the 34-story Victoria Tower in Stockholm, Sweden.

Source: http://www.bizjournals.com/cincinnat...l?ana=handmark

[natiboy]

Apparently the old Terrace Plaza Hotel will be converted into residential.



http://www.urbanohio.com/forum2/inde...cseen.html#new

[natiboy]

Garage serving new Holiday Inn gets 115 more spaces

Cincinnati City Council on Dec. 5 approved of a major amendment to a concept plan for the planned development district (PD-55) at E Seventh and Sycamore streets, increasing the number of spaces in the proposed parking garage from 610 to 725.

The expansion of the seven-story public parking garage, part of a larger development that will include an 11-story, 200-room Holiday Inn & Suites hotel and street-level retail space, was sought by the City's departments of Transportation and Engineering and Public Services.

Source: http://www.building-cincinnati.com/2...-gets-115.html

[natiboy]

Horseshoe Casino Cincinnati announces opening date

Horseshoe Casino Cincinnati will open Monday, March 4, 2013.

The Ohio Casino Control Commission made the announcement Wednesday morning. Horseshoe Casino Cincinnati is the fourth and final casino that will open in Ohio.

Construction at the site is in its final stages.

“We expect final work inside and out to wrap up next month,” Steve Rosenthal, a principal of Rock Gaming and a leader on the casino’s design and construction team, said in a news release.

Source: http://www.bizjournals.com/cincinnat...announces.html

[natiboy]

City's core home for more than pioneers

Cincinnati is in the midst of an urban renaissance as years of public-private partnerships have begun to pay off, turning weedy lots and seedy buildings into the places to live in our region.

Eager buyers are plunking down money for Over-the-Rhine condos months before they’re built, and new luxury apartment buildings in the Central Business District have waiting lists.

The population of Downtown and OTR jumped 62 percent, to 13,214 people, in the four years from 2007 to 2011, according to Downtown Cincinnati Inc.
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Source: http://news.cincinnati.com/article/2...nclick_check=1

[natiboy]

From the above article:

Louisville-based Arcadia Communities, developer of the Reserve, had such a good experience that president Brian Durbin is now considering the possibilities at the Ingalls Building at Fourth and Vine, largely vacant except for the Bruegger’s bagel shop at street level.

“We’re definitely looking to see if there’s other opportunities,” Durbin said. “We’ve kind of kept our eye on (the Ingalls Building). It’s right down the street from us, and it’s a tremendous location.”

Source: http://news.cincinnati.com/article/2...nclick_check=1


Looks like the Ingall's building is up next for a residential conversion!

[natiboy]

DunnhumbyUSA will break ground on their new headquarters at 5th and Race on January 31st 2013.

http://5thandracegroundbreaking.eventbrite.com/#

[natiboy]

Old Enquirer building to house 2 hotels - not 1

The hotel planned for the old Enquirer building Downtown will actually be two – an extended-stay Homewood Suites and a limited-service Hampton Inn – developer SREE Hotels has announced.

The Homewood will have 105 suites, all with full kitchens, and the Hampton Inn & Suites will have 144 rooms, according to Parag Patel, SREE’s chief financial officer.
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Even before the two properties open at 617 Vine – the first in the Midwest for Charlotte, N.C.-based SREE – the company said it’s looking to put another hotel in Downtown Cincinnati.

“We think there’s still a need for different product types Downtown that aren’t there now,” said Patel, hinting that SREE would like to put a Marriott here.

Source: http://news.cincinnati.com/article/2...nclick_check=1

[natiboy]

The Ohio Development Services Agency awarded several Cincinnati projects Ohio Historic Preservation Tax Credits. Here is a summary:

308-316 Main Street (Cincinnati, Hamilton County)
Total Project Cost: $9,010,659
Total Tax Credit: $1,833,277
Address: 308, 312 and 316 Main Street, 45202
Located within a cluster of historic buildings at the intersection of Third and Main Streets in downtown Cincinnati, the 308-316 Main Street project will incorporate first floor retail and upper floor housing. The three long-vacant buildings include the Heister Building (308 Main), Brockman Building (312 Main) and Clark Sorgo Machine Company Building (316 Main) and were once planned for demolition for new build office space. The project will be coordinated by the Cincinnati Center City Development Corporation (3CDC) and is expected to create 21 permanent jobs.

521-523 East 12th Street (Cincinnati, Hamilton County)
Total Project Cost: $1,242,270
Total Tax Credit: $203,362
Address: 521-523 East 12th Street, 45202
Sandwiched in the Pendleton neighborhood of Over-the-Rhine, two buildings at 521-523 East 12th Street will be rehabilitated as part of the larger Losantiville Apartments project. An affordable housing project, Losantiville Apartments will rehabilitate 14 buildings across four neighborhoods in the city of Cincinnati. The property at 521-523 East 12th Street will house six residential units upon completion.

961-975 East McMillan (Cincinnati, Hamilton County)
Total Project Cost: $7,994,857
Total Tax Credit: $1,772,054
Address: 961, 965 and 975 East McMillan, 45202
Located in the Peeble’s Corner National Register Historic District, the East McMillan project will revitalize three vacant buildings in the Walnut Hills neighborhood of Cincinnati. Known as the Rhodes Property Redevelopment, the project involves the restoration of the Trevarren Building (961 East McMillan), 965 East McMillan and the Hauck Building (975 East McMillan). The Walnut Hills Redevelopment Foundation is partnering with the Model Group to convert the buildings into 30 market-rate residential units and 7,000 square feet of first floor commercial space. An estimated 26 permanent jobs will be created by the project.

Abington Flats (Cincinnati, Hamilton County)
Total Project Cost: $3,147,033
Total Tax Credit: $501,643
Address: 33 Green Street, 45202
Located a block south of Findlay Market in the Over-the-Rhine National Register Historic District, Abington Flats was constructed in 1910 as a mixed-use residential and commercial block. Upon rehabilitation by the Cornerstone Corporation for Shared Equity, the building will retain continue to provide 18 rental apartments above first level commercial space. More than 50 construction and permanent jobs are anticipated as a result of the investment.

Eden Park Pump Station (Cincinnati, Hamilton County)
Total Project Cost: $5.2 million
Total Tax Credit: $1million
Address: 1430 Martin Drive, 45202
Erected as Pump Station No. 7 in 1894, the building originally served a large reservoir constructed by the Cincinnati Water Works in Eden Park. The station became obsolete by 1912 and was later retrofitted to house fire and police dispatching services. Vacated in the 1990’s, the pump house will be open to the public for the first time as a brewery and tap room for the Cincinnati Beer Company. The project will allow the city of Cincinnati to avoid building maintenance costs and is anticipated to create 40 construction jobs and at least 13 permanent jobs.

Pendleton Apartments (Cincinnati, Hamilton County)
Total Project Cost: $16,116,250
Total Tax Credit: $2,642,031
Address: 1108-1218 Broadway Street and 404-414 East 12th Street, 45202
Spanning 17 historic buildings, Pendleton Apartments are located in a two-block area within the Over-the-Rhine National Register Historic District. The buildings are positioned in close proximity to the new Horseshoe Casino Cincinnati and will be redeveloped to serve working professionals employed by the casino. A total of 80 residential units and more than 12,000 square feet of retail and restaurant space will be created within the currently empty buildings. Pendleton Apartments will house more than 37 jobs upon completion of the rehabilitation.

Source: http://development.ohio.gov/files/me...t%20Awards.pdf