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Issue 1, Vol. 2
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April 2010
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Greetings!
2010 Off to a Good Start
The First Quarter of 2010 saw continued activity and
progress in the Cincinnati business climate. We are encouraged by Procter & Gamble's recent move of
more than 600 jobs into the Central Business District. Construction began on the first of what
will be three buildings in the Medpace Headquarters campus in
Madisonville. Work is nearing
completion on the new Graeter's ice cream manufacturing plant in Bond
Hill. And, the American Red Cross
building at Keystone Parke will open soon.
In spite of the challenges of the global recession, and the
ensuing credit crunch, we at the Economic Development Division are working to
retain, grow and attract business development and a healthy job base in the
City of Cincinnati. Working with
our colleagues in the Business Development Division of the Department of
Community Development, we continue to pursue Clean Ohio grant funds for brownfield
revitalization in order to assemble scarce land resources for future
development sites.
I hope you enjoy this edition of our e-newsletter; I
encourage you to browse our website, www.choosecincy.com,
for more details on the many terrific reasons to do business in the city of Cincinnati,
Ohio.
Sincerely,
Patrick W. Ewing
Interim Economic Development Division Director
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21c Museum Hotel Coming to Downtown Cincinnati
| 21c Museum Hotel will renovate and restore the former Metropole
apartment building to its original purpose as a hotel and a centerpiece
of the Central Business District. Located adjacent to the Contemporary
Arts Center and across Walnut Street from the Aronoff Center, the
restoration will involve a renovation of the entire structure that
preserves the Historic (circa 1924) appearance on the exterior while
providing a new design to the interior of the building. Along with
renovated guestrooms the project will also include an expansion of
public spaces on the first, second and lower levels. The building will
also feature completely new energy efficient HVAC, electrical, plumbing
and life safety systems throughout the building. 21c Museum Hotel is
being designed by Deborah Berke & Partners Architects (Design
Architect) and Perfido Weiskopf Wagstaff + Goettel (Executive
Architect).
The Economic Development Division of the City of Cincinnati worked with
3CDC to package the redevelopment project and secured a commitment of
City financing of up to $6.3 Million which has been approved by City
Council. Total project costs will be $48 Million and construction will
commence by the end of 2010.
For more information about 21c Museum Hotels, please visit: www.21cmuseumhotel.com. |
Great American Tower Tops Off
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One year and one day after construction commenced, the final beam of
structural steel was placed on the Great American Tower at Queen City
Square on January 19, 2010. The event was marked by a Topping Out
ceremony, where officials of lead tenant Great American Insurance Co.
and Western Southern Life Insurance Company joined Mayor Mallory in
saluting the monumental effort of the construction workers on the
development. Turner Construction is the general contractor on the
project.
The tower will rise to 665 feet above Third Street when the final
touch--placement of the signature tiara-- will occur this summer. It will
be connected to the adjacent 303 Broadway building which was developed
by Western Southern affiliate, Eagle Realty, in 2006. When it's finished
in early 2011, the Queen City Square development will total over one
million square feet of office and retail space and a 2,200 space parking
garage. The combined projects reflect a total investment of about $400
million by Western & Southern Life Insurance Company.
The City of Cincinnati provided Tax Increment Financing revenues to
support a bond issue by the Port Authority to fund construction.
View Great American Tower at Queen City Square project photos here
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Medpace, Inc. Breaks Ground on 132,000 Sq. Ft. Building in Madisonville
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Construction has begun on the 132,000 sf. ft. new, world headquarters for
Medpace, Inc. The new building, located on the site of the former NuTone
manufacturing facility at 4820 Red Bank Road, will be LEED-certified.
Exterior concrete panels have already begun to encase the steel
structure. The exterior of the
building will be finished and the structure will begin to look like a
new building from the outside by April 2010.
Medpace anticipates they will occupy 350,000 sq. ft. of new office space
by 2014. The company will continue to maintain a presence at their
Norwood location until their final lease ends in 2013. They will move
employees to the new Cincinnati campus over 5 years with approximately
1,339 jobs occupying the entire 350,000 sq. ft. space by 2014. The new
corporate campus will include three separate office buildings of between
110,000 to 130,000 sq. ft. each. The average salary for their employees
will be $70,192.
Medpace, Inc. is an international drug development services company
employing over 535 people within Greater Cincinnati. The company
provides comprehensive clinical research support to the pharmaceutical
industry and is primarily focused in late-stage drug development.
Medpace was established in 1992 and has been located at its existing
headquarters in Norwood since 2000. Medpace also maintains operations in
over 40 countries outside the US, and globally employs over 700.
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Ohio Recieves $400 Million in Stimulus Money for Passenger Rail
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Ohio Governor Ted Strickland joined U.S. Labor Secretary Hilda Solis,
state and local officials, and rail supporters from across the state to
announce that Ohio has received $400 million in federal stimulus
resources to invest in passenger rail.
With the goal of
launching service by 2012, the 3C "Quick Start" Passenger Rail Corridor
will connect Cleveland, Columbus, Dayton and Cincinnati with daily train
service for the first time in nearly 40 years.
The announcement
comes as a result of months of far-reaching public and private support
among Ohioans for intercity passenger rail.
"With today's historic announcement by President Obama, Ohio takes a
major step toward modernizing our state's transportation
infrastructure," said Governor Strickland. "The 3C Corridor will create
economic development opportunities and serve as a model of environmental
sustainability. Most importantly, it will put thousands of Ohioans to
work over the next few years."
"I'd like to acknowledge all of
the members of Ohio's congressional delegation who had the courage to
support the Recovery Act - the federal stimulus bill - without which
this historic announcement would not have been possible," Strickland
added. "Today, we are seeing the beginning of a new way to travel, and
this new way to travel has left the station and is bound for Ohio."
Read full article here
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Phelps Building Converting into a Hotel
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Eagle Realty Group will be
converting the Phelps building, located at 506 E. Fourth Street, into a
Residence Inn by Marriott. The new Residence Inn Cincinnati Downtown will
include 134 residential-style bedrooms which will address the needs of business
travelers with separated workspace and internet access. Winegardner &
Hammons, Inc. of Blue Ash will handle the management of the hotel.
The City of Cincinnati assisted in securing this project development by providing
a 12-year CRA Tax Abatement. Some work has already started with a grand
opening planned for April of 2011.
The Residence Inn Cincinnati Downtown will be the first hotel to open downtown
since 1984 when the Hyatt Regency opened its doors.
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Ohio wins its 4th Consecutive Governer's Cup
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Given this economy, not doing as well in 2009 as in 2008 at attracting
capital investment isn't necessarily bad. In fact, it can be great, if
you still did better than everyone else. That's how Ohio clinched its
fourth consecutive Governor's Cup for total qualifying project
announcements in 2009. Weighing in at 381 projects (it had 503 last
time), Ohio squeaked past runners-up Texas, Michigan and Pennsylvania in
a repeat of last year's pecking order, with 374, 372 and 335 projects
respectively. Tennessee with 234 projects rounds out the top five.
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Cincinnati Ranks Sixth in Nation for Business Expansion
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Site Selection magazine ranked Cincinnati 6th in the nation for new and expanded corporate facilities. Cincinnati was the only metro with a population over 1 million in Ohio, Kentucky, or Indiana to be included on the list.
Cincinnati has been included on this list for 8 consecutive years. During the run Cincinnati has produced 1,595 projects creating 64,000 new jobs with $14 billion in new investment
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Did you know?
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Cincinnati ranks 22nd nationally in total exports
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