Greetings!
2011: A Mid-Year Update
As we reach the half-way mark for 2011, we are happy to report that the Economic Development Division is exceptionally busy this summer. It appears that developers and lenders are resuming positive discussions and building momentum. Projects that have been delayed or deferred due to the economic downturn are now getting a second look. New prospects are in discussion stages; and the recovery, although still slow, is starting to take effect.
In this edition of EDD's newsletter, you will learn more about these exciting developments:
· Usquare @ The Loop
· Medpace 2 New LEED Buildings
· The Former Maisonette redevelopment by 3CDC
· First Financial Moving to Chemed
· Vernon Manor Re-Opening
· Oakley Station Movie Theater
EDD continues to work with our partners in the private sector and with other City departments to recruit, retain and grow business development in Cincinnati. City Manager Milton Dohoney has stated many times that the City of Cincinnati is "on the move"; and we have set a course to grow the City's capital resources through increased revenues generated by private-sector jobs growth. If we can be of assistance to your company, please contact us at your earliest opportunity.
We hope you enjoy your summer vacation.
Patrick Ewing
Interim Director |
USquare @ The Loop to Begin Development
| Soon developers will break ground on USquare @ The Loop. The new $33 million development will be located on the 4.2 acres of land located between McMillan and Calhoun Streets, near the University of Cincinnati. The project will use funds from the Clifton Heights - University Heights - Fairview Tax Incentive (TIF) Districts as well as a City grant to help finance the public improvements of the USquare @ The Loop project.
The USquare development will include approximately 155 market-rate apartments, approximately 40,000 sq. ft. of professional office space, and approximately 80,000 sq. ft. of retail space. The developer intends to reserve approximately 0.40 acres of the site for the future development of a hotel. The development will also include two City of Cincinnati owned parking garages as well as a public park-like plaza.
The garages are expected to be completed in October of 2012, followed by retail and office leases starting in November of 2012, and apartment leases starting in May of 2013.
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Medpace to Begin Construction on 2 New LEED Certified Buildings
| Medpace, Inc. will begin construction on 2 new Leadership in Energy and
Environmental Design (LEED) certified research laboratory and office buildings. The new buildings will be located on Medpace's new headquarter campus at 4820 Red Bank Road.
The City of Cincinnati recently approved two separate 15-year LEED Community Reinvestment Area Tax Exemptions (CRA's) for the new buildings. Medpace, Inc. will invest approximately $7.5 million in the first building to construct a 125,000 sq. ft. research laboratory and office. The second building will see an investment of approximately $3.6 million to construct a 60,000 sq. ft. research laboratory and office building.
The City's Economic Development Division has estimated that approximately $41.7 million in new corporate profits tax and local income taxes will be generated by Medpace, Inc. for the benefit of the City during the 16 years the company must remain in the City under the Agreement.
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The former Maisonette & Barleycorn's Buildings to Begin Redevelopment
| In May, City Council approved plans to renovate two properties on Sixth
Street east of Walnut Street, including the historic Maisonette building. Council authorized a Community Reinvestment Area Tax Exemption Agreement (CRA) with CBD Holdings, Inc., which will be overseeing the renovations and investment which are expected to be upward of $12 million. The former Barleycorn's building is slated to become a four-story bar and nightclub, while the former home of the Maisonette will be used as a restaurant.
The completed project will include a 13,000 square feet restaurant and 16,000 square feet of bar space, and is expected to create 139 temporary construction jobs, 80 full-time permanent jobs, and 85 part-time permanent jobs once construction is completed. The permanent jobs are expected to add about $2 million of additional payroll per year, with the temporary construction jobs expected to add approximately $4.7 million of additional payroll during the 12-month construction period.
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First Financial Moving HQ to Chemed Center
| First Financial will move its headquarters to the Chemed on Fifth Street in downtown Cincinnati.
In June First Financial announced it will move its home office from its Atrium One location at Fifth and Main streets beginning late this year. The holding company for First Financial Bank has had its main offices at Atrium One since late 2009. It considered that location a temporary home.
The long-term lease calls for the building at 255 E. Fifth St. to be renamed as the First Financial Center. First Financial will also open its first downtown bank branch with the move, it said in a news release. Its name will go atop the building.
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The Old Vernon Manor Hotel Reopens as Office Space for Cincinnati Children's Hospital
| The old Vernon Manor reopened as a renovated office building for Cincinnati Children's Hospital Medical Center.
Last year, developer Al Neyer Inc. purchased the 177-room hotel and with help from the city of Cincinnati, began overhauling the building. The facility, located on Oak Street in Avondale, cost $38 million to renovate and will house 670 administrative employees, according to a news release.
In addition to renovating 156,000-square-feet of the building, a $10.5 million public parking garage was added.
View photos from the Ribbon Cutting Ceremony here.
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Oakley Station to get Movie Theater
| Two months after the Cincinnati Planning Commission approved the redevelopment of Oakley Station, one of the world's largest movie theater operators has announced plans to open a multiplex at the project.
Cinemark Holdings Inc. will open a 16-screen movie theater in Oakley Station next summer, according to a news release. The Cinemark NextGen theater will include stadium seating, all-digital projection, wall-to-wall screens and a Cinemark XD Extreme Digital Cinema auditorium, where the latest 2-D and 3-D movies will be shown on a wall-to-wall, ceiling-to-floor screen. |
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| Did you know? | |
Ohio is the 2nd largest exporter of automotive and rubber goods.
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