Developers at The Banks are getting ready to start the next phase of construction.
On Monday, the master development team — Carter and The Dawson Company — announced that the City of Cincinnati and Hamilton County will consider for formal approval, the next phase of the project.
Officials said Phase IIA of the project will be a nine-story building that spans a city block from Rosa Parks to Race Street and between Freedom Way and Second Street.
The development will have about 305 one- and two-bedroom apartments and about 21,000 square feet of space for retail. Developers said the apartments should have between 615 and 1,300 square feet.
President of the Hamilton County Commissioners Chris Monzel said in a release, “The Banks has been a huge success thus far for the County’s economic development efforts. This will certainly enhance the vision of a thriving riverfront.”
The City Council’s Budget and Finance Committee was slated to consider the proposed amendments to The Banks Master Development Agreement on Monday. During that time, the councilmembers will look at the commencement of Phase IIA of the project.
The Hamilton County Board of Commissioners will take up the matter during a meeting on Aug. 21.
“This will continue the momentum of our city’s economic development efforts — adding jobs and making Cincinnati a more vibrant community,” said Mayor Mark Mallory in a release.
Construction on that phase of The Banks is slated to start in December and should be completed by Fall 2015.
Officials said that as part of the overall funding for the project, the city and county will grant a tax abatement on the residential portion of Phase IIA. That portion has an estimated value of about $12.9 million over 15 years. However, that abatement does not apply to to required Cincinnati Public School District payments.
“Phase II will provide additional opportunities to live, work and play at The Banks,” said Scott Stringer, executive vice president at Carter. “Construction of our second phase will attract new retail tenants, business clientele, families and young professionals to the development.”
Developers said the retail portion of Phase IA of The Banks is 91 percent leased and only one space is still available.
The residential portion of Phase IA is 100 leased and occupied.Full Article