The Banks Development Team, consisting of Carter and Dawson and equity partner USAA Real Estate, announced today that they have sold a portion of Phase IA of The Banks mixed-use development, which includes the multi-family apartments – Current at The Banks – and the ground floor retail below the apartments.
The new owner, NIC Riverbanks One, LLC is an affiliate of the Nicol Investment Company, a privately held company headquartered in Nashville, TN with a long history of successful business pursuits including senior housing, office, retail, industrial and self-storage properties.
The new Phase IA owner will be governed by the same Master Development Guidelines as Carter/ Dawson so that the original community vision of the project is maintained and quality is assured. The retail and apartments will continue to be leased and managed by Jeffery R. Anderson Real Estate and Village Green respectively.
Carter/Dawson and USAA Real Estate will continue to own the remaining portions of The Banks Phase I which includes the two outparcels located south of the Freedom Center and the Phase IB hotel and office sites. “Given the tremendous success of Phase IA, Carter /Dawson, as the Banks Master Developer, is pleased to continue its public/private partnership with the City of Cincinnati and Hamilton County to further redevelop the riverfront into a premier retail, residential and entertainment gateway to Southwest Ohio,” said Scott Stringer, executive vice president of Carter.
Carter/Dawson is planning to commence construction of Phase II of the Banks, adjacent to the Freedom Center, by year end. Phase IIA consists of 305 apartments, approximately 19,000 square feet of retail and a pad site for future development which could include office, apartments or a hotel.
About The Banks
The Banks will be Cincinnati’s largest single, mixed-use development composed of a dynamic blend of residential, office, hotel and retail components. Phase IA of the riverfront development is complete and includes a revised street grid, a parking facility, 300 apartments and 96,000 square feet of retail. In addition to creating a destination where people can live, work and play, The Banks will be the capstone for regional economic growth and urban revitalization. It will drive an estimated $600 million in private investment to Cincinnati’s riverfront and provide a place to live for more than 3,000 residents. Carter and Dawson are the master developers and equity partners. USAA Real Estate Company is the primary equity partner for this joint City/County development project. Jeffrey R. Anderson is handling retail leasing for The Banks.