January 8, 2025
An Open Letter from The Banks Business Community:
Advocating for a new Arena at the current Heritage Bank Center Site
Dear Cincinnati Community Leaders, Stakeholders and Citizens,
As the collective voice of the businesses operating at The Banks, we are dedicated to the continued growth and prosperity of our vibrant riverfront district. In light of recent discussions regarding the construction of a new arena in downtown Cincinnati, we wish to express our strong support for building this facility at the current Heritage Bank Center location.
Economic Vitality and Synergy
The Banks has flourished into a bustling hub, attracting visitors to its diverse array of restaurants, bars, and entertainment venues. The presence of Heritage Bank Center has been instrumental in this success, drawing approximately 600,000 visitors annually. A new, state-of-the-art arena at this site is projected to increase attendance to between 800,000 and one million visitors per year, significantly boosting foot traffic and economic activity for local businesses. The Banks Business Community regularly collaborates on programming and marketing initiatives and would fully integrate the new arena into this planning.
Starting tomorrow, Heritage Bank Center will host the Cirque du Soleil tour for the weekend in addition to Cincinnati Cyclones home games and additional performances all month. Nearly 20 events will be hosted at the arena this month offering thousands of patrons to the businesses at The Banks during a time when business is most needed. The current arena is an economic driver for The Banks and a new venue will continue to offer additional economic growth for all of the businesses in the area.
Infrastructure and Accessibility
The existing location offers unparalleled advantages in terms of infrastructure and accessibility. More than $3 billion dollars has been invested into the infrastructure of The Banks with established parking facilities, utilities, and proximity to major highways, the site is well-equipped to handle increased visitor capacity. Additionally, its integration with The Banks ensures that patrons can enjoy a seamless experience, from attending events to exploring the surrounding amenities.
Community and Cultural Impact
Relocating the arena away from the riverfront could have unintended consequences for the community. The current synergy between the arena and The Banks has been a catalyst for community engagement, fostering a lively atmosphere that benefits residents and visitors alike. Disrupting this dynamic by moving the arena elsewhere may adversely affect the vibrancy and appeal of our city’s riverfront district.
The New Arena at The Banks is the Most Affordable Option
The current footprint of the new arena is a viable option to house the new venue with 18,000 to 20,000 seats with modern amenities. It is incorrect to say that the new arena cannot fit in the current space where Heritage Bank Center is located. Based on current construction estimates, the new arena at The Banks will cost less than the proposed $675 to $800 million in other locations as reported in the study.
We urge city officials, planners, and stakeholders to consider the substantial benefits of constructing the new arena at the Heritage Bank Center site. This strategic decision will not only preserve but also enhance the economic vitality, accessibility, and cultural significance of The Banks, ensuring that our riverfront continues to thrive as a premier destination in Cincinnati.
We want the new arena at The Banks and will fully support it as a collective of businesses.
Sincerely,
The Banks Business Community