The Banks’ master development team of Carter and equity partner NIC Riverbanks, announced today that General Electric will be building a 338,000 square foot office building at The Banks.
The building is expected to house approximately 1,400 – 2,000 employees and will be located just west of the Freedom Center on the eastern portion of Phase II, called Phase IIB. Phase II is bounded by Second, Vine and Race Streets and Freedom Way.
“We are pleased that GE chose The Banks as the location for their new global operations center,” said Jim Shelton, vice chairman of Carter. “This is a game-changer for The Banks development because GE provides the first office component, helping to make The Banks a truly mixed-use development where people want to live, work and play.”
Thus far, The Banks has 300 apartments, more than 90,000 square feet of retail completed in Phase IA with another 291 apartments and almost 20,000 square feet of retail under construction in Phase IIA alongside the 45-acre Smale Riverfront Park.
“Progress toward creating the region’s premier destination and neighborhood took a giant leap forward today,” Shelton said. “We look forward to working with our partners, the City of Cincinnati and Hamilton County as we continue this progress and complete the vision of a vibrant, thriving riverfront.”
Construction on Phase IIB is expected to begin soon. Phase IIA just broke ground last month and is slated to be complete in the fall of 2015.
The retail portion of Phase IA of The Banks project is now 91 percent leased, with only one space still available for occupancy. The residential portion of Phase IA of The Banks project is 100 percent leased and occupied.
Open retail establishments in Phase IA are The Holy Grail, Tin Roof, Ruth’s Chris Steak House, Toby Keith’s, Johnny Rockets, Orange Leaf, Crave, Mahogany’s, Yard House, Jimmy John’s Gourmet Sandwiches, WG Kitchen and Bar, Jefferson Social and the Police Welcome Center.
Carter is one of the country’s leading real estate investment, development and advisory firms with landmark mixed-use, multi-family, and student housing projects under construction around the country. The company, founded in 1958, is headquartered in Atlanta and has a proud history of leading visionary and bold real estate developments that have improved communities and created value for its clients. Today, Carter draws on its history, experience and creativity as the company develops projects, seeks new investment opportunities and advises clients as they make key real estate choices. Specifically, Carter focuses on the development of mixed-use and multi-family project in urban infill locations, equity development of student housing, acquisition of opportunistic office properties, project management and strategic consulting. Carter’s high-caliber associates create value for clients using a team-based approach that leverages strong expertise and a deep knowledge base in a wide variety of markets. Carter also focuses on value-add real estate investment opportunities, and over the past decade has invested in more than $875 million. Carter’s asset management division manages more than $2 billion of third-party and Carter-owned assets. Its strategic consulting practice provides clients with customized real estate solutions. Its program/project management group serve as owners’ representatives for higher education, K-12 and corporate assignments. For additional information on Carter, please visit www.carterusa.com.
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Cookerly Public Relations