Phase IIA of the Banks project in downtown Cincinnati will include a nine-story apartment building with about 305 apartments and 21,000 square feet of retail space on the block between Rosa Parks Drive, Race Street, Freedom Way and Second Street.
According to a statement released today, construction on the latest phase is expected to begin in December and be completed in fall 2015. The Courier recently reported Phase II is expected to cost $67 million.
At that time, developers estimated the retail space in Phase II at about 60,000 square feet.
The master development team, which includes Carter and The Dawson Co.. as well as the city of Cincinnati and Hamilton County, began to consider the project for formal approval today. Cincinnati City Council unanimously approved amendments made to the original design during a Budget and Finance Committee meeting today. The Hamilton County Board of Commissioners will consider the changes at its Aug. 21 meeting.
“Phase II will provide additional opportunities to live, work and play at The Banks,” Scott Stringer, executive vice president at Carter, said in a statement. “Construction of our second phase will attract new retail tenants, business clientele, families and young professionals to the development.”
If Phase IA of the Banks is any indication, Phase IIA will likely fill up fast. The retail portion of Phase IA is now 91 percent leased, while the residential portion is 100 percent leased and occupied. That portion of the project has created more than 3,600 net new permanent jobs and its construction economic impact is estimated to be $574 million.