The Banks’ master development team announced Monday that the City of Cincinnati and Hamilton County will be considering the next phase of The Banks Project for formal approval.
The second phase of the project will be a 9-story building spanning the full city block from Rosa Parks to Race Street and between Freedom Way and Second Street. The building will have approximately 305 one, and two-bedroom apartments. The space will consist of approximately 21,000 square feet of space for retail. The apartments will be between 615 and 1,300 square feet individually.
Monday, City Council’s Budget and Finance Committee will consider proposed amendments to The Banks Master Development Agreement with respect to the commencement of Phase IIA of the development. The Hamilton County Board of Commissioners will consider the matter at its board meeting on August 21.
Construction on the next phase is slated to begin in December and completed in fall of 2015.
As part of the overall funding and financing structure, the City and County will grant a tax abatement on the residential portion of Phase IIA which has an estimated value of approximately $12.9 million over 15 years. The tax abatement does not apply to required Cincinnati Public School District payments.
The previous phase of construction at The Banks has created more than 3,600 new permanent jobs and has already attracted new national retailers and residents to Cincinnati. The retail portion is now 91 percent leased, with only one space still available for occupancy. The residential portion is 100 percent leased and occupied.
The previous phase has a combined construction impact of $574 million.