A tower crane is the latest addition to The Banks, preparing for construction of a nine-story building that will house new apartments and commercial space.
About 291 one- and two-bedroom apartments and 19,000 square feet of retail space are expected to be built in a more than $67 million development along Cincinnati’s riverfront. This portion of the project, called Phase IIA, is expected to be finished in early 2016.
Phase IIA is being built on top of the Central Riverfront Garage and encompasses an area from Rosa Parks on the east to Race Street on the west, and Freedom Way on the south and Second Street on thenorth. Future development could include offices, more apartments or a hotel.
Alabama-based Brasfield & Gorrie, the firm that led the first phase of The Banks development, is general contractor for the second phase, working with local contractor Jostin Construction. Carter and the Harold A. Dawson Co. are developers of The Banks.
“The crane means the project is going vertical,” Libby Korosec, spokeswoman for The Banks’ development team, said Monday. The nine-story building will be the tallest structure at The Banks so far.
Construction began April 28. The crane went up last weekend.
The Banks is one of several major sites under development around Greater Cincinnati. Others include the dunnhumby USA headquarters Downtown, the Kenwood Collection in Sycamore Township and the Clinical Sciences Building in Corryville for Cincinnati Children’s Hospital Medical Center.
Terry Phillips, Cincinnati division head of the Associated General Contractors of Ohio, said the cranes are evidence of improving economic fortunes for the region.
“I don’t think we’re maxing out by any stretch of the imagination,” Phillips said. “There are a lot of projects that have been on hold because of the economy.”
Completion of the first phase of The Banks created Cincinnati’s newest, largest single neighborhood developed with a mix of 300 apartments, a variety of new restaurants, bars and retail space. The Banks is located on the Cincinnati riverfront between Great American Ball Park and Paul Brown Stadium.