Construction will start in December on the next phase of The Banks: a nine-story apartment building with first-floor retail on the Cincinnati riverfront.
The $65 million project will be “in a finished state” in time for Major League Baseball’s 2015 All-Star Game at nearby Great American Ball Park and will be ready for residents in the fall that year, developers Carter and The Dawson Co. said Monday.
The building will have 305 apartments ranging from 615 to 1,300 square feet and 21,000 square feet of retail space, developers said. It will fill the block from Rosa Parks Street to Race Street between Freedom Way and Second Street.
Cincinnati City Council’s budget committee voted Monday to contribute up to $4 million toward the project and give developers a 15-year, $12.9 million tax abatement.
Council will formally vote on those measures Wednesday, and the project will go to the Hamilton County commissioners Aug. 21.
It’s expected to create 600 construction jobs and 200 permanent jobs.
The Atlanta-based developers have said they are close to landing a hotel for The Banks, which would sit just west of Great American Ball Park.
The new project will complement the $800 million riverfront neighborhood that includes 300 luxury apartments and street-level retail at Current at The Banks.
The development between Great American Ball Park and Paul Brown Stadium also has become an entertainment destination with tenants such as Yardhouse, Toby Keith’s I Love This Bar and Grill, and Moerlein Lager House restaurants.
The retail portion of the first phase is now 91 percent leased, with only one space still available.
The apartments at Current at The Banks are full with a waiting list.