Known as one of the nation’s top multi-disciplined developers, Carter brings an ownership perspective to the development process that is focused on excellence and the creation of long-term value. With a strong emphasis on developing mixed-use and for-rent multifamily projects in quality urban infill locations, Carter has developed more than 85 million square-feet around the country.
A prime example of Carter’s work is The Banks project, at left, in downtown Cincinnati. As master developer and investor at The Banks, Carter has worked with the community to revitalize the previously depressed real estate located on a floodplain next to the Ohio River.
With only a portion of the project completed, the development is already tying new activity on the river back to Cincinnati’s Central Business District. The area’s tax base has increased dramatically and the economic returns have exceeded the city’s goals allowing Carter to return a portion of the economic incentive grant it received to start the project.
The Banks is expected to add $600 million in investment to the local economy, according to a recently conducted study. The development will create more than 1,000 net-new permanent jobs and already has attracted new national retailers and residents to Cincinnati. The majority of residents at The Banks moved there from outside Cincinnati. (See photo of Current at The Banks below.)
“Over the past four years, we have been constantly collaborating with officials from the city of Cincinnati to discuss priorities and ensure a development that inspires pride among residents,” said Carter Director Laura Swadel who serves as a project manager on The Banks project. “We have a strong partnership with the City of Cincinnati, and we work with them to make their goals our top priority. For example, we have continued to exceed the city’s inclusion goals for Small Business Enterprises (SBE), which is set at 30 percent.”
The Banks is a one-of-a-kind 18-acre mixed-use development located between the Great American Ball Park and Paul Brown Stadium. It will include nearly 3 million square feet of residential options, street-level retail, restaurants, offices and hotel rooms. Phase one of the project, which includes approximately 300 luxury apartments, 80,000 square feet of retail and 16,000 parking places, has been completed.
Carter is also actively seeing new investment opportunities around the country including an investment/development prospect in Tuscaloosa, Ala. Carter has proposed to develop a $40 million mixed-use complex on a vacant lot used for parking during the University of Alabama football season. Carter hopes the project, which incudes retail space, student apartments and a parking deck, will bring tax money and jobs to the area. With more than five decades of development experience and a leadership team including several University of Alabama graduates, Carter hopes to work closely with the city of Tuscaloosa and create economic development opportunities.
Carter also continues to pursue urban infill development and investment opportunities in Ohio and across the Southeast. Check back soon for exciting announcements and updates.