The Banks, Carter’s Mixed-Use & Amenity-Rich Project in Cincinnati
is Profiled for New Stadium Development
CBS Atlanta traveled to Cincinnati last week to take an in-depth look at Carter’s premier mixed-use development, The Banks, after it was announced that the Atlanta Braves would be moving from their current home in the City of Atlanta to a new field in nearby Cobb County. The Banks was featured as a best-in-class example of multi-use development in the surrounding area of new stadiums.
Larry Smith, Sports Director for CBS Atlanta, reported from The Banks, “It’s a really neat, multi-use, year-round complex that’s part of the revitalization of the riverfront area in Cincinnati on land that lies between two pro stadiums – Great American Ballpark and Paul Brown Stadium.” He went on to say that “the area between the Reds and Bengals stadiums sat empty for years…until Atlanta-based Carter had the vision and the courage to make a multi-use dream come true.”
Libby Korosec, Carter’s spokesperson and PR representative for The Banks, was interviewed on-site: “We’ve got apartments that overlook our ‘Main Street’, if you will, and we have our retailers facing ‘Main Street’ which adds a great deal of activity. We have a nice walking environment, but you can drive. We want [visitors] to get out and really experience The Banks, so we’ve made it very pedestrian friendly.” She also said it took a developer like Carter that was “willing to be innovative”.
The Banks is the first development of its kind in Cincinnati and benefits locals and visitors alike. It was made possible through a working partnership between the City of Cincinnati and Hamilton County, The Banks Public Partnership; Carter played a key advisory role in the development and worked hand-in-hand with this public-private partnership. In addition to creating a notable business district and vibrant entertainment area around two major sports stadiums, The Banks proves to serve as a catalyst for economic growth and will continue to revitalize Cincinnati.
More coverage from CBS Atlanta, “A look at a similar project to what the Braves hope for in 2017”, included an interview with Paul Goebel, the restaurant owner of Holy Grail Tavern & Grille, one of the most popular destinations for Cincinnati Reds & Bengals fans on game day. Last spring, Carter posted a video on its YouTube channel here, showcasing the success of Opening Day among all its street-level vendors.
The retail portion of Phase IA of The Banks is currently 91 percent leased, with only one space available for occupancy. The residential portion of Phase IA of The Banks is 100 percent leased and occupied. Phase IA at The Banks has created more than 3,600 net new permanent jobs and has already attracted new national retailers and residents to Cincinnati. It is estimated that Phase IA will generate an on-going annual economic impact of $91 million.
Construction on Phase II will begin this year. Read previous blog posts on The Banks here.
Check out our fast-paced video of street-level multi-family and retail between the two stadiums in Cincinnati on Carter’s YouTube channel, here.