Germano Delivers Banks Update to CREW Cincinnati

Carter's Trent Germano addresses CREW GC - 10 13 09 CINCINNATI (Oct. 22, 2009) – Carter Vice Chair Trent Germano served as the keynote speaker at the Oct. 13 meeting of Commercial Real Estate Women of Great Cincinnati (CREW GC). During his speech, Germano updated the audience on The Banks, metro Cincinnati’s most-talked-about new development.

The Banks, a$1 billion mixed-use development on Cincinnati’s downtown riverfront betweenPaul Brown Stadium and Great American Ballpark, will include roughly 2.8million square feet of new mixed-use space and will be built in phases over thenext decade. Construction on Phase One will start in 60 days and will include arevised street grid, parking facility, 300 apartments and 80,000 square feet ofretail. Phase One is on track for a ceremonial grand opening by spring of 2011,which will coincide with the Cincinnati Reds’ opening day.

Germano’sspeech focused on the project’s ability to become a transit-orienteddevelopment highlighting Hamilton County’s TransitCenter, located under Second Street downtown, and the proposed streetcar, whichhas a planned stop at the transit center at its southern end. Germano said thekey to successfully leveraging transit-oriented development is that publictransit has to be “quick and simple.” The more stops, connections orthe farther away the rail line, bus or streetcar is from the final destination- the less likely people are to use it, he said.

Germano alsospoke in detail on the luxury apartment homes planned for phase one at theevent. The homes at The Banks will include a mix of one- and two-bedroomapartments. Apartments are expected to range in size, but at an average of 900square feet, The Banks apartments would rent for roughly $1,350 a month, or$1.50 square foot.

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