The Banks’ master development team of Carter and The Dawson Company, the City of Cincinnati and Hamilton County announced yesterday that the City of Cincinnati and Hamilton County will be considering the next phase of The Banks Project. Phase IIA of The Banks project will be a 9-story building spanning a full city block. It will have 305, one- and two-bedroom apartments and approximately 21,000 square feet of space for retail.
Renderings from architect The Preston Partnership
Yesterday, City Council’s Budget and Finance Committee considered the proposed amendments to The Banks Master Development Agreement with respect to the commencement of Phase IIA of the development. The Hamilton County Board of Commissioners will review the matter at its August 21, 2013 board meeting.
The Cincinnati Enquirer reported, “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.” Other news to pick up the announcement include KY Post, Cincinnati Business Courier and FOX19.
Construction on Phase IIA is slated to begin this December and be completed in fall of 2015. As part of the overall funding and financing structure, the City and County will grant a tax abatement on the residential portion of Phase IIA which has a value of approximately $12.9 million over 15 years.
“Phase II will provide additional opportunities to live, work and play at The Banks,” said Scott Stringer, executive vice president at Carter. “Construction of our second phase will attract new retail tenants, business clientele, families and young professionals to the development.”
The retail portion of Phase IA of The Banks project is now 91 percent leased, with only one space still available for occupancy. The residential portion of Phase IA, Current at The Banks, is 100 percent leased and occupied.
Phase IA at The Banks has create more than 3,600 net new permanent jobs and has already attracted new national retailers and residents to Cincinnati, with a combined (public/private) construction economic impact of $574 million.