Phase II of The Banks
The Banks has played a major role in transforming downtown Cincinnati’s riverfront, and there is still more to come, as construction on Phase II hopes to commence later this year. Libby Korosec, spokeswoman for The Banks, told the Business Courier that the $67 million second phase will include 300 apartment units and 60,000-square-foot of street-level retail spacce.
In a recent article in the Business Courier’s Core Strength insert written by Carter’s Laura Swadel, she noted the public-private investment in The Banks has already given the city a return. The first phase created more than $91 million a year in economic impact in the city and county. Upon completion, the total economic impact is anticipated to be more than $276 million annually. Additionally, Swadel stated that once completed, The Banks is expected to create more than 1,400 direct jobs, as well as an additional 1,000 indirect jobs.
“While the economics are important, what’s just as impressive is how The Banks helps to affect the region’s psyche and mindset,” Swadel said. “The Banks, combined with other important downtown developments and initiatives, has helped to bring back a vibrant and thriving downtown Cincinnati. It’s a place where people want to be, visit and stay.”
Phase II of The Banks is slated for completion in 2015. The Banks will ultimately include a mixture of up to 1,800 residential units, 400 hotel rooms, 1 million square feet of office space and 400,000 square feet of retail space. Stay tuned next week for an upcoming guest blog from Cincinnati spokesperson and public relations professional Libby Korosec about her work at The Banks.
For more information on The Banks, check out a previous blog post.