The Banks pursuing boutique hotel

Carter & Associates Commercial Services LLC and the Dawson Co., developers of The Banks project in downtown Cincinnati, are pursuing a boutique hotel for Phase 1B of the riverfront site and are putting plans for 100 condominiums on hold.

The new hotel is estimated to contain 120-200 rooms and cost $60 million, which, when added to planned office space, would bring the cost of Phase 1B to nearly $140 million.

The possibility of adding the hotel had been raised by project manager of John Deatrick in September, saying that the market for condos on the 18-acre site was "nonexistent".

For the hotel to be built, a change in the development plan must be approved by Cincinnati city manager Milton Dohoney Jr. and Hamilton County administrator Patrick Thompson.

Carter/Dawson also announced that USAA Real Estate Co. will contribute more than half of the $12 million developer equity portion required for the $74 million first phase, making them a partner in the development.

The first phase of the 2.8 million-square-foot project, Phase 1A is expected to include 300 apartments and 76,000 square feet of retail space.

Construction of the project's garage frame, which would elevate the buildings out of the river's flood plain, is expected to begin late this year.

Writer: Kevin LeMaster