A three-building complex at Fourth and Walnut streets downtown will soon see new life as hotels, office space, retail, restaurants and entertainment options. Texas-based developers NewcrestImage
recently purchased the buildings for $9.3 million.
The three buildings were constructed at different times — the 19-story office tower was built in 1903, the four-floor office building in 1937 and the six-floor office building in 1961. The site currently features two restaurants, a business center and parking garage as well as 375,000 square feet of space for lease.
The three buildings have a lot of empty space, with only about 56 percent occupancy. After all is said and done, the project could bring a $100 million investment to downtown.
Just like apartments and condos, hotels are popping up all over Greater Cincinnati. The region is becoming a destination for visitors, hosting national events like the MLB All-Star Game and the country’s largest Oktoberfest. Two hotel projects are already in the works downtown, one at The Banks
and the other at Seventh and Broadway.
There are also plans for a boutique hotel in Over-the-Rhine at 12th and Elm streets, while a 144-room hotel is under construction across the river at Newport on the Levee
and set to open in June. The Hotel Covington is also nearing completion on Madison Avenue in downtown Covington.
NewcrestImage is looking into the idea of putting several hotels in the 19-story building, which isn’t a new concept for Cincinnati. Homewood Suites and the Hampton Inn operate in the former Enquirer building on Vine Street, offering two price points and amenity options in the same spot.
Construction isn’t slated to begin on the project until next year, and FRCH Design Worldwide
is still working on the final design plans.