If you have been past the intersection of Martin Luther King Drive and Vine Street recently you may have noticed the bevy of construction activity at the Corryville Crossings site.
The cleared site has sat somewhat lifeless for the past several months while financing was being worked out and delivered for a new parking garage and hotel, says Franz Stansbury, director of real estate development with the Uptown Consortium.
The Uptown Consortium
is one of the entities providing financing for what will become a 200+ space parking garage and a 132-room Hampton Inn hotel, built by Messer Construction
. The hotel will be located on the southern and western end of the rectangular site, with two additional commercial retail pads available on the northern end along Martin Luther King Drive.
A Starbucks, IHOP and a bank were originally envisioned for the retail portions of this development until the economy began to shift. “The economy hit everybody, so they’re waiting to see what happens and are looking for other tenants,” states Stansbury.
Stansbury says that a restaurant would make a lot of sense for at least one of the spaces as it would benefit the neighborhood and provide a service to the hotel patrons as well.
The parking garage is currently progressing at the Corryville Crossings site with pilings going in now. Stansbury expects that the garage will be finished by the end of the year, with the hotel potentially opening within 18 months.
The Uptown Consortium sees the Corryville Crossings development as a key component of their Short Vine revitalization plans. “We see two anchors on Short Vine; the Kroger area and this,” says Stansbury.
Once all is said and done the entire investment throughout the Short Vine area could reach as high as $100 million, with Corryville Crossings accounting for roughly one-fourth of that at $24 million.
“We’re working with major stakeholders in the area including the University of Cincinnati, and have completed a number of development potential analyses,” says Stansbury about the larger Short Vine revitalization efforts.
Writer: Randy Simes
Source: Franz Stansbury, director of real estate development, Uptown ConsortiumPhotography by Randy Simes