Amid a festive atmosphere featuring speeches from visiting dignitaries and fireworks, Cincinnati's largest mixed-use project to date broke ground last Wednesday.
The City of Cincinnati, Hamilton County, and the master development team of
Carter and Associates and
The Dawson Company turned the first shovel of dirt for the ceremonial beginning of Phase 1A of the 2.8 million-square-foot Banks development, a project that has been in the works since 1999.
The $74 million Phase 1A will include about 300 apartments and 70,000 square feet of retail and should be completed in 2010.
Estimates are that the Banks will drive approximately $600 million in private investement and will bring more than 3,000 new residents to the riverfront.
David Ginsburg, president and CEO of
Downtown Cincinnati Inc., sees the groundbreaking as a tangible indication that Cincinnati, and the region, is on the move.
"The ability to expand the boundaries of downtown and still retain the feature of walkable urbanity is something every city in the country would envy," he says. "The Banks will mean more choices - in housing, entertainment and office and make our downtown an even more attractive destination."
National City Bank is the majority funder for the first phase, with other financing coming from city and county grants, developer equity, and the Cincinnati Equity Fund.
Writer:
Kevin LeMasterSource: David Ginsburg, president and CEO, Downtown Cincinnati Inc.; Media release
Photography by Scott Beseler