Port critical in financing for Great American Tower

The board of directors of the Port of Greater Cincinnati Development Authority approved bonds for what will be Cincinnati's tallest skyscraper, the Great American Tower at Queen City Square.

Bonds for the project have been financed and refinanced to include both the new building and 303 Broadway – the project's first phase – with a maximum authorized principal amount of $64 million in tax increment financing (TIF) revenue bonds and $259 million in lease revenue bonds.

The City of Cincinnati will add $3.75 million in funding for infrastructure upgrades and site improvements.

The financing plan is a public/private partnership between the Port, the city, and developer Eagle Realty Group, an affiliate of Western & Southern Financial Group.

"There is no question that our involvement with the historic Great American Tower at Queen City Square project raises the profile of the Port Authority," says Kim Satzger, president of the Port.  "This project is a great example of just what an Ohio port authority can do to make an impact.  But, it’s not about the Port Authority.   It is about using the unique financing tools available to Ohio port authorities to forge the public-private partnerships that are needed to grow our regional economy." 

Satzger says that the City of Cincinnati and Hamilton County recently agreed to expand the Port Authority’s power and authority, giving it a greater ability to impact on our regional economy. 

"So long as we have the capacity to meet the demand in our community, the Port Authority can make a very real difference, but only in collaboration with other communities and companies," she says.

The 41-story Great American Tower will include an 11-story, 1,700-space parking garage, 800,000 square feet of office space, and a 25,000-square-foot promenade and retail arcade.

Occupancy is scheduled for early 2011.

Writer: Kevin LeMaster
Sources: Kim Satzger, president, Port of Greater Cincinnati Development Authority; Nick Vehr, president, Vehr Communications; Emily Carpenter-Pulskamp, senior media relations specialist, Eagle Realty Group
Photography by Scott Beseler