A series of financing agreements for the $322 million Great American Insurance Building at Queen City Square
has been approved by Cincinnati city council, giving the go-ahead for construction of the 41-story tower to begin. Western & Southern Financial Group
and subsidiary Eagle Realty Group
will provide $40 million in developer equity, $225 million in lease bond financing, and coverage of $54 million in tax increment financing bonds for Cincinnati's new tallest building at Third and Sycamore streets.
The Port of Greater Cincinnati Development Authority
will facilitate the issuance of the bonds, and the city is chipping in $3.75 million for infrastructure improvements such as sidewalks, streetscaping and utilities. At buildout, Queen City Square will feature 800,000 square feet of office space, 20,000-25,000 square feet of street-level retail, a pedestrian promenade, an outdoor plaza, and a 1,700-car parking garage. Demolition of the parking structure is expected to begin in early July, and the first tenants will arrive in early 2011.
Douglas Moorman, vice president of economic development for the Cincinnati USA Regional Chamber
, says that the new building will boost their efforts to promote the region.
"Queen City Square will be a signature building along what is a complete reinvention of the Cincinnati skyline," he says. "This new downtown is a great opportunity for us to re-introduce ourselves as a great place to do business."
Moorman hopes that the message is infectious.
"Building places like the Ascent
and Queen City Square demonstrates an optimism in this region that we haven't had in a while," he says. "People are making huge investments in the core of this region. These projects show that Cincinnati USA is on an upswing."
Writer: Kevin LeMaster
Source: Douglas Moorman, vice president of economic development, Cincinnati USA Regional ChamberRendering provided by Eagle Realty Group