Development News (Cincinnati, Dayton, Hamilton: weddings, highrise, to sell)

[abr7rmj]

Originally Posted by ProkNo5

FANTASTIC!!! This makes me care SO MUCH LESS about Dunnhumby. Is it plausible that 3CDC let those portions of Dunnhumby fall through because they wanted them is this project instead?

Don't forget the residential to be developed in the airspace above Macy's. And then there's the 580 Building ... not to mention The Banks Phase 2. Talk about a residential building boom. No wonder the dunnhumby project focused exclusively on office space.

[n8buckeye08]

This is fantastic news... how long before Cincinnati scores a coup for a major corporation from outside the region moves some high-income jobs to downtown?

They obviously can't put in residential fast enough downtown right now.

[neilworms2]

Couple things:

1) This is probably not 3CDC, but the city itself, remember 3CDC was offered towerplace/pogues garage but declined.

Win No. 1 - Demolish the most hideous structure in downtown Cincinnati, the awful Pogues parking garage

Win No. 2 - Refit Tower Place Mall into street-level retail with parking

Win No. 3 - Add 300 new residential units to an already bustling downtown residential scene

Win No. 4 - Add a long-awaited downtown grocery store, and one that's new to the region

Win No. 5 - Add a 30-story tower to the downtown skyline

Win No. 6 (for the city at least) - Make parking deal easier to swallow politically.

I'll be honest though, not every city got as raw a deal as Chicago did on that, I'm just hoping Cincy doesn't make the same mistakes. Btw its $6 an hour now to park downtown, at the very least you have transit as an option in Chi-town :P.

[deg1114]

That is great news! It's great to see new development instead of them trying to make it a mall again.

The link to the article on the parking plan covers some of the details. I don't know if anyone gets emails from the city but here is what I got today:

Dear Neighbor,

I have now presented the Parking Modernization Plan to City Council, and I want to share with you what I am proposing.

This is a very complicated deal with lots of parts, so I ask you to stick with me as I explain it.

Here's What The Deal Is:

A public-public partnership between the City and the Port Authority, so the parking system remains in the public realm.

The on-street parking system will be operated by a contractor -- in this case, Xerox, who operates 30 parking systems across the country.

The garages & lots will be operated by Denison Parking.

The City has spelled out all rates, hours and enforcement. This is not up to the operator.

New technology must be installed before any rates are incrementally increased.
Downtown rates stay at $2/hr. initially; Neighborhoods increase by 25¢ increments after meters are upgraded.

Rates are capped.

Downtown meters are in effect 8 am – 9 pm; neighborhood meters are in effect 7 am – 9 pm.
"First 10-minutes free" remains at downtown meters where it supports business growth.
Holidays and Sundays remain free at meters.

Operator can only boot cars in cases of extreme non-compliance (at least 3 unpaid tickets).
Booting technology would allow car to be freed after fines are paid in full (could be on the spot).

This parking lease and modernization plan is a growth accelerator for the City. We have been experiencing incredible growth even as the country has been in a recession. This will help us take a $92 million lump sum payment that we can invest in other projects to help neighborhoods, create jobs and provide an ongoing revenue stream for the city.

The City will receive an upfront payment PLUS an ongoing, annual payment over the next 30 years from the meters. This will start at $3 million each year, and is expected to grow over time.

This deal is an immediate investment in parking technology throughout the City. Both our neighborhood and downtown businesses deserve a parking system that supports them through better customer service and efficient operations. Credit card meters in the neighborhoods and payment options through your smart phone. These are improvements that keep pace with the way we live life today.

Here's What The Deal Is Not:

It is NOT a sale to a private corporation. The City will get the parking system and all improvements back at the end of the lease. The Port Authority, which is a public entity, will be the stewards of the system until that happens.

It is NOT the Chicago deal. The Administration has studied Chicago thoroughly to avoid the costly mistakes they made. Cincinnati will get ongoing annual payments as well as an upfront payment; Chicago only got an upfront payment. Cincinnati is controlling rates, hours, and enforcement; Chicago allowed the private entity to control those. Cincinnati will have a 30-year deal for the meters and 50-years for the garages; Chicago has a deal for 75 years for the meters and 99 for the garages. This is NOT the Chicago deal.

This is NOT just a short-term budget solution. By structuring the deal with the Port Authority, the City can receive a lump sum payment for the parking meter franchise that can be used for many general purposes. The City's current revenue from parking has limited support for non-parking uses. We shore up our short-term budget issues while investing in job creating projects that will generate ongoing tax revenue for City services.

What Can We Do With $92 Million?

Jumpstart the I-71 MLK Interchange. A key access point to the center of the city and the neighborhoods of Clifton, University Heights, Fairview, Clifton Heights, Mt. Auburn, Avondale, and Corryville, this project will bring 5,900-7,300 more jobs to the City as well generate $33 million in additional revenue to the City for services by opening up access to this key job center. This is a $20 million city investment now for a long term revenue stream. The City will be asking the State of Ohio for $40 million to make this happen so construction could begin by 2014.

Add $4 million to the continuation of Smale Riverfront Park. As the crowds head to the riverfront for the 2015 All-Star Game, we want our riverfront park to be at it best. This money would help build the Vine Street Fountain, the Carousel and Carousel building just in time for us to take the national stage.

Convert the Tower Place Mall into parking structure with first floor retail and the Pogues Garage into 30-story mixed use residential high rise with a first floor grocery store. This would also have 300 luxury apartments, as well as parking to support the grocery to make it most convenient for downtown workers and residents alike. This $12 million investment from the parking funds would leverage $82 million in private investment.

Further the City's Cincinnati Bicycle Transportation Plan by acquiring the Wasson Line Right-of-Way for the development of a bike trail. This would positively affect the residential, commercial, educational and recreational quality of life in the neighborhoods of Evanston, Hyde Park, Mt. Lookout and Oakley.

Add $6.3 million to the City's reserve account. This will help to bring the City's savings in this account to its goal of 8% -- a move our bonding agencies will view favorably.

Balance the 2014 and 2015 budgets against deficits with $25.8 and $20.9 million respectively.

Working with our partners, the parking modernization plan is a key way to accelerate growth throughout the City -- NOW.

By changing the way the management for parking meters, garages and lots is structured, the City can leverage the upfront money for greater returns, while ensuring we still have an ongoing revenue stream each year from this and the new sources we are creating with the upfront money. It is a chance to seize on the momentum we are experiencing, and create more growth today.

Sincerely,

Milton Dohoney, Jr.

City Manager

[unusualfire]

I can see them using some of that for the streetcar as well.

[CinciFan]

By my count, this makes 8 highrises under construction/planned downtown.

1. Tower Place (4th and Race), 30 stories
2. Dunnhumby (5th and Race), 9 stories
3. Fountain Place (5th and Race)
4. Holiday Inn (13th and Sycamore), 13 stories
5. Banks phase 1 office tower (2nd and Walnut), 12 stories
6. Banks phase 2 office tower (2nd and Vine), 12 stories
7. Hotel at the Banks (Main and Freedom Way), 10 stories
8. Western and Southern tower (3rd and Broadway)


As a side note, it looks like excavation at the Dunnhumby site are moving pretty quickly. I think I saw pile drivers working there today.

[abr7rmj]

Originally Posted by CinciFan

By my count, this makes 8 highrises under construction/planned downtown.

1. Tower Place (4th and Race), 30 stories
2. Dunnhumby (5th and Race), 9 stories
3. Fountain Place (5th and Race)
4. Holiday Inn (13th and Sycamore), 13 stories
5. Banks phase 1 office tower (2nd and Walnut), 12 stories
6. Banks phase 2 office tower (2nd and Vine), 12 stories
7. Hotel at the Banks (Main and Freedom Way), 10 stories
8. Western and Southern tower (3rd and Broadway)


As a side note, it looks like excavation at the Dunnhumby site are moving pretty quickly. I think I saw pile drivers working there today.

This is the intriguing one ... could this be Cincinnati's new tallest tower? Something in the 60-70-story range?

[CinciFan]

Originally Posted by abr7rmj

This is the intriguing one ... could this be Cincinnati's new tallest tower? Something in the 60-70-story range?

One can only hope. However, putting such a tower at that location would really throw off the skyline, in my opinion.

[Serpens]

Originally Posted by TomJones123

Ching!!

Cincinnati to demolish Pogue's Garage, build 30-story tower - Business Courier

That is great news!

[progmac]

this new tower is a sideshow to limit media discussion on the parking deal