KyleCincy

TIF ordinance will: · Fund up to $5M of road and infrastructure construction. · The new TIF (TIF B) will be used to construct the Vandercar Way extension through the center of the Oakley Station project, widen Marburg Avenue between Vandercar and Ibsen, and the construction of Factory Colony Lane between Vandercar Way extended and Disney Street (just east of the movie theater). It includes the new roads, sidewalks, storm sewer, sanitary sewer, water main, underground electric and telephone ducts, traffic signal, street lights and street trees. · City Council approved the use of up to approximately $3,000,000 from the old Center of Cincinnati TIF. · The old TIF (TIF A) will be used for the reconstruction of Disney Street to a new 3-lane public street from Marburg Avenue (aligned with Ibsen) to its intersection with the Vandercar Way extension (in front of Cast-Fab on the western boundary of the project). It also includes all associated street, sidewalk, utility, lighting and streetscaping

LMAO

From the listing broker, 566,609 Total SF 376,051 SF Available 244,569 SF Maximum Contiguous 5,000 SF Minimum Contiguous

There are actually only about four or five office towers with vacancy issues in the CBD, and the overall office occupancy rate is improving now after QCS came online with 800,000+ square feet of new space. Also, I was told by a very reliable source that one of those historic towers with high vacancy will be converted to apartments sometime soon. An announcement has yet to be made, and the source would not identify which building in particular, but it will help the market considerably to get that space off the office market. 309 Vine has about 300,000 available sq. ft. Chiquita/Formerly Center has 107,000 available sq. ft. Atrium One has 245,000 available sq. ft. Atrium Two has 190,000 available sq. ft. 580 Walnut has 352,000 available sq. ft. URS Tower has 57,000 available sq. ft. out of 193,000 total. 525 Vine has 193,000 available sq. ft. 312 Elm has 52,000 available, not too bad. 655 Plum, the former Delta call center, is still empty 68,000 sq. ft. River Center and Madison place in Covington has a ton of vacant space. Good time to be a Tenant and to negotiate office leases in Downtown.

I wish 309 Vine well, it won't be easy landing Tenants though. Lots of downtown buildings have vacancy holes in them. Their marketing plan is good.

Glad to see Neons make a comeback, with new ownership being OTR residents? Besides the 90's nightlife there was alot of dot.com types leasing office space around there also. When Neons was packed back in the day is was a suasage fest, 4 guys for every girl. They were printing money on weekends.

Finally made it to the Banks, when UK-UL played a few Saturdays ago. Went to the Holy Grail for a couple of hours then headed up to Mt. Adams prior to tip off. Very nice development. Went to opening day ...............Banks too crowded, but GABP sells beer also!

Probably a combination of Edwards Center (also used as overflow space for McMicken & CECH) and the office space UC agreed to lease at USquare@theLoop. This is probably accurate.

Good news is that State entities are now allowed to use a variety of real estate delivery options, "ohio construction reform". http://ocr.ohio.gov/Rules.aspx The new rules and option not only allow for a variety of delivery options the tax payers - state saves $$$.

OTR is a real neighborhood that offers residents just about all and everything the need, great renovated housing options, variety of eating and dining, a blend of establishments, and the same for unique shopping options. A grocery store would be great. Washington Park is going to great when it is completed. I still feel bad for the Entrepreneurs who poured in their own money and sweat to revitalize Main St back in the 90's., then only to see their investments dwindle to nothing because of the faux riots.

No, but I hope to find out.

I did not know it was only 3500 square feet. A nice restaurant can be built (from the ground up) for around $150 a square foot, $200 would be extremely upscale. Mahogony's was given $684,000 which comes out to around $195 per square foot to finish out their space. The city is basically paying for everything via the grant. I guess the loan is for operating expenses. Correct you are. I lease Commercial RE for a living. The TI and FFE loan and grant the city is giving up is off of the charts bad. I would have not loaned $$ for Toby Kieth either. The prime developer goes to their lender to get $$ for space improvements, if the Tenant has credit and solid P/L statements of course. The Tenant Improvement $$ are amortized in the rental rate and the term of the lease. Of course the City played lender on this deal, very stupid. The grant $$ is equal to about 10 years of free rent. Epic fail by the city.

Although a state audit recently said 50% of all broken tax incentive deals had 0 punishments. Even if they were written into the deal, it's VERY rare for a municipality to use a clawback. Hell, Convergys had been "off" it's mark for over 3 years, but the City only went after them this year to close a deficit. I think the loan is fine- I'm mixed on the grant but whatever. The most important part is that I hope they do well. REALLY well. Tax incentives are not loans or grants. A taxing authority agrees to lower, usually payroll taxes, on new hires or retaining employees. No logical reason to do this deal with Mohogany.

As in somebody actually looked at the owners of Mohogany to determine if they are a credit risk? Prior to shelling out a million dollars maybe it is a good idea to vet someone. These people probably can't qualify for a mortgage.

I agree that what is thought of is not big enough when it comes to a large apartment building. Downtown doesn’t have any high-rise apartment buildings and it is desperately needed. I am not talking about some mid-rise building that is compact and short for apartment living, we have that; very boring, I want a view. What we need would be not just one, but several high-rise buildings in downtown and this site can offer the start of that. I remember when I wanted to move downtown it was so disappointing because I didn’t have any options to live in a high-rise apartment. The real estate was not there. I was told that if I wanted to have something like that I would have to live on one of the hills to have a view or live in the Lytle apartments on the river. I didn’t want to live on the river, I didn’t want to live on the outskirts of downtown and I didn’t want to live in an apartment building that was only a few floors up from street level. I wanted to have a view! Actual city living. I did not even have the opportunity to even choose since there isn’t any. If the DH office portion wants to stay mid level, then I say fine, just at least do the apartment portion right and give high-rise living for us so we have an opportunity to live life like that. We are out there and want to live in the high-rises, just give it to us please. Seanian, I agree with about that lack of a high rise product with great views, even a balcony with a great views. There is a lack of that in Downtown. Building new and building high is also expensive, but hopefully something comes along. Not sure where you are at now? What about 4th and Race Building and the Banks? Might be the best options to find a view? The Renaissance and Reserve 4th & Race have nice rooftop decks with decent views. When you walk around River North in Chicago your jaw drops at some of the apartment/condo buildings.

yikes, tell me you aren't serious. even if you were why does government have to provide a level playing field for private businesses? i just wish the government would force college and professional basketball to create a level playing field for white/Asian/Hispanic people. I may still be playing basketball if that was the case. Government has to (and should) provide a level playing field because for decades the government was institutionalizing a non-level playing field. Today, as a society we have deemed it morally responsible to attempt to level the playing field, resulting in things like MBE inclusion requirements, affirmative action, etc. These programs are simply a reflection of our societies morals on attempting to equalize the wrongs that have been done in the past. Hopefully, in 20, 30, 40, etc years these actions and programs won't be necessary but as of today, the very much still are. The government passes all of these laws making it illegal to discriminate based on Race, Ethnicity, Religion, Age, etc. etc., then that same government exempts themselves from the laws that they pass. MBE, AA is not equal or level, it is granting preferred status based on Race and Gender. Your opinions are perfect examples of whats wrong with typical Conservative stances. Yes, at face value, affirmative action and MBE can be seen as 'uneuqal.' In a black and white world (simple minded Conservative world) this is true. But the issue is much broader, much more complex (its the real world) than simply 'right or wrong.' Fact: African Americans and other minority populations are economically unequal to White Americans. Fact: Our cities are still exceptionally segregated. These are real problems that have been institutionalized by this country. It is a good fight and the moral fight to come together as a society and attempt to aleviate these issues. The deal that the City might do at the banks won't help Blacks become more equal economically and it won't desegregate anything. Income is tied to education levels more so than anything, so looking at the behavior associated with valuing education, studying, going to school etc. is the issue. I don't think there is anything wrong with neighborhoods that are overwhelmingly one ethnicity, Harlem, Greektown, Germantown, Little Italy, Chinatown etc. It is what makes America and some cities unique. Minorities do exceptionally well in America, Korean, Chinese, Vietnamese, Mexicans, Afghans/Pakis, Indian etc. All of Dearborn Mi. is Middle East muslim immigrants. If you really want to see poor people and segregation take a trip through rural America.

Toby got a loan, not a gift. Mohogany got both a loan and a gift. Regarding giant corporations you mention......they sometimes get tax incentives, reduced payroll taxes etc. The City doesn't just cut them checks. The best tax incentives are usually state programs, they are much more lucrative than local incentives. But the city does so stupid stuff like build a call center for Delta, and now that building is vacant and has been for some time. I guess we are talking about the Banks because it in in the now.

yikes, tell me you aren't serious. even if you were why does government have to provide a level playing field for private businesses? i just wish the government would force college and professional basketball to create a level playing field for white/Asian/Hispanic people. I may still be playing basketball if that was the case. Government has to (and should) provide a level playing field because for decades the government was institutionalizing a non-level playing field. Today, as a society we have deemed it morally responsible to attempt to level the playing field, resulting in things like MBE inclusion requirements, affirmative action, etc. These programs are simply a reflection of our societies morals on attempting to equalize the wrongs that have been done in the past. Hopefully, in 20, 30, 40, etc years these actions and programs won't be necessary but as of today, the very much still are. The government passes all of these laws making it illegal to discriminate based on Race, Ethnicity, Religion, Age, etc. etc., then that same government exempts themselves from the laws that they pass. MBE, AA is not equal or level, it is granting preferred status based on Race and Gender.

Unbelievably narrow spectrum you're staring through there. Minorities are shockingly underrepresented in avenues that promote attention, like the media for one. Does the Enquirer even have black writers? Minorities have to work unusually hard for an unequal amount of positive attention. It's been proven time after time, decade after decade, in nation after nation. Not sure what positive attention has to do with the City making a bad business deal? I don't get the connection.

Blacks in Cincinnati are not a minority, probably a majority. This should not be the mission of elected leaders to champion skin color and ethnicity.

Grant/Gift money on this deal is way out of line. I don't mind the $300,000 loan, because there is some collateral there.

sent you a private message

That loan is backed by the Developer, "collateral" and they have much more of it than a mom and pop restaurant owner. City/County will get than loan money back from Toby or Dawson/Carter. And it was a loan, not a grant.

The grant (tax payer gift) of $684,000 is about equal to 10 years of free rent. 3,500 Sq. Ft X $15.00 NNN per sq. ft = $52,500 annually or $525,000 over 10 years. If NNN at the Banks is $20.00 NNN that equals $700,000 over 10 years. Close enough. Bad way for the City to spend money.

Developing Now Banks tenant could get $1M in city financing http://cincinnati.com/blogs/developingnow/2012/02/21/banks-tenant-could-get-1m-in-city-financing/#comments City is giving the owners of Mahogany Restaurant-Bar $684,000 and loaning them $300,000. In return they get $50,000 in collateral. Awful deal for the tax payer. The $684,000 equals about 10 years of free rent.