Alabama ExPat

Banks deal collapses as developer pulls out Cincinnati's new mayor looks on the positive side By Marla Matzer Rose and Kimball Perry Enquirer staff writers Hamilton County and Cincinnati city officials stood together Monday to pledge that the long-anticipated residential/retail Banks development is not dead after a developer unexpectedly withdrew from negotiations to handle the project. Covington-based Corporex said Monday it had advised the county it was withdrawing from negotiations, which had been scheduled to conclude by Wednesday, the 180-day deadline. The company blamed the economy and the slow pace of negotiations. The county hastily called a news conference at its downtown offices on Court Street on Monday afternoon after being taken by surprise by Corporex's late-morning announcement. "I don't think the taxpayers have anything to be disappointed about today," said Mayor Mark Mallory of Cincinnati, who attended the announcement with County Commissioners Phil Heimlich, Pat DeWine and Todd Portune. "I think they have a reason to be excited today." Read Full Article Here: http://news.enquirer.com/apps/pbcs.dll/article?AID=/20051206/NEWS01/512060354

I suspect this actually helps the Gregorys' project. Less competition to attract business (retailers and restaurants) that are interested in a riverfront location.

My slightly more than 2 cents worth... First of all, I have a hard time believing this quote: "This morning, Covington-based Corporex pulled out of the deal, saying rising interest rates and materials costs have made the project less feasible." Interest rates aren't anywhere out of the norm of what should have been expected at this time. I can't believe the smart folks at Corporex thought rates weren't going to increase over the next year when they made the original deal in June. Second, a Vendercar Holdings partnership without Corporex scares the @#$% out of me. I'd rather have 3CDC work it and defer any big push until after the Fountain Square project is wrapped up.

Hamilton County's Banks deal unraveling Dan Monk Corporex Cos. Inc. is walking away from a no-bid deal to lead the development of The Banks riverfront development project, but an Oakley developer hasn't given up the fight yet. Rob Smyjunas, owner of Vandercar Holdings Inc., is trying to find another developer to partner with him in the Banks Development Co. In June, Hamilton County awarded exclusive development rights to the company in an attempt to jump-start the massive riverfront development project known as The Banks. The June deal gave the county and its developers 180 days to work out a master development agreement. The deadline for reaching the master agreement is Dec. 7. This morning, Covington-based Corporex pulled out of the deal, saying rising interest rates and materials costs have made the project less feasible. Smyjunas said other developers from Cincinnati and elsewhere have expressed interest in participating in the project. He thinks he could assemble a new development team if given the chance. Read Full Article Here: http://cincinnati.bizjournals.com/cincinnati/stories/2005/12/05/daily16.html

First move-in is scheduled for 10 December. We're scheduled to close on 16 December. Looks like we'll be in by Christmas (knock on wood)!

I stayed at the Netherland this past weekend and had a room on the 18th floor that looked over the McAlpin project. I wish I had my camera. The building's facade looks fabulous.

My friends and I did our under age drinking at the "Le Bistro" bar in the Clarion hotel (now the Millenium). We usually parked in the Federated garage and cut through that alley. I was pretty sure everyone wanted to know this. :drunk:

An excerpt From a Miller-Valentine and Griewe Development mailing for Park Place at Lytle: Also we wanted to give you the news on our next exciting project downtown. It is a mixed use project on the Gregory Banquet Center site. The name is RiverCrossing and will include two mid-rise buildings perpendicular to the river with 140 condo units. A promenade overlooking the river will connect the two buildings. Restaurants featuring outdoor dining and other convenience retail will also be a part of the project. We will start presales in January and the anticipated completion is in 2008.

For the record. I'm completely against such a ban. Do I prefer dining in an establishment where I don't have to smell cigarette smoke while I eat? Yes. Therefore, I spend my money at dining establishments where a suitable boundary exists between smoking and non-smoking sections, or I visit restaurants where the owner of the business has decided to go "non-smoking" only. I too believe that those claiming to protect the "workers" are for the most part being dishonest about their motives. They have found a position that's easier to defend, and they're running with it.

I was in a Fresh Market for the first time last week in Ashville, NC. I was impressed.

The latest weekly status for the renovation has been posted at the 3CDC site. http://www.3cdc.org/content.jsp?articleId=199 Here's a picture of that awful stage coming down.

3CDC banking property in OTR By Marla Matzer Rose Enquirer staff writer The Cincinnati Center City Development Corp. has spent more than $8 million in Over-the-Rhine over the past year, the private, nonprofit group said Monday in its annual report. http://news.enquirer.com/apps/pbcs.dll/article?AID=/20051010/BIZ01/310100008

Banks need city-county trust Editorials As the stories on today's front page and in Forum say, the Banks project along Cincinnati's riverfront could and should become a regional centerpiece, attracting tourists, businesses and dollars with a mix of entertainment, retail and housing. Waterfront developments are the dream projects on many urban landscapes these days. But as the stories by Marla Matzer Rose also point out, bringing such projects to fruition can take years, even decades, of work. And the cooperation of different government entities is often the key ingredient to success. The Banks project is reaching a critical point, and the cooperation between officials at City Hall, the Hamilton County commissioners and the local business community is more crucial than ever. June 10, the county surprised the city and local business leaders by announcing an agreement to negotiate with developers Bill Butler and Rob Smygunas for exclusive development rights on the $600 million project. http://news.cincinnati.com/apps/pbcs.dll/article?AID=/20051009/EDIT01/510090305/-1/CINCI

Venturing beyond the banks Projects in other cities offer Cincinnati models - and cautions By Marla Matzer Rose Enquirer staff writer Thirty years ago, Baltimore wasn't high on many out-of-towners' lists of places to spend a weekend. Its ethnic neighborhoods had a certain blue-collar charm, but its downtown had seen far better days. All its department stores had closed, and the harbor abutting the central business district was dotted with vacant buildings. Yet this year, a transformed Baltimore was named one of the world's top 10 destinations by Frommer's travel guides. The city last year was host to 11.8 million visitors, who spent an estimated $2.9 billion. Making connections In the early 1990s, Wilmington set out to replace the remnants of a once-vibrant shipbuilding hub along the Christina River with a unique complex that would lure people and spending back downtown. One of that city's biggest challenges remains creating connections between downtown and the riverfront, which is cut off by railroad tracks. Cincinnati leaders faced a similar dilemma. Their answer was the Fort Washington Way project, completed in 2001, which narrowed the concrete expressway trench that divides downtown from the Ohio River. Success can't be cloned If waterfront development were one-size-fits all, the nation would be dotted with copycat versions of Baltimore's Inner Harbor. Early in the riverfront planning process in Wilmington, an artist even envisioned digging out the Christina River in the shape of Baltimore's harbor. (The plan was never executed.) People in Delaware's largest city liked what they saw just 70 miles southwest in Baltimore. Both cities were hit hard from the 1950s through the 1980s by the middle-class flight to the suburbs. Long time frames If Cincinnatians are frustrated about the time it's taking to get the Banks going, they should know that waterfront projects are never overnight successes. Years frequently turn into decades. Baltimore had a time frame of 20 to 30 years for its original 30-acre Inner Harbor plan, factoring in costs and delays. The plan's birth wasn't easy, either. "Harbor Place (the initial phase of the project) went to referendum and barely passed," says Rigby of the Waterfront Center. "The neighborhoods said, 'We need the money.' The argument for the project was, 'The city is going down the tubes, and we need to turn it around.' " http://news.cincinnati.com/apps/pbcs.dll/article?AID=/20051009/EDIT03/510090309/-1/CINCI

Deal on Banks due before Dec. 7 By Marla Matzer Rose Enquirer staff writer Hamilton County and two private developers are in talks that they hope will lead to an agreement to turn Cincinnati's central riverfront into the Banks, a proposal for 15 acres of condos, apartments, shops, restaurants and a hotel. This idea for a revitalized riverfront goes back to January 1998, when the city agreed to transfer riverfront land to Hamilton County so that Paul Brown Stadium could be built.The deal, which called for the county to build parking garages along the riverfront for future development, triggered a proposal that eventually became the Banks plan. Designs for the Banks were first unveiled in 1999 by a city-county riverfront advisory board. http://news.enquirer.com/apps/pbcs.dll/article?AID=/20051009/EDIT03/510090314

Banks plan: Sail or sink? By Marla Matzer Rose Enquirer staff writer As Cincinnati makes another run at developing the riverfront between Paul Brown Stadium and Great American Ball Park, it faces problems that have confronted waterfront cities elsewhere: Financing. Land acquisition. Decisions on the right mix of retail, residential and recreational venues. One-size-fits-all doesn't apply, says Michael Purzycki, executive director of the Riverfront Development Corp. of Delaware. "We were looking for the Holy Grail, and there is none," he says. His city, Wilmington, developed the banks of the Christina River with walking paths, an exhibition hall and an outlet mall. http://news.cincinnati.com/apps/pbcs.dll/article?AID=/20051009/NEWS01/510090421/-1/CINCI

For those of you who don't want to stare at a web cam waiting for something exciting to happen during the square renovation, 3CDC is posting weekly progress updates with pictures. Heres the link for 29 September: http://www.3cdc.org/content.jsp?articleId=199 Here's the link for previous weeks: http://www.3cdc.org/content.jsp?articleId=202

Cool! Thanks for posting the pics. It's the first I've seen of anything in the building since completion. Interesting trick with the change in curtain fabric. I might need to do something like that myself with the windows in our new place due to the height. Did you do the decorating yourself?

MidPoint Festival swells to 50,000 Event wrapup By C.E. Hanifin Enquirer contributor MidPoint Music Festival has always aimed to crank up the buzz about independent artists. This year, the noise generated by the annual event reached an unprecedented number of ears. During its Wednesday-through-Saturday run, MidPoint attracted a record 50,000 attendees, said cofounder Bill Donabedian. Throngs of music lovers jammed 17 venues in the Main Street entertainment district and downtown for three nights of music showcases by about 300 bands from all over the globe. Click on link for article. http://news.enquirer.com/apps/pbcs.dll/article?AID=/20050926/ENT/509260310

I couldn't beleive we don't have an ongoing, catch all "Newport on the Levee" thread. Instead of creating a new topic just on the following article, I've kept the topic generic. Levee Rocks On By Sonya Thielmann For The Sunday Challenger [email protected] 4 Years Old; Some Stores Struggle NEWPORT - In the four years since opening, Newport on the Levee has been a catalyst for the redevelopment of the city and the riverfront. With new condominiums, housing rehabilitation and a new park being planned nearby, the Levee continues to pull in crowds. But for Levee tenants, just how successful the development has been depends on what business you're in.

I had the same thought reading the article. Then I wondered how many people were interviewed that actually knew the plan was to start Monday, but weren't included in the article because it didn't add any controversy.

And one from the back (the day before yesterday).

There's a link on the following page of the 3CDC site to a power point presentation providing an update to the Fountain Square renovation. Some of the information has already been summarized by other sources. http://www.3cdc.org/content.jsp?articleId=197

The user controllable web cam for Fountain Square is back on-line, just in time to catch the start of construction. http://www.aroundcinci.com/icams/fountain/

A reliable source told me that the grocery store for that project is unlikely to happen. Six separate grocery companies have declined to sign on.