Posted November 12, 20195 yr Has anyone heard what's happening at Fourth & Walnut Center? It was supposed to be converted to a hotel and tenants were moved out at the end of 2018, but since then there has been no activity.
November 13, 20195 yr 15 hours ago, thesenator said: Has anyone heard what's happening at Fourth & Walnut Center? It was supposed to be converted to a hotel and tenants were moved out at the end of 2018, but since then there has been no activity. I believe it is still going to happen but they are working through budget issues.
November 13, 20195 yr 18 hours ago, thesenator said: Has anyone heard what's happening at Fourth & Walnut Center? It was supposed to be converted to a hotel and tenants were moved out at the end of 2018, but since then there has been no activity. Project is still happening, GC that was selected started creating alot of issues. The project is in for LEED certification. The timeline has been pushed back some because of the GC issue and budget numbers. Developers are not backing out though.
November 13, 20195 yr 18 minutes ago, savadams13 said: Project is still happening, GC that was selected started creating alot of issues. The project is in for LEED certification. The timeline has been pushed back some because of the GC issue and budget numbers. Developers are not backing out though. You seem pretty well "in tune" with developement thats occuring downtown. Any clue what's taking so long with fountain place being still vacant after almost a year since 3cdc purchases the property?
November 13, 20195 yr 1 hour ago, troeros said: You seem pretty well "in tune" with developement thats occuring downtown. Any clue what's taking so long with fountain place being still vacant after almost a year since 3cdc purchases the property? Too many pots on the stove right now for 3CDC, but they created this for themselves by allowing local government to be hostile to out of state developers.
November 13, 20195 yr Assuming that demo/construction at Fourth & Walnut Center (which I'm all for) will use some of the eastern deliveries lane of Walnut. This will seriously impact what is already terrible traffic between 5th & 2nd streets during evening rush hour. Pick-up at the Scripps Center's Childtime daycare will go from bad to worse. Streetcar delays will increase. Hopefully the city is ahead of this development and looking at possible traffic solutions. "It's just fate, as usual, keeping its bargain and screwing us in the fine print..." - John Crichton
November 13, 20195 yr This topic appears to have been lost... perhaps in the forum migration. While there is no new news on the subject, here is the original story: New Downtown hotel planned at Fourth and Walnut The new owner of Fourth & Walnut Centre in Downtown Cincinnati has big plans for the underutilized office complex. Dallas-based NewcrestImage Management is studying property improvements such as developing at least one lifestyle or luxury hotel, reconfiguring office space and adding new elements such as a grocery store, said Mehul “Mike” Patel, company chairman and CEO. NewcrestImage closed on a deal Friday to buy the property for $9.3 million, Patel said. And although plans are still in the design phase, Patel said the company could end up investing more than $100 million into the project. “Cincinnati has a lot to offer,” said Patel, who added the company began scouting property in Cincinnati four months ago. “We have a huge plan for this building.” Cont "It's just fate, as usual, keeping its bargain and screwing us in the fine print..." - John Crichton
November 13, 20195 yr 1 hour ago, Cygnus said: Assuming that demo/construction at Fourth & Walnut Center (which I'm all for) will use some of the eastern deliveries lane of Walnut. This will seriously impact what is already terrible traffic between 5th & 2nd streets during evening rush hour. Pick-up at the Scripps Center's Childtime daycare will go from bad to worse. Streetcar delays will increase. Hopefully the city is ahead of this development and looking at possible traffic solutions. So without giving up to much information the dumpsters for demo will be inside the parking garage of the building with an internal demo shaft. once the dumpster is full its pushed out to walnut for pickup.
November 13, 20195 yr So which project will be finished first, the 4th and Walnut hotel or the Kimpton?
November 13, 20195 yr 8 minutes ago, Brutus_buckeye said: So which project will be finished first, the 4th and Walnut hotel or the Kimpton? That is a great question, as both are in a similar spot. I'd put my money on the Kimpton but both won't be open before mid to late 2021.
February 29, 20205 yr Author Heard rumors this week that the dual Hilton flag hotel at 4th & Walnut Center is on hold again. Not sure why? Does anyone else have any information on this?
February 29, 20205 yr Author On 11/13/2019 at 2:19 PM, savadams13 said: So without giving up to much information the dumpsters for demo will be inside the parking garage of the building with an internal demo shaft. once the dumpster is full its pushed out to walnut for pickup. The trash chute plan was to build a tower of scaffolding on the roof of the 6 story building, line it with plywood and cut openings down the garage. Much more effective that plastic trash chutes, which clog and have limited capacity for massive amounts of demo debris.
March 2, 20205 yr On 2/29/2020 at 11:31 AM, thesenator said: Heard rumors this week that the dual Hilton flag hotel at 4th & Walnut Center is on hold again. Not sure why? Does anyone else have any information on this? The owner has been shopping for a better price. I believe they moved on from the original GC and recently found another one after a lengthy process.
March 2, 20205 yr 12 minutes ago, nicker66 said: The owner has been shopping for a better price. I believe they moved on from the original GC and recently found another one after a lengthy process. That is correct.
March 13, 20205 yr Looks like the project is starting to moving forward. The contractor is having a pre-bid call on Tuesday.
March 13, 20205 yr Love that building, one of my favorite in Cincinnati, really happy it's moving forward. https://www.google.com/maps/place/Fourth+%26+Walnut+Center,+Cincinnati,+OH+45202/@39.1002067,-84.5110725,3a,75y,141.33h,135.44t/data=!3m6!1e1!3m4!1sSBAVdsZ_cZmB38d13U5l4A!2e0!7i16384!8i8192!4m5!3m4!1s0x8841b15a936173bd:0x73418afca413a6c0!8m2!3d39.0997861!4d-84.5107079
May 17, 20223 yr $107 million downtown project seeks state tax credit, again By Tom Demeropolis – Senior staff reporter, Cincinnati Business Courier May 17, 2022 Updated May 17, 2022, 3:00pm EDT A long-planned $107 million conversion of a downtown office building is seeking an Ohio tax credit for a second time. NewcrestImage LLC, the hotel developer and owner that wants to transform Fourth & Walnut Centre, also known as the First National Bank Building, into a dual-branded hotel, has applied for $5 million in Ohio Historic Preservation Tax Credits. If the developer is selected for the tax credits, this would be the second time NewcrestImage has been awarded this amount. Previously, NewcrestImage was awarded $5 million in tax credits from the state as part of the 21st round of Ohio Historic Preservation Tax Credits in December 2018. Work has not started on the conversion of the office building into a 349-room Canopy by Hilton and a Hilton Garden Inn hotel. Once a historic tax credit is awarded, applicants have up to five years to complete construction on their project. MORE
May 18, 20223 yr I hope it gets moving this time after so many false starts. It's a big building and will add a ton of users to 4th street when complete.
May 18, 20223 yr They were way over budget before COVID and kept shopping it around to different general contractors. I don't see how these guys will be able to stomach the 2022 price if they only get the same tax credit as before.
May 8, 20241 yr Developer still hoping to launch hotel project at Fourth & Walnut Centre downtown By Chris Wetterich – Staff reporter and columnist, Cincinnati Business Courier May 8, 2024 Updated May 8, 2024 7:10am EDT Eight years ago, Texas-based NewcrestImage LLC announced a $100 million plan to convert Fourth & Walnut Centre, a three-building office complex in the heart of downtown, to a mixed-use hotel. The project has lagged for nearly a decade, but both the city of Cincinnati and the developer, led by CEO Mehul Patel, are hoping to find a way forward. In an email, Patel noted through a spokesman that construction costs and financing have increased dramatically. MORE
August 7, 2024Aug 7 Scaffolding is going up around this building today, not sure why but hopefully that's a sign that something is happening
August 7, 2024Aug 7 1 hour ago, ucgrady said: Scaffolding is going up around this building today, not sure why but hopefully that's a sign that something is happening Sure hope so! Pulling for them to pull through on canopy (by Hilton) hotel plan. Looked up that brand and they have a really nice aesthetic.
August 8, 2024Aug 8 They secured financing today. https://local12.com/amp/news/local/nashville-developer-start-millions-project-downtown-cincinnati-hotel-kimpton-parkes-traction
August 8, 2024Aug 8 9 hours ago, lobanio0 said: They secured financing today. https://local12.com/amp/news/local/nashville-developer-start-millions-project-downtown-cincinnati-hotel-kimpton-parkes-traction That's the Traction building, which is becoming a Kimpton (and is also exciting that it's finally moving along) . I meant scaffolding was going up around 4th & Walnut a block south of that spot.
August 20, 2024Aug 20 https://www.bizjournals.com/cincinnati/news/2024/08/20/fourth-walnut-centre-downtown-hotel-residential.html Edited August 20, 2024Aug 20 by cblhaus
August 20, 2024Aug 20 6 minutes ago, anusthemenace said: Are we seeing progress on this project? I can't read the article. Maintenance only. They plan on applying for historic tax credits again in the future, but no timetable has been set aside from "they want to move forward" whatever that really means
August 20, 2024Aug 20 1 hour ago, ryanlammi said: Maintenance only. They plan on applying for historic tax credits again in the future, but no timetable has been set aside from "they want to move forward" whatever that really means Idk what is going to change from the previous tax credit requests. Not sure if they are expecting more money from the state this go around or what but yeah doesn’t sound like there’s a lot of urgency on this one. Edited August 20, 2024Aug 20 by cblhaus
August 22, 2024Aug 22 On 8/20/2024 at 4:25 PM, ryanlammi said: Maintenance only. They plan on applying for historic tax credits again in the future, but no timetable has been set aside from "they want to move forward" whatever that really means Plus they have lost both hospitality flags that were originally designated for this site. So who knows what the plans will be for this building.
September 10, 2024Sep 10 $174M Fourth & Walnut Centre project likely to get new city incentives By Chris Wetterich – Staff reporter and columnist, Cincinnati Business Courier Sep 10, 2024 A long-awaited rehabilitation of a major downtown Cincinnati building is in line for a new incentive deal, with City Council set to vote on the package this week. The owner of the Fourth & Walnut Centre, Texas-based NewcrestImage, plans a $174 million, 280-room luxury hotel, as well as a 244-space parking garage and 16 high-end apartments. That’s up from $67 million for the 2018 version of the project, underscoring the impact of inflation and the Covid-19 pandemic on construction financing. The 2018 version included nearly 350 rooms and a parking garage. NewcrestImage recently erected scaffolding around the building for routine maintenance, according to a spokesman. MORE
September 10, 2024Sep 10 1 hour ago, The_Cincinnati_Kid said: $174M Fourth & Walnut Centre project likely to get new city incentives By Chris Wetterich – Staff reporter and columnist, Cincinnati Business Courier Sep 10, 2024 A long-awaited rehabilitation of a major downtown Cincinnati building is in line for a new incentive deal, with City Council set to vote on the package this week. The owner of the Fourth & Walnut Centre, Texas-based NewcrestImage, plans a $174 million, 280-room luxury hotel, as well as a 244-space parking garage and 16 high-end apartments. That’s up from $67 million for the 2018 version of the project, underscoring the impact of inflation and the Covid-19 pandemic on construction financing. The 2018 version included nearly 350 rooms and a parking garage. NewcrestImage recently erected scaffolding around the building for routine maintenance, according to a spokesman. MORE This is one of those need to see it to believe it proposals
September 11, 2024Sep 11 6 hours ago, 646empire said: This is one of those need to see it to believe it proposals Your statement is right on the nose. Newcrest was a nightmare to work with pre-covid. Such a beautiful building and they just messed up every step of the way.
September 12, 2024Sep 12 On 9/10/2024 at 10:16 PM, savadams13 said: Your statement is right on the nose. Newcrest was a nightmare to work with pre-covid. Such a beautiful building and they just messed up every step of the way. They claim they have 80+ million committed in private along with 40 Mil of their own money but I hardly believe it. I wonder what hotel brand this would be. “The average night stay at the proposed hotel would be $298 per night. Rent for any of the 16, two-bedroom apartments would average $4,466 per month.” https://www.cincinnati.com/story/news/2024/09/12/one-of-cincinnatis-slowest-projects-back-on-with-102m-price-tag/75147032007/ Edited September 12, 2024Sep 12 by 646empire
December 16, 2024Dec 16 Texas developer gets crucial state funding for hotel conversion of Fourth & Walnut Centre By Brian Planalp – Staff reporter, Cincinnati Business Courier Dec 16, 2024 A large downtown Cincinnati adaptive reuse project converting an office building into a luxury hotel was the biggest winner in the latest round of Ohio’s Historic Tax Credit program. The $174.7 million redevelopment of the vacant former First National Bank building, currently known as Fourth & Walnut Centre, won $5 million in the award round announced Dec. 11. Texas-based NewcrestImage, which in 2016 purchased the 120-year-old building through Supreme Bright Cincinnati LLC, is planning to restore its historic features and turn it into a 280-room hotel, as well as a 244-space parking garage and 16 high-end apartments. MORE
December 16, 2024Dec 16 Hopeful this can get across the finish line, it would be a standout project for 4th street.
December 16, 2024Dec 16 On 9/12/2024 at 11:31 AM, 646empire said: They claim they have 80+ million committed in private along with 40 Mil of their own money but I hardly believe it. I wonder what hotel brand this would be. “The average night stay at the proposed hotel would be $298 per night. Rent for any of the 16, two-bedroom apartments would average $4,466 per month.” https://www.cincinnati.com/story/news/2024/09/12/one-of-cincinnatis-slowest-projects-back-on-with-102m-price-tag/75147032007/ Newcrest Image originally at the Hilton Garden Inn and Canopy by Hilton flags for downtown Cincinnati when this was originally proposed as a dual brand hotel. They missed deadlines and lost both flags, doesn't mean they can't try to get them back though...
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