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Carew Tower owner asks to extend negotiations, again

 

The current owner of Carew Tower has asked Hamilton County Common Pleas Court Judge Tom Heekin to extend the deadline for responding to a foreclosure lawsuit so it can continue negotiations with a potential buyer for one of Cincinnati’s most iconic buildings.

 

Carew Realty Inc. and Greg Power, the owner of the Carew Tower complex in downtown Cincinnati, have requested an extension of time to plead or otherwise respond to a lawsuit filed by Veles Partners LLC — a limited liability company based in New York City that filed a complaint in October 2021 in Hamilton County Court of Common Pleas for Carew Realty and Power defaulting on a $9.7 million loan, according to court documents. If the extension is granted, this would mark the eighth extension of time to respond to the complaint.

 

Carew Realty and Power are asking to move the extension up to and including Aug. 15. According to this week’s court filing, the plaintiff and defendants “continue in negotiations to resolve the matter and have entered a purchase and sale agreement with the closing date extended to August 15, 2022 that would resolve all issues in the litigation.”

 

More below:

https://www.bizjournals.com/cincinnati/news/2022/07/15/carew-tower-owner-asks-to-extend.html

 

carewtower*750xx2989-3985-0-0.jpg

"You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers

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  • Carew Tower wins $10M in Ohio historic tax credits for residential conversion   By Brian Planalp – Reporter, Cincinnati Business Courier Dec 21, 2023   Downtown Cincinnati’s i

  • There are a lot of massive buildings being developed right now in the downtown core.   Carew - 375 Apartments, 10 condo units Mercantile - 172 Apartments Fourth and Walnut - 280 Ro

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9 minutes ago, ColDayMan said:

Carew Tower owner asks to extend negotiations, again

 

The current owner of Carew Tower has asked Hamilton County Common Pleas Court Judge Tom Heekin to extend the deadline for responding to a foreclosure lawsuit so it can continue negotiations with a potential buyer for one of Cincinnati’s most iconic buildings.

 

Carew Realty Inc. and Greg Power, the owner of the Carew Tower complex in downtown Cincinnati, have requested an extension of time to plead or otherwise respond to a lawsuit filed by Veles Partners LLC — a limited liability company based in New York City that filed a complaint in October 2021 in Hamilton County Court of Common Pleas for Carew Realty and Power defaulting on a $9.7 million loan, according to court documents. If the extension is granted, this would mark the eighth extension of time to respond to the complaint.

 

Carew Realty and Power are asking to move the extension up to and including Aug. 15. According to this week’s court filing, the plaintiff and defendants “continue in negotiations to resolve the matter and have entered a purchase and sale agreement with the closing date extended to August 15, 2022 that would resolve all issues in the litigation.”

 

More below:

https://www.bizjournals.com/cincinnati/news/2022/07/15/carew-tower-owner-asks-to-extend.html

 

carewtower*750xx2989-3985-0-0.jpg


What a mess. On and On and On. 

  • 1 month later...
15 hours ago, stashua123 said:

I pray and hope they reopen the observation deck

If it becomes condos... then I doubt it. However if it is apartments and more importantly if the city has to step in for funding and/or tax abatement then hopefully they can attach some kind of provision to maintain public access to the roof since I think it's fair to say that the observation tower is a public asset.

17 hours ago, stashua123 said:

I pray and hope they reopen the observation deck

I doubt the observation deck will reopen. Prior to covid we were working on a new jump barrier design for the Warm family. To help mitigate people trying to commit suicide and lower insurance rates. Covid happened and they closed the observation deck, and decided to keep it closed. They have had too many incidence where people having made it their final jumping off point...

If the observation deck doesn't return, it would be nice to see it made into a rooftop bar similar to the Cocktail Terrace at 21c (which, as a side note, I think is also permanently closed).

17 minutes ago, taestell said:

If the observation deck doesn't return, it would be nice to see it made into a rooftop bar similar to the Cocktail Terrace at 21c (which, as a side note, I think is also permanently closed).

I don't know if this ever got built but here were the original plans for the top floors.

Carew Detail.jpg

Carew.jpg

I imagine the Carew Tower redevelopment will get a lot of discussion in the coming years. So I split this into a new topic. 

1 hour ago, savadams13 said:

I doubt the observation deck will reopen. Prior to covid we were working on a new jump barrier design for the Warm family. To help mitigate people trying to commit suicide and lower insurance rates. Covid happened and they closed the observation deck, and decided to keep it closed. They have had too many incidence where people having made it their final jumping off point...

Couldn't they just do curved fencing like the Empire State building? It was built the same year and is a similar style so we could just copy this.

image.png.ef9bcc1e2167c4995f48b056b3417a2b.png

 

Again if this project gets public money, I think the observation deck and the first floor arcade should be required to be maintained as publicly accessible spaces.

1 hour ago, mcmicken said:

I don't know if this ever got built but here were the original plans for the top floors.

 

Super cool!

42 minutes ago, ucgrady said:

Couldn't they just do curved fencing like the Empire State building? It was built the same year and is a similar style so we could just copy this.

image.png.ef9bcc1e2167c4995f48b056b3417a2b.png

 

Again if this project gets public money, I think the observation deck and the first floor arcade should be required to be maintained as publicly accessible spaces.

Early, off the record discussions with HCB they were adamantly against the chain link look for the observation deck. So we looked at developing a plexi-glass or even glass surround with new decking and elevate the experience. Then covid hit.

1 hour ago, ucgrady said:

Couldn't they just do curved fencing like the Empire State building? It was built the same year and is a similar style so we could just copy this.

image.png.ef9bcc1e2167c4995f48b056b3417a2b.png

 

Again if this project gets public money, I think the observation deck and the first floor arcade should be required to be maintained as publicly accessible spaces.

I dont see why the first 10 floors or so are still not suitable for office? Class B office downtown still would have some demand and there will always be a need for growing businesses in that sector.  The top floors which are much more narrow certainly fit condo/apartment.

44 minutes ago, savadams13 said:

Early, off the record discussions with HCB they were adamantly against the chain link look for the observation deck

I completely get that, which is why I showed the Empire State building deck. It's a super cool stainless steel art deco fencing that fits the building and doesn't just look like a chain link fence. Honestly glass might be cheaper at that point. 

  • 2 months later...

Carew Tower's Hilton Netherland Plaza Hotel facing foreclosure lawsuit

By Abby Miller  –  Reporter, Cincinnati Business Courier

Nov 15, 2022

 

The hotel that is part of Cincinnati’s iconic Carew Tower complex is the subject of a foreclosure complaint after other assets of the property faced a similar fate last year.

 

Wells Fargo Bank, in conjunction with Wilmington Trust, filed a foreclosure complaint Nov. 7 against Cincinnati Netherland Hotel LLC as trustees for the original loan. The two allege in the complaint, filed in Hamilton County Court of Common Pleas, the current owner owes just shy of $77 million after defaulting on a multimillion-dollar October 2019 loan.

 

Greg Power was the owner and operator of the Carew Tower complex, but recently sold the office tower and retail portion of Carew Tower. That sale put an end to another lawsuit Power was facing: a foreclosure lawsuit filed in October 2021 against Carew Realty and Power for defaulting on a $9.7 million loan, according to court documents. The claim was voluntarily dismissed by filer Veles Partners LLC on Aug. 18 when the tower’s office and retail portions were sold to an affiliate of Veles Partners.

 

MORE

2 hours ago, The_Cincinnati_Kid said:

Carew Tower's Hilton Netherland Plaza Hotel facing foreclosure lawsuit

By Abby Miller  –  Reporter, Cincinnati Business Courier

Nov 15, 2022

 

The hotel that is part of Cincinnati’s iconic Carew Tower complex is the subject of a foreclosure complaint after other assets of the property faced a similar fate last year.

 

Wells Fargo Bank, in conjunction with Wilmington Trust, filed a foreclosure complaint Nov. 7 against Cincinnati Netherland Hotel LLC as trustees for the original loan. The two allege in the complaint, filed in Hamilton County Court of Common Pleas, the current owner owes just shy of $77 million after defaulting on a multimillion-dollar October 2019 loan.

 

Greg Power was the owner and operator of the Carew Tower complex, but recently sold the office tower and retail portion of Carew Tower. That sale put an end to another lawsuit Power was facing: a foreclosure lawsuit filed in October 2021 against Carew Realty and Power for defaulting on a $9.7 million loan, according to court documents. The claim was voluntarily dismissed by filer Veles Partners LLC on Aug. 18 when the tower’s office and retail portions were sold to an affiliate of Veles Partners.

 

MORE

 

Scariest portion of this entire article is Hilton pulling the property off their reservations system. We really don't need another Millennium, Terrace Plaza Hotel situation in the city. 

Very interesting notes here in the meeting minutes of last weeks Downtown Resident's Council

 

Quote

Jackie then introduced Anoop Dave, CEO of Victrix Investments LLC, new owner of the Carew Tower. He was accompanied by city officials Anthony Cadle and Justin Halter. Anoop spoke highly of the city, the Vine Street corridor, and the Carew Tower’s central role in city history and residents’ memories. He said that the guiding principles for renovation and repurposing of old buildings are fun, food, and feeling safe. Purchase of the Tower closed in August. Victrix is now working through the historic registration process and the separation of the building’s HVAC, plumbing, etc. from the Netherland Plaza Hotel (which was not part of the purchase). The renovation project will make the Tower largely residential. In response to a question, Anoop said Victrix is working toward bringing the rooftop observation deck (currently closed) up to code so that it can be enjoyed again

Found here

http://www.ilivedowntown.com/drc-meetings-activities/

  • Author
3 hours ago, stashua123 said:

Anoop said Victrix is working toward bringing the rooftop observation deck (currently closed) up to code so that it can be enjoyed again

 

That's all that matters.

"You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers

  • 2 weeks later...

Court approves receiver for Hilton Cincinnati Netherland Plaza hotel

By Abby Miller  –  Reporter, Cincinnati Business Courier

Nov 29, 2022

 

The Hilton Cincinnati Netherland Plaza Hotel, a part of the Carew Tower complex, is now under the control of a court-appointed receiver, according to court filings.

 

John Gaydos of CNOH Associates LLC is the acting receiver of the hotel, which was hit with a foreclosure complaint earlier this November. As receiver, Gaydos will be tasked with collecting the hotel’s income and preserving the property, among other duties, after the order appointing him was entered Nov. 23.

 

The motion was heard by Magistrate Anita Berding the previous day.

 

Wells Fargo, in conjunction with Wilmington Bank Trust, filed a foreclosure complaint against Cincinnati Netherland Hotel LLC on Nov. 7 after the hotel’s owner allegedly defaulted on a multimillion-dollar loan. The owner now owes just shy of $77 million, according to the complaint.

 

MORE

  • 3 weeks later...
  • Author

Port lands $6.4 million in Ohio brownfield grants to help restore Carew Tower

 

The Port of Greater Cincinnati Development Authority has been awarded more than $6 million to help with the remediation and abatement of Carew Tower, as the iconic building could become home to residences.

 

On Dec. 16, Gov. Mike DeWine announced $88 million in state support for 123 brownfield remediation projects that will help clean up hazardous and underutilized sites throughout the state. The Ohio Department of Development is funding the awards through the Ohio Brownfield Remediation Program. The Port received more than $6.4 million to help with the cleanup, abatement and remediation of Carew Tower.

 

The Port applied for the funding on behalf Carew Tower’s owner, 441 Vine Street Owner LLC, an affiliate of Veles Partners LLC. Todd Castellini, vice president of public finance and industrial development for the Port, said it was a group effort to apply for the state funding.

 

“We were just trying to play the role of conduit for as many projects in our region as possible,” Castellini told me. “It’s going to help some really great projects become reality.”

 

More below:

https://www.bizjournals.com/cincinnati/news/2022/12/19/port-carew-tower-brownfield-grant.html

 

carewtower.jpg

"You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers

Would love to see the Carew Tower converted to residential. Those floor plates just seem better suited to residential than modern office needs.

2 minutes ago, jwulsin said:

Would love to see the Carew Tower converted to residential. Those floor plates just seem better suited to residential than modern office needs.

Just hope the new owners get it lit back up again, been very odd seeing it dark amongst the rest of the skyline the past couple months. 

49 minutes ago, savadams13 said:

Just hope the new owners get it lit back up again, been very odd seeing it dark amongst the rest of the skyline the past couple months. 

I love the view from Ftn Sq when Carew is lit up. Especially the lower levels. 

So this will be converted to all residential am I reading that right?

 

The question I have: Has the Carew Tower been empty for awhile, what office users were using it before or did the pandemic really hollow it out? I love it's turning to residential but I kind of worry where will office users go when we need more capacity now. I know overall this is good with these conversions of underutilized buildings, etc. so it's all great in that regards. But we are getting now too the PNC Tower converted to residential as well as the Terrace Plaza, a bunch of others.

 

Were all these buildings basically completely empty for awhile?

In general, when dated office is converted to residential at a rate that greatly reduces the overall office supply of office space in the market, that market typically adjusts by constructing new office space when needed. Places such as 180 Walnut will likely have a much better chance of getting built, with an anchor tenant or on spec, along with some possible other locations. Overall, it's a good thing as it brings new class A market space to the market when it's needed while also providing housing in the short term, which is also needed.

 

Similar things are happening in peer cities like Cleveland where nearly every dated office building has been converted to residential, and the end result is new office construction needed to absorb growth such as with the new Sherwin Williams HQ, the Earnst and Young office building, etc. These companies needed more space and there's a good case to build new rather than absorbing dated office space to pick up the slack.

 

Overall positive moves for mid size cities.

3 minutes ago, jmicha said:

In general, when dated office is converted to residential at a rate that greatly reduces the overall office supply of office space in the market, that market typically adjusts by constructing new office space when needed. Places such as 180 Walnut will likely have a much better chance of getting built, with an anchor tenant or on spec, along with some possible other locations. Overall, it's a good thing as it brings new class A market space to the market when it's needed while also providing housing in the short term, which is also needed.


Didn't the Foundry, the old Macy's store, get built out by 3CDC on spec and fully leased before it finished? It seems like everything will work out.

3 minutes ago, Dev said:


Didn't the Foundry, the old Macy's store, get built out by 3CDC on spec and fully leased before it finished? It seems like everything will work out.

Yeah 3CDC does a lot of small/mid sized office development on spec which is great. A variety of Class A office space outside of the CBD is nice to have as it gives options and helps activate more neighborhoods.

Just now, jmicha said:

Yeah 3CDC does a lot of small/mid sized office development on spec which is great. A variety of Class A office space outside of the CBD is nice to have as it gives options and helps activate more neighborhoods.


Yes, having such a massive concentration of white collar jobs in one area is not good for anyone.

1 hour ago, IAGuy39 said:

So this will be converted to all residential am I reading that right?

 

The question I have: Has the Carew Tower been empty for awhile, what office users were using it before or did the pandemic really hollow it out? I love it's turning to residential but I kind of worry where will office users go when we need more capacity now. I know overall this is good with these conversions of underutilized buildings, etc. so it's all great in that regards. But we are getting now too the PNC Tower converted to residential as well as the Terrace Plaza, a bunch of others.

 

Were all these buildings basically completely empty for awhile?

While buildings like the old PNC building and Carew have long outlived their usefulness as a pure office building, there are options for Class B that are being renovated all the time. Also, some of the 1980s builds are now considered class B and cater to those tenants now too so there is backfill. It certainly will allow new office towers to be built.  I am sure Western Southern is waiting to break ground on their new tower in the next few years along with the building at the Banks. These conversions certainly help with that.

 

I would be interested if they keep some office component on the lower levels of Carew. The upper floors just do not have the floorplates to support a modern office today, but the lower levels could still be used for functional office space (at least the first 10 floors)

19 hours ago, jmicha said:

In general, when dated office is converted to residential at a rate that greatly reduces the overall office supply of office space in the market, that market typically adjusts by constructing new office space when needed. Places such as 180 Walnut will likely have a much better chance of getting built, with an anchor tenant or on spec, along with some possible other locations. Overall, it's a good thing as it brings new class A market space to the market when it's needed while also providing housing in the short term, which is also needed.

 

Similar things are happening in peer cities like Cleveland where nearly every dated office building has been converted to residential, and the end result is new office construction needed to absorb growth such as with the new Sherwin Williams HQ, the Earnst and Young office building, etc. These companies needed more space and there's a good case to build new rather than absorbing dated office space to pick up the slack.

 

Overall positive moves for mid size cities.

 

Makes complete sense and I also agree it's positive move for Cincinnati, I wsa just trying to gain a bit more understanding of what is going on since I haven't been super informed over the last 3 years or so.

 

So for Cleveland you are saying they are ahead of Cincinnati right now on their downtown conversions? I know for Cincinnati with:

 

1.) Terrace Plaza

2.) Macy's Building

3.) PNC Tower

4.) Carew Tower

5.) Mercantile Library

6.) Tri-State Building

 

All 6 of these are set to be under construciton or currently under construction with only Tri-State Building being turned into Hotel and the rest are residential with some components of commercial space.

 

Does anyone know off hand how many units these will all yield and also, what other buildings are waiting for this to happen in the CBD?

 

I would think that 4th Street Corridor still has a ways to go before completely renovated but isn't Model Group doing a big grouping of buildings on W. 4th St now too?

^Terrace Plaza was a hotel/retail, never office, correct?

 

Cleveland has been a national leader in converting large downtown office buildings to residential during the past 15 years or so. Cincinnati had plenty of stock in Over-the-Rhine, so that trend was less prominent although it is/was happening there as well.

17 minutes ago, ink said:

^Terrace Plaza was a hotel/retail, never office, correct?

 

Cleveland has been a national leader in converting large downtown office buildings to residential during the past 15 years or so. Cincinnati had plenty of stock in Over-the-Rhine, so that trend was less prominent although it is/was happening there as well.

 

Correct on Terrace Plaza.

 

I knew Cleveland was doing tons of work in that area I had just figured it was similar to Cincinnati in that lots of large buildings in downtown were sitting underutilized, that's my fault! I've never been to Cleveland but would love to go some time in the near future. It's great to hear how well it's going there!

 

OTR definitely had a huge stock of buildings and still does. It's really filling out though but still has a long way to go. I still think the Vine Street section North of Liberty would be perfect for an offices area but will see how it turns out with the current markets. Lots of largish buildings on that corridor that would fit great with offices.

 

I wonder how much current building stock in terms of square footage is in Cincinnati CBD + OTR vs. Cleveland CBD. I would guess Cleveland is more just on size of metro areas. It's just good to see both Cities having a resurgence and hopefully it continues on.

More coverage on Carew Tower conversion.

 

Assuming this is all residential, someone here will have the highest apartment above ground level in Ohio. (The tower part of the Terminal Tower is offices - the apartments of that building are only up to the 15th floor.)

 

When is the last time I-71 turned a profit?

Heard from a reputable source that the guy who bought this and the Macy's HQ paid for both using all cash, and intends to redevelop the properties using all cash as well. Cincinnati is in the big leagues now, got that foreign laundered-cash-financing lol.

1 hour ago, dnymck said:

Cincinnati is in the big leagues now, got that foreign laundered-cash-financing lol.


Lol Love it!

Any thoughts on if the exterior lighting will make a comeback? I really miss seeing this building lit in it's art deco glory competing with all the colorful LED lit modern buildings at night but if it is going all residential I cant imagine the new tenants would want floodlights lighting up their rooms at night. Plus i imagine those exterior terraces would be needed for outdoor patios not full of electrical equipment Any thoughts or comparative buildings that have both residents and lighting to the extent that the Carew used to have? I'm sure moving to LED would be in the cards over the halogen spot lights of old no matter how much illumination they go with, but getting that former glow would be great. image.png.5978c315ae169b55eb19a6e3c6dc3073.png

^ would the whole thing go apartment or just the upper floors. I still thought the lower levels and large enough floorplates to be viable as class B/C office. 

 

If so, i assume you could light the lower portion of the building and then the very top of course (since the lights would go in the air. You could probably do some type of lighting design to create a minimal disruption for those living there but still highlight the building as a landmark and destination. 

4 hours ago, SleepyLeroy said:

Any thoughts on if the exterior lighting will make a comeback? I really miss seeing this building lit in it's art deco glory competing with all the colorful LED lit modern buildings at night but if it is going all residential I cant imagine the new tenants would want floodlights lighting up their rooms at night. Plus i imagine those exterior terraces would be needed for outdoor patios not full of electrical equipment Any thoughts or comparative buildings that have both residents and lighting to the extent that the Carew used to have? I'm sure moving to LED would be in the cards over the halogen spot lights of old no matter how much illumination they go with, but getting that former glow would be great. image.png.5978c315ae169b55eb19a6e3c6dc3073.png

Very much miss this lighting. To me, night lighting makes a city feel special. I have up lighting on my house all night long. To me its no issue in my bedrooms. My guests may disagree.

#BringBackCarewLights

 

We need a campaign "2 Light Carew"!

 

Sorry.

Edited by Rabbit Hash

  • 6 months later...

Carew Tower's application for Ohio Historic Preservation Tax Credits shows potential apartment future

By Abby Miller  –  Reporter, Cincinnati Business Courier

Jul 11, 2023

 

Carew Tower's application for Ohio Historic Preservation Tax Credits details its new owner's $143 million plan for the downtown icon.

 

MORE

The city needs to step in and help to maintain the observation deck. It might need elevator work or accessibility improvements and it will probably need a new railing, but that really needs to be included in any Carew redevelopment plans because otherwise it will go away forever. If aesthetics are the issue use glass like at the Hudson Yards obvservation deck. 

 

image.thumb.png.3d36c72381cbb56c2d0b5ab393b6ce72.png

1 hour ago, ucgrady said:

The city needs to step in and help to maintain the observation deck. It might need elevator work or accessibility improvements and it will probably need a new railing, but that really needs to be included in any Carew redevelopment plans because otherwise it will go away forever. If aesthetics are the issue use glass like at the Hudson Yards obvservation deck. 

 

image.thumb.png.3d36c72381cbb56c2d0b5ab393b6ce72.png

 

Before Covid our firm was brought into do an assessment/preliminary designs of the observation deck. I had no idea that so many had jumped off. Asked how come they werent reported in the news, they didnt want to entice copy cats. Everything you said is bascially an issue. The small elevator technically isnt ADA capable, and then there is the staircase up to the gift shop area and then more stairs onto the observation deck. In order for it to get credits or subsidies it needs to be made accessible. Which meant a new elevator shaft would need to penetrate upward through the roof and meet deck level and basically build a new structure around it to protect the opening from the elements. New roof and deck needed to be replaced, and a much higher barrier placed around the perimeter. For the small area it was a big price tag, considering you couldnt run a business like bar or restaurant up there and the gift shop/entry fees would barely meet the maintenance and upkeep cost. I hate to be the debbie downer but all signs point to it eventually becoming an amenity deck for the future residents of carew tower and not open to public.  

One block south a pool deck is being added to the roof deck of the Central Trust building, anything is possible with enough money which is why I'm saying the state historic credits and/or city money will probably be needed to make this happen. That being said, you are correct that you can't open a bar or restaurant but a $10 entrance fee and a little gift shop with minimal staffing means that it could still make some money. With the ferris wheel project dead and no other observation decks in town I just think the city and tourism bereau should step up to do what they can to allow it to open again. 

56 minutes ago, ucgrady said:

One block south a pool deck is being added to the roof deck of the Central Trust building, anything is possible with enough money which is why I'm saying the state historic credits and/or city money will probably be needed to make this happen. That being said, you are correct that you can't open a bar or restaurant but a $10 entrance fee and a little gift shop with minimal staffing means that it could still make some money. With the ferris wheel project dead and no other observation decks in town I just think the city and tourism bereau should step up to do what they can to allow it to open again. 


This sounds like a useful project to be funded by the TIF district with the caveat that it is open to the public

2 hours ago, Dev said:


This sounds like a useful project to be funded by the TIF district with the caveat that it is open to the public

 

Agreed. 

  • 2 months later...
  • Author

Carew Tower developer, gets $1.5 million credit line from the Port for remediation

 

Redevelopment of Carew Tower is inching closer to fruition as necessary remediation work continues on the landmark art deco skyscraper downtown.

 

The Port of Greater Cincinnati Development Authority Wednesday, Sept. 13, approved a line of credit up to $1.5 million for the developer backed by a $6.4 million Ohio Brownfield Remediation grant. Ohio Gov. Mike DeWine announced the award in December 2022, but it has not yet been disbursed.

 

The Port and the developer, New York City-based Victrix Investments, applied for and received the grant for asbestos abatement, demolition activities and roof replacement. 

 

Victrix will lend back $1.5 million to the Port on a revolving basis in anticipation of the receipt of the grant funds. The deal structure allows work to continue on the project before the grant comes in. 

 

More below:

https://www.bizjournals.com/cincinnati/news/2023/09/14/carew-tower-credit-line-cincinnati-port.html

 

carewtower.jpg

"You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers

Interesting quote I missed

Quote

Victrix has already sunk $6 million into the project, stipulated as part of the sale agreement, according to Phil Denning, the Port’s executive vice president. The work has included separating the hotel from the tower. 

“It just seems like it’s a real messy project,” Denning said. 

 

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