May 25, 20214 yr They are literally putting cookie cutter cheap apartments on top of a parking podium. Nothing special. I also guarantee the boring 4 story apartment buildings are the only things that ever get built. In ten years they'll throw up their hands and then finish out the development with more of them instead of anything remotely interesting.
May 25, 20214 yr I can see some office going here and being successful, if for no other reason than Newport has almost no class A office space outside of maybe the former Heinz building. Corporex would also love the ability to not just get a tax incentive bidding war between Cincy/Covington but could now encourage a three way fight with Newport in the mix. I expect some class A office, but I agree that the complete project is going to be a long long way off, I mean look at NotL, it still has a vacant hotel pad and vacant Imax building 20 years after it was built.
May 25, 20214 yr 4 hours ago, ucgrady said: I can see some office going here and being successful, if for no other reason than Newport has almost no class A office space outside of maybe the former Heinz building. Corporex would also love the ability to not just get a tax incentive bidding war between Cincy/Covington but could now encourage a three way fight with Newport in the mix. I expect some class A office, but I agree that the complete project is going to be a long long way off, I mean look at NotL, it still has a vacant hotel pad and vacant Imax building 20 years after it was built. Vacant Imax building?
May 25, 20214 yr 19 minutes ago, DEPACincy said: Vacant Imax building? Yes next to the aquarium, use to be just an IMAX theatre when Newport OTL opened.
May 25, 20214 yr 2 hours ago, savadams13 said: Yes next to the aquarium, use to be just an IMAX theatre when Newport OTL opened. Yeah, this always confused me. Just to clarify, @DEPACincy—NOTL had an IMAX theatre where @savadams13said, but this was before "IMAX" was a marketed technology in regular movie theaters. I.E. It was its own attraction showing specific IMAX films unrelated to the operation of the AMC theatre nearby. These days, the AMC theater (and most modern megaplexes) boast an IMAX screen/projector (or a screen capable of showing mainstream films filmed in contemporary IMAX (i.e. Avengers, etc.), not really sure what the technology breakdown is). AMC at the levee also advertises their current IMAX capability on the side of the building facing the river. The original IMAX theater at the Levee was a standalone attraction focused (I think) more on specialty films (similar to the Museum Center and Air Force Museum's attractions). If I recall, it was short-lived, but I remember a rerelease of the animated "Beauty and the Beast" film being advertised there in the early years. If I recall, there was once a proposal to make the shuttered, standalone IMAX theatre a performance hall for the Newport Symphony Orchestra, but nothing came of it.
May 25, 20214 yr Very plain looking venue. https://photos.citybeat.com/a-sneak-peek-inside-newports-forthcoming-live-music-venue-ovation/?slide=2&ovation-041321-valle-07190
May 26, 20214 yr 22 hours ago, Cincy513 said: Where is a vacant hotel pad at the levee? Right in front of the vacant IMax. The empty concrete slab facing the street.
August 12, 20213 yr Corporex to invest more than $180M in 18 months at Ovation project Corporex, the commercial development and investment firm based in Covington, is starting construction on the next two phases of Ovation, a 25-acre mixed-use development at the confluence of the Ohio and Licking rivers in Newport where development is expected to top $1 billion. The master developer of Ovation is working on Phase II, which consists of a hotel and office building, as well as Phase 3, which will include structured parking, for sale and for rent residential units, retail, entertainment, a grocery and an amenity club. In the next 18 months, Corporex’s investment in Ovation will total more than $180 million. Dan Sink, CEO of Corporex, said the firm decided to buy its steel package and move forward on the speculative office building so it can control when the building is delivered, especially now since it can be tough for developers to get steel for their projects. More below: https://www.bizjournals.com/cincinnati/news/2021/08/11/corporex-ovation-investment.html "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
August 12, 20213 yr 8 minutes ago, ColDayMan said: Corporex to invest more than $180M in 18 months at Ovation project Corporex, the commercial development and investment firm based in Covington, is starting construction on the next two phases of Ovation, a 25-acre mixed-use development at the confluence of the Ohio and Licking rivers in Newport where development is expected to top $1 billion. The master developer of Ovation is working on Phase II, which consists of a hotel and office building, as well as Phase 3, which will include structured parking, for sale and for rent residential units, retail, entertainment, a grocery and an amenity club. In the next 18 months, Corporex’s investment in Ovation will total more than $180 million. Dan Sink, CEO of Corporex, said the firm decided to buy its steel package and move forward on the speculative office building so it can control when the building is delivered, especially now since it can be tough for developers to get steel for their projects. More below: https://www.bizjournals.com/cincinnati/news/2021/08/11/corporex-ovation-investment.html Are there renderings of what W 3rd st. Will look like with the garage build out? Feel like it’s doing to be dark and uninviting with two large parking garages in both sides.
August 12, 20213 yr 11 hours ago, Ucgrad2015 said: Are there renderings of what W 3rd st. Will look like with the garage build out? Feel like it’s doing to be dark and uninviting with two large parking garages in both sides. The new configuration on W3rd feels very strange driving through it with the elevated parking garage so you cant really see 'into' the concert venue and the separated lane on each side. I think if other parking decks elevate the rest of the development it will definitely feel like you are driving through an uninviting gulley and all the activity is out of sight.
August 12, 20213 yr The more I look at the site plan the more confused I get. Why are the hotels next to the street and not retail and offices? Why would I business want to have a storefront on that narrow side street? Why give third street that separated lane for traffic when there won't be anything on the street level apart from valeted cars presumably?
August 12, 20213 yr 15 hours ago, ColDayMan said: Corporex to invest more than $180M in 18 months at Ovation project Sorry to double post but they added more renderings to the website. That whole block looks like it's going to be dead on street level on that side of third.
August 12, 20213 yr Its clear by the location of the retail and the fact that the pedestrian bridge was built first that they are treating the top of the levee level as the 'ground level' of the development and basically ignoring 3rd street. Much like Newport on the Levee treats the top of the levee as the ground plane.
August 12, 20213 yr 52 minutes ago, RealAdamP said: The more I look at the site plan the more confused I get. Why are the hotels next to the street and not retail and offices? Why would I business want to have a storefront on that narrow side street? Why give third street that separated lane for traffic when there won't be anything on the street level apart from valeted cars presumably? It's drive-to urbanism. The parking will likely be semi-public which will feed into the private internal streets, not the public ones.
August 12, 20213 yr 15 minutes ago, DEPACincy said: Looks like a lot of stuff built in Northern Virginia ...or Conshohocken... "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
August 12, 20213 yr Those Condo's looking out over the River towards downtown are going to be killer though. The apartments behind and above will also have great views. I think the Residential component will allow this whole development to be more durable/sustainable than Newport on the Levee. The connection between the two could use some improvement though. Right now you can walk along the levee, then have to go down the stairs, walk under the bridge, then back up the stairs to NOTL. Would be nice if you could stay at the level of the Levee and walk between the two.
August 12, 20213 yr I find it interesting how contrasting the architecture styles are across the river. I personally find the style of the ovation, and most of the buildings on the Kentucky side, to be an overgrown suburban office park look, while most new construction on the Cincinnati side is typical modern mid-rise look.
August 12, 20213 yr 1 hour ago, RealAdamP said: I personally find the style of the ovation, and most of the buildings on the Kentucky side, to be an overgrown suburban office park look. Yes, that's corporex. The Ascent is the exception in corporex's portfolio, but that notion seems to have been short-lived.
August 13, 20213 yr 14 hours ago, zsnyder said: Yes, that's corporex. The Ascent is the exception in corporex's portfolio, but that notion seems to have been short-lived. Right, Bill Butler "likes sloped roofs". That's literally the sole reason for the Rivercenter and Ovation skylines, one (rich old) guy likes his roofs sloped...
August 13, 20213 yr 15 hours ago, zsnyder said: Yes, that's corporex. Is there any other developer that does large projects on that side of the river besides Corporex?
August 13, 20213 yr 1 hour ago, RealAdamP said: Is there any other developer that does large projects on that side of the river besides Corporex? Nope, he has the deep pockets on the south side of the river. Look at all the development around the airport he did in the 90s along with Rivercenter. Only projects outside NKY are the large developments in Denver that they worked on when no one would work for/with Corporex after the Ascent fall out. Corporex also did Baldwin Center development in Walnut Hills/Mount Adams.
August 13, 20213 yr Not exactly the same scale, but Urban Sites is doing the renovation for the former Kenton County building into apartments. Glad to see them venturing out of OTR and taking on larger projects.
August 23, 20213 yr Newport approves hundreds of millions in bonds for Ovation The city of Newport approved hundreds of millions of dollars in bonds that will provide a boost to Ovation, the 25-acre mixed-use development at the confluence of the Ohio and Licking rivers. On Aug. 19, Newport City Commission approved $660 million in industrial revenue bonds for Ovation, a planned $1 billion development being developed by Corporex Cos. Tom Fromme, city manager of Newport, said the bonds will allow for the continued progress on Ovation, which just kicked off its second and third phases of development on the project. “Ovation is an exciting and monumental project that will forever change our city and enhance Newport as a hub of entertainment, business and first-class urban living," Fromme said in a news release. More below: https://www.bizjournals.com/cincinnati/news/2021/08/23/newport-approves-660-million-in-bonds-for-ovation.html "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
August 24, 20213 yr ^how do these “industrial revenue bonds” work? What is the interest rate and term? What happens if the project fails, and what happens if it succeeds? The article says “Industrial revenue bonds permit cities to provide funding for economic development projects without being responsible for repaying the loans.” I can’t tell if this is just sloppy journalism, or if somehow this magical financial instrument exists that allows for loans that never have to be paid back. How is a small city like Newport able to issue $660 million? I’m confused/concerned as this sounds like a risky situation of getting dangerously over-leveraged.
August 24, 20213 yr 17 minutes ago, jwulsin said: How is a small city like Newport able to issue $660 million? This was my first thought as well. I feel like sometimes people think Newport is much larger than it is due to it's riverfront prominence but it's less than half the size of Covington with only about 15,000 people. That's like the city of Ft. Thomas or Blue Ash getting a $660 million bond, which might be possible but it does seem really high. I don't know enough about how these kind of Public/Private Partnerships are funded but shouldn't Corporex be leveraging the debt and not the city of Newport since they are, you know, the developer? Maybe it's just because I don't trust Corporex but this story makes it seem like they are just getting free money.
August 24, 20213 yr Coporex is the borrower in this instance and responsible for bond payments at a lower tax repayment rate with bonds.Newport isnt responsible for bond repayment. 300 W. Broadway • Frankfort, KY 40601 | (800) 626-2930 • CED.ky.gov Just the Facts: Industrial Revenue Bonds (IRB) February 2020 Industrial Revenue Bonds (IRB) may be issued by state and local governments in Kentucky to help finance industrial buildings as defined by KRS 103.200. Bond funds may be used to finance the total project costs, including engineering, site preparation, land, buildings, machinery and equipment, and bond issuance costs. • Generally, the issuer serves as a conduit to provide a lower interest rate to the borrower, but the issuer is not obligated for debt repayment. Bondholders look to the “revenue” arising from the project to cover debt service. Bond proceeds from bond issues can be lent directly by the issuer. • KRS 103 also permits the issuer to hold title to the improvements financed with IRB proceeds. In this instance, the property owned by the issuer may be exempt from local property taxes during the duration of the bond issue. This property may also be eligible to be taxed at a reduced state rate of $0.015 per $100 of leasehold value, if such reduction receives the prior written approval by the Kentucky Economic Development Finance Authority (KEDFA) as required by KRS 103.210 and KRS 132.020. (See KEDFA operating procedures as it relates to this review process.) Any portions of such projects financed by private capital are subject to the full state and local property taxes applicable to private ownership. • Communities may negotiate for payments by industrial tenants to replace portions of local property taxes lost through public title to the property. These agreements are commonly referred to as Payment In Lieu of Tax (PILOT) agreements. Kentucky Private Activity Bond Allocation The Kentucky Private Activity Bond Allocation Committee (KPABAC) administers bonds regulated by the Internal Revenue Code. The Committee approves the issuance of industrial revenue bonds with tax-free interest earnings (to bond buyers) for qualifying projects within annual ceiling amounts authorized by the I.R.C. The Kentucky Finance & Administration Cabinet’s Office of Financial Management manages the KPABAC. Additional information can be found at: http://finance.ky.gov/services/ofm/Pages/KyPrivateActivityBondAllocationCommittee.aspx. Fees There is a $500 non-refundable application fee payable upon submission of an application for local issue IRBs seeking approval by KEDFA of the reduction in the state property tax rate. To learn more, contact: Katie Smith [email protected] Phone: (502) 782-1987
October 7, 20213 yr Luxury Residences Coming to Ovation Riverfront I hadn't expected the four story buildings to be condos, this is the biggest condo project I can think of since 2008 in the area. If the low rise in front are condos, I wonder if the ugly towers will be apartments or hotel or office. I also find it interesting that they already built the hotel/office pad, the pedestrian bridge and are now building the condos closest to the river, so the middle between the condos and the pedestrian bridge will be unfinished, which hopefully is motivation to keep going once the next phase is done. Not exactly a natural place to pause the site plan, which hopefully means after decades of delay this project will actually get finished.
October 7, 20213 yr 1 hour ago, ucgrady said: Luxury Residences Coming to Ovation Riverfront I hadn't expected the four story buildings to be condos, this is the biggest condo project I can think of since 2008 in the area. If the low rise in front are condos, I wonder if the ugly towers will be apartments or hotel or office. I also find it interesting that they already built the hotel/office pad, the pedestrian bridge and are now building the condos closest to the river, so the middle between the condos and the pedestrian bridge will be unfinished, which hopefully is motivation to keep going once the next phase is done. Not exactly a natural place to pause the site plan, which hopefully means after decades of delay this project will actually get finished. Lower floors with residential on top of them for the towers. I'd imagine they're running into delays or cost increases material wise for the towers. As for if it's condos or apartments, I think apartments make more sense. I'm sure they don't want to have to wait till the units are filled to pass the buildings off to a management company.
October 7, 20213 yr Not the best image, but good overview of the progress. Office building is topped out, they will start erecting the hotel behind it next, so they dont have to take down the crane. They been coring for awhile now for he new parking garage pad. Shame the smaller buildings will be built first along the river and not the taller/larger buildings.
October 8, 20213 yr the street level stuff I'll give a very reluctant pass, but those towers look like they were designed by somebody at TK Constructors.
October 8, 20213 yr i don't even care for this too much, but at least its not so gimmick-y with the monopoly house roofs. the building is very horizontal, keep the roofline horizontal. If they want to do something fun with the roof - why not do something that creates outdoor space and rooftop decks for residents...
October 8, 20213 yr 14 minutes ago, jack.c.amos said: Can you please email this to Corporex haha? attn Mark Bischoff.
October 8, 20213 yr 8 hours ago, zsnyder said: the street level stuff I'll give a very reluctant pass, but those towers look like they were designed by somebody at TK Constructors. Come on, what did TK ever do to you 😁? The towers looks like they were designed by a child using magnetic blocks:
October 8, 20213 yr 2 hours ago, jack.c.amos said: i don't even care for this too much, but at least its not so gimmick-y with the monopoly house roofs. the building is very horizontal, keep the roofline horizontal. If they want to do something fun with the roof - why not do something that creates outdoor space and rooftop decks for residents... still ugly, but through no fault of your own. it's a marked improvement.
October 8, 20213 yr 1 hour ago, zsnyder said: still ugly, but through no fault of your own. it's a marked improvement. i totally agree... UGLY and weird. i was only addressing the most blatant of insults with those roofs! there's a lot of things i would do different ...
November 3, 20213 yr 21 hours ago, zsnyder said: so no last minute redesign incoming... suburban houses in the sky it is. Bahahaha not from Corporex. Ugly cheap design is in the wheel house for them anymore.
November 4, 20213 yr Rjohnson... Are those alternatives you are proposing or they are proposing? The bottom one seems most appropriate.
November 4, 20213 yr the massing is just so uninspired...I don't think you can save it. If something has to stay, the 4 over 1s would be the best place to start do something interesting. As it is now, that rear bit is just big wall that kills a huge part of the view into Newport (or beyond) from downtown. Edited November 4, 20213 yr by zsnyder
November 22, 20213 yr Been traveling alot for work lately, looked outside another new crane has been erected. So that's three on the Ovation site now...
November 22, 20213 yr 1 hour ago, savadams13 said: Been traveling alot for work lately, looked outside another new crane has been erected. So that's three on the Ovation site now... Would the taller crane be roughly the height of the tallest building on site?
November 22, 20213 yr So who's going to win first? Ovation's construction or the Millennium Hotel's deconstruction? "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
November 22, 20213 yr 2 minutes ago, ColDayMan said: So who's going to win first? Ovation's construction or the Millennium Hotel's deconstruction? Ha! the Millennium is coming down really quick now, will have to walk over and take an updated site photo.
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