From the 9/5/06 Kentucky Post:

 

 

Newport agency speeds efforts to replace housing

New development slated for low-income project

By Greg Paeth

Post staff reporter

 

Now that the City of Newport has a tentative agreement to redevelop the city's largest public housing project, the Newport Housing Authority plans to quicken its effort to replace that low-income housing.

 

The housing agency is closing in on the purchase of three properties along the north side of 13th Street near Central, and it wants to buy 10 to 15 more parcels there so new apartments or homes can be built, said Joseph Condit, executive director of the authority.

 

http://news.cincypost.com/apps/pbcs.dll/article?AID=/20060905/NEWS02/609050351/1011/RSS02

 

Plans accent river views

Ovation project to open access

BY SCOTT WARTMAN | ENQUIRER STAFF WRITER

 

NEWPORT - The Ohio River will play a large role in the development at the confluence of the Ohio and Licking rivers, Corporex executives told the City Commission on Tuesday.

 

The Corporex development, dubbed Ovation, will provide access to the river not seen in Newport since the floodwall was built, said Debra Vicchiarelli, company spokeswoman.

 

http://news.nky.com/apps/pbcs.dll/article?AID=/AB/20060906/NEWS0103/609060400

Corporex confident it will find Ovation tenants

 

By Luke E. Saladin

Post staff reporter

 

Developers of the new Ovation complex on the Newport waterfront say they don't figure they'll have any problem finding tenants, despite a wave a condominium development and an abundance of office space in Northern Kentucky.

 

In fact, said Tom Banta, executive vice president of Covington-based Corporex Co., the developer selected last week to develop 13.9 acres of Newport's western riverfront said a large employer recently was seeking 250,000 square feet of office space in Newport.

 

http://news.cincypost.com/apps/pbcs.dll/article?AID=/20060906/NEWS01/609060347

I think Corporex has a lot more invested in this. I don't think they can afford to bale out like they did with the Banks. That would be two major projects that they would fail to complete. That would hurt any business, I would think. I also think Bill Butler has better access to KY leaders. He probably has a few in his pocket already, ready to give him what he needs to get moving on this.

An editorial from the Cincinnati Post, some of the same good points made here are mentioned in the article....

 

Editorial: A grand opportunity  

If all goes according to plans announced this week, by this time next year construction cranes will be active on both shores of the Ohio River near its confluence with the Licking River.

 

The city of Newport on Thursday named the Covington-based Corporex Cos. as the lead developer for a 14-acre site that until recently was a low-rise public housing complex west of the Campbell County Courthouse. Meanwhile, officials in Cincinnati said they plan to announce a developer for the long-delayed Banks project within two weeks.

 

http://news.cincypost.com/apps/pbcs.dll/article?AID=/20060902/EDIT/609020317/1003

>The Corporex development in Covington - mostly large buildings on small sites - has created a canyon that cuts off the city from the river.

 

No, the flood walls and levees did, and there is nothing that can be done about that.  The IRS in Covington, while a large employer, is a major impediment to improvement of Covington's riverfront area.   

 

>But the Newport project should also be seen as a warning that any more holdups could be fatal to the Queen City's dreams.

 

That's like saying a vacant lot in midtown Manhattan will never be developed because there's a 40 floor building going up across the street.  The Banks project has been delayed primarily because of slow sales tax receipts due to the mini-recession in 2001-2002.  I recall sales tax receipts actually being ahead of schedule back around 1998, but revenue growth slowed and then flatlined just as Paul Brown Stadium was completed, along with the so-called PBS "overruns", which had a lot to do with the increased land acquisition demanded by the city in order to move the stadium west by a block and open up more central riverfront land for redevelopment.  We of course can revisit the absurd Bengals deal, which resulted in ridiculous indulgences like the adjacent practice fields.  If not for those practice fields, that giant warehouse and some of the Second St. businesses could have remained. 

 

I believe there is still a percentage of the sales tax revenue going to Cincinnati Public Schools, which of course is a money pit.  That pathetic yet effective ploy diverted something like 10% of revenues from the county-wide tax just to city schools, which of course is ridiculous.  When the tax is retired in 2026, you can bet that CPS will be whining for money to make up that shortfall.  The tax is currently generating something like $60 million annually, meaning that CPS is getting something around $5 million which since 1996 would have generated roughly $50 million, or enough to have gotten things underway.  Simultaneously, there was a property tax rollback which undermined Hamilton County's revenue, again as a political ploy, but it nevertheless is part of what got us to this point.  I still have a flier in my scraps from the campaign from 1996 which has the correct data, I'll dig it up sometime. 

 

So in short ten years later Cincinnati is paying for the sins of Bob Bendinghaus, who of course is now on the Bengals payroll.  Because nobody even remembers the CPS or the property tax rollback except for autodidacts like myself.  Passing a sales tax is all about emotion, and when people are swept up by emotion, why not raise the tax to .75 cent or a full penny with the promise that the debt will be paid off much quicker.  It's because a half cent sounds like nothing and it's a nice round figure whereas .55 cent or .62 cents makes people suspicious when in fact they should be more suspicious of round numbers!

 

 

 

 

 

I thought the property tax roll-backs were all city property taxes, not county property taxes...maybe I lost a step in there somewhere?

www.hamiltoncountyauditor.org/pdf/rotary_club_040104.pdf

 

Here, this rant from 2004 by The American Dream, Dusty Rhodes, helps explain things.  It's a PDF so you can't cut-and-paste.

 

That said Ovation has a long way to go, there could easily be well over $50 million in parking garages and site prep and frankly I don't understand why either it or The Banks need a master developer.  Why not put development rights for individual blocks and sections of the developments up for bid? 

frankly I don't understand why either it or The Banks need a master developer.  Why not put development rights for individual blocks and sections of the developments up for bid? 

 

This is the same thing that I have thought (figured it must have been a dumb ?...guess not)

^ I have thought the same thing.  I am worried that "The Banks" we get will not be "The Banks" we were promised per the original renderings that were absolutely beautiful.

I think there is a Banks thread.  Some of these post don't seem appropriate for this particular forum.  I think some readers get tired of trying to read about a certain topic and then have it digress to a debate.  To the point that some guy is diagraming his google map to prove that "See I told you cincinnati has more developements going on than Newport"

uuummm, i liked that map.  thought it was cool and informative. 

I think there is a Banks thread.  Some of these post don't seem appropriate for this particular forum.  I think some readers get tired of trying to read about a certain topic and then have it digress to a debate.  To the point that some guy is diagraming his google map to prove that "See I told you cincinnati has more developements going on than Newport"

 

Why yes I did post a map showing the current developments occuring on both sides of the river.  This is a forum that is open to free debate and discussion at the admins discrecion.  The conversation was discussing how many of the local media outlets portray Nky as a greener pasteur and that Cincy has nothing going for it.  I simply threw together a quick graphic to illustrate the reality over the perception that is portrayed by the local media.

 

IMO, that doesn't seem to far off topic, especially since that was where the disscussion had gone with this topic.  Of course there is not going to be non-stop news about all of the projects and issues that are disscussed on this forum.  Therefore, we do digress and discuss the issues at greater depth and how they relate to the whole scheme of things.

IMO, that doesn't seem to far off topic, especially since that was where the disscussion had gone with this topic.

 

Didn't seem off topic at all to me, and I dug the graphic...and forgot to thank you for putting it together and posting it - thank you!

I like the map too.  It was very informative and helped tie together just how the Cincinnati area is developing and specifically where these areas are located.  Often in the paper, they just give a written depiction of the development's location or maybe just a basic map.  All the major developments outlined in the same map make it so much easier to visualize how the city and it's surrounding areas are shaping up.  Not to mention stimulating the imagination to visualize how one development might effect another.

I think Newport has so much potential.  I think they have the potential to have it all.  An area with an absolutely incredible skyline view of Cincinnati, within Walking distance of downtown Cincinnati, locations for a great grocery store(IE. the old Thriftway), many beautiful historic houses(with yards), great schools and parks.    It has the potential to have the feel of an elite suburb while literally hugging downtown Cincinnati.

But unfortunately it doesn't have hardly any of these things. 

I think they should concentrate on improving education, arts, family, and pride in home ownership.  Not the bling bling of big box shopping, the Levy, and highrises catering to empty nesters and young professionals.  When you go through Dayton or Fort Thomas you can see so much more pride in their communities than in Newport.  Newport is a hole that has the potential to be incredible.  I think Ovation should have all their condos and townhomes have a least 3 bedrooms, so each would have the potential to house  a family, and a park incorporated into the developement.  One bedroom condos will never have a family in them. 

Well put Jeffb.

If you could get families int hose condos, that would really be great.  There is definitely a market for families in condos; they just need to have options.

Newport agrees on $800M deal

BY SCOTT WARTMAN | ENQUIRER STAFF WRITER

November 2, 2006

 

NEWPORT -The city of Newport announced Thursday morning it has reached an agreement with a Covington-based developer paving the way for an $800 million to $1 billion mixed-use development on Ohio River.

 

City Manager Tom Fromme said Newport and Corporex Cos. have agreed on the terms of a development agreement which the city will soon sign.

 

http://news.enquirer.com/apps/pbcs.dll/article?AID=/20061102/NEWS0103/311020016

It went from $600 million to now $800 million to $1 billion?  Pretty large swing.

I'd like to know how many of the potential buyers are from what side of the river, along with the South Shore and Ascent projects.  It would be interesting to see how many people NKY are "stealing" from the Cincy side. 

 

While the design certainly sucks, I personally think it could end up being a positive for the Banks and Downtown, in terms of future retail and entertainment.  When the retail and entertainment options start to prepare their market analysis, having another proposed 900 housing units within a half-mile of the site could be a big boost.  Although I am a little concerned with the oversaturation of condos in the area.  Maybe the Banks should capitalize more on the rental sector.  Recent trends have shown that younger people and recent college grads are buying at an older age now.  Which could help the Banks in attracting more youth, something that most of us agree that Downtown is lacking.

It went from $600 million to now $800 million to $1 billion?  Pretty large swing.

 

Inflation is killer  :wink:

 

We'll see about this "if all goes according to plan, construction could start in a year" shenanigans.

the title should be changed from $600M to $800M

The title should be without a price tag attached, I think most people know what the Ovation project in Newport is without the superfluous $600 million...mixed-use project.

While the design certainly sucks, I personally think it could end up being a positive for the Banks and Downtown, in terms of future retail and entertainment.  When the retail and entertainment options start to prepare their market analysis, having another proposed 900 housing units within a half-mile of the site could be a big boost.  Although I am a little concerned with the oversaturation of condos in the area.  Maybe the Banks should capitalize more on the rental sector.  Recent trends have shown that younger people and recent college grads are buying at an older age now.  Which could help the Banks in attracting more youth, something that most of us agree that Downtown is lacking.

 

A few things:  First, I definitely agree that the more people living in the basin area the better.  As for over-saturation, like I said earlier, don't look for this project to start as soon as the article hints that it will.  Corporex still has to find HUNDREDS OF MILLIONS of dollars in financing, and if some of this is going to be taxpayer supported, get ready to wait a while, as most government budgets are in at least two year cycles.  I don't know if the State of KY has been planning on backing this project for several years, but if they have not, then I doubt they have the resources just sitting around to back it at Newport and Corporex's beck and call.

 

I really hope to see this project succeed, but I am just trying to look at it in a realistic time and $$$$ frame.

A bit more info than the earlier article posting...

 

Newport OK's $800M deal

 

BY SCOTT WARTMAN AND JON NEWBERRY | ENQUIRER STAFF WRITER

 

NEWPORT - The Newport City Commission this morning approved a master development agreement with a partnership led by Corporex Cos. this morning to transform a 13-acre former public housing site into an $800 million riverfront community.

 

Corporex will pay Newport $13.5 million for the property, related long-term development rights, and certain city expenses. The mixed-use complex will be completed over 10-to-15 years, the company and the city said.

 

http://news.enquirer.com/apps/pbcs.dll/article?AID=/20061102/BIZ01/311020024/1001/BIZ

The complex, which will cost $200 million more than when initially proposed in late August, will be built atop underground parking garages that will raise it out of the Ohio River flood plain. The site is near the confluence of the Ohio and Licking rivers.

 

Well, this sentence says it all.  The cost has ballooned 33% or $200 million dollars since August!  As I said several pages ago, there was no due diligence done at the time and nobody had any idea how much this thing was going to cost.  Everyone was saying it was going to be way ahead of The Banks. Well with costs bouncing around like that, don't hold your breath and keep your eyes open for massive public subsidy.

regardless of how much it costs, if this gets done, it will be a big boost to downtown Cincy aS well.  getting that many more residents in walking distance will be a huge boost.  Hope this gets done.

Newport Ovation project: 6,700 jobs

BY MIKE RUTLEDGE | ENQUIRER STAFF REPORTER

November 17, 2006

 

NEWPORT – When the Ovation project is fully built near the confluence of the Ohio and Licking rivers, it will create an estimated 6,700 full-time jobs, either directly or indirectly, developer Corporex Cos. predicted Friday.

 

Those predictions were announced as the company began making its public arguments for state and federal assistance.

 

http://news.enquirer.com/apps/pbcs.dll/article?AID=/20061117/NEWS0103/311170021

already the renderings show an evolution of what it "could look like"  much much better than the original "entirely cheese grater" scheme.

Speeding of the proposed northward extension of Ky. 9 (also known as AA Highway) through Newport to connect with Ky. 8, and other major highway improvements;

 

Hmmm.  Now the 12th St. widening in Covington looks like a part of this scheme, look for a coverleaf to be built on the Newport side of the Licking River bridge and city blocks demolished for a mile north along its bank.  Or a new wide road one block in from the shore so that property values on the remaining strip plummet and Butler can buy them up for cheap.     

Here comes the hornets nest....

 

Corporex to seek tax breaks

 

By Greg Paeth

Post staff reporter

 

Covington-based developer Corporex Co. wants to line up as much public money and public support as it can for its $800 million development on the Newport riverfront, officials said Friday.

 

Two weeks ago, Corporex bought a 13.9-acre site from Newport and its housing authority for $13.5 million in preparation to put together a residential, retail and office development called Ovation where the Licking River meets the Ohio.

 

http://news.cincypost.com/apps/pbcs.dll/article?AID=/20061118/NEWS02/611180337

^This is much more realistic for a company like Corporex then the hype that was sold earlier this year.

already the renderings show an evolution of what it "could look like"  much much better than the original "entirely cheese grater" scheme.

 

It is still a FAR way from attractive though.

^ you can tell that by looking at a rendering view from a mile away?  your eyes must be a lot better than mine.  they only thing that matters at this point is that the scale doesnt overwealm (which it does) and that it integrates well with the existing city fabric (which there is no use in talking about until its finished).  my point was not that these conceptual buildings are attractive, because that is impossible to tell and the finished product will be far from what is represented, but rather that corporex has sensibly moved away from a concept was overwealmingly boring. 

Are these new renderings located on the web somewhere?

This article is from November 4, but I didn't see it posted.  It raises some interesting points.  Perhaps a lot of these projects are getting approved so easily becuase corners are getting cut.

 

 

Former manager: Why rush?

Ciafardini says public being excluded

BY MIKE RUTLEDGE | ENQUIRER STAFF WRITER

 

NEWPORT - Newport city officials announced details of the proposed $800 million Ovation development Thursday - hours after they authorized its development agreement.

 

That left no time for public input on the deal's details, said former City Manager Phil Ciafardini, who was pushed out of the Newport job in October 2005. He criticized the timing. "The public is being shut out of these issues, and it's pretty blatant," he said.

 

http://news.nky.com/apps/pbcs.dll/article?AID=/AB/20061104/NEWS0103/611040389

 

Absorption levels due to stagnant job creation are pretty crappy already, so unless Butler is going to rope in new retail and bring in another Toyota this project will probably look significantly different than what's envisioned, probably a little less Miami and more big box.  I kid.

Ovation's benefits pitched

 

By Greg Paeth

Post staff reporter

 

Covington-based developer Corporex plans to push the 2007 session of the Kentucky legislature for changes to the state's tax increment financing law and for a grant for a parking garage, two things it says it needs to get its $800 million riverfront project in Newport built as planned.

 

Two key parts of the pitch will be the project's economic benefits and its power to change the region's image by creating a new central gathering place in Northern Kentucky's urban core.

 

http://news.cincypost.com/apps/pbcs.dll/article?AID=/20061207/NEWS01/612070369

LAND CLEARED FOR OVATION

 

Meanwhile, land has been cleared for the $800 million commercial and residential development dubbed Ovation on Newport's riverfront.

 

Corporex bought the property from Newport for almost $14 million on Nov. 30, said Debbie Vicchiarelli, Corporex spokeswoman.

 

http://news.nky.com/apps/pbcs.dll/article?AID=/AB/20061221/NEWS0103/612210393

We are extremely committed to Northern Kentucky. We think Ovation is the right thing for Northern Kentucky. To realize the full potential, we need the help of the state.

 

If only the same could be said about developers to Cincy...what a crock!

$800M Newport project coming

Developer wants state funding

CINCINNATI POST

December 22, 2006

 

NEWPORT - In just two weeks, a public housing complex that spanned 14 acres of Newport, Ky.'s riverfront will be history.

 

Newport City Manager Tom Fromme said he expects demolition crews on Jan. 1 to be finished with the six-month-long process of tearing down the complex, making way for a proposed $800 million retail, office and condo project called Ovation.

 

http://news.cincypost.com/apps/pbcs.dll/article?AID=/20061222/NEWS01/612220367

This opinion piece makes some great points towards the bottom of the page!

 

 

An ambitious project

 

 

Along with a lot of people in Northern Kentucky, we're excited about the promise of what has been dubbed the Ovation project along the Newport riverfront.

 

The Covington-based Corporex Cos. recently purchased 13.9 acres for what it says will be an $800 million project - and which might eventually grow to a total of 30 acres with an even larger private investment. If all goes as planned, land that until recently held a public housing project will someday sport condos, retail shops, banks, medical offices, restaurants and office towers, along with such amenities as public parkland, a hike/bike trail and a pedestrian bridge across the Licking River.

 

http://news.cincypost.com/apps/pbcs.dll/article?AID=/20061221/EDIT/612210303/1003

^NKY and the entire regions top priority should be getting a hold on CVG.  Bill's throwing his weight around and he'll probably get his way over there since he owns that slice of the region.

Corporex offers Newport update

LUKE E. SALADIN / CINCINNATI POST

January 22, 2007

 

NEWPORT - Will taxes go up? Where will new roads be located? What will be done to improve the surrounding neighborhood?

 

Those are just a few of the questions residents are expected to ask Corporex Cos. officials at a public update session Tuesday regarding Ovation, a planned commercial, retail and residential development along Newport's riverfront.

 

http://news.cincypost.com/apps/pbcs.dll/article?AID=/20070122/NEWS01/701220383

Ovation on display in Newport

Developer answers crowd's questions about huge project

BY SCOTT WARTMAN | [email protected]

 

NEWPORT - No matter where they live in the city, residents say they know Ovation, the $800 million to $1 billion residential/commercial development, will affect them. The questions they had for the developer, Covington-based Corporex, Tuesday night centered on how.

 

Optimism was mixed with concern among the 60 to 80 residents who went to New Hope Christian Center to hear about the large development planned for the junction of the Licking and Ohio rivers.

 

http://news.nky.com/apps/pbcs.dll/article?AID=/AB/20070124/NEWS0103/701240383

This article only serves to reiterate my comments made before; that this project is well behind the Banks and is going to have to go through the same BS looking for $$$$ that The Banks has gone through.  Again, these State budgets are done at least two years in advance, and most projects never get the entire amount they apply for in the budget.

 

Corporex says Ovation needs a hand

 

By Joe Wessels

Post contributor

 

Corporex Cos. is going to need Kentucky tax dollars to make a go of its Ovation project in Newport and would like the public to help make the pitch.

 

Debbie Vicchiarelli, Corporex's chief marketing officer, said Northern Kentuckians get back less than half the tax dollars paid to the state.

 

http://news.cincypost.com/apps/pbcs.dll/article?AID=/20070124/NEWS01/701240377

I am very distrustful of Corporex

I guess the ideas of Corbu haven't been as completely discredited as I thought. This place looks brutal.

This while project has a kind of a "pie-in-the-sky" aspect about it, but prehaps it will happen. The name sounds like a brand of salad dressing.