Yea, Mecklenborg your right.  Afterall, our riverfront truly is the most valuable undeveloped land in the midwest or even the country.  Hundreds of cities would kill for that much land at their doorstep.  I know it's taken eons for Cincy to build it, but maybe its perfect timing after all.  Maybe we weren't meant to have the Banks any sooner than what's happening now.  Funny thing is, after all this housing crisis, people are taking advantage of living in the city and what better time to build that then now.

September 22, 2008

 

The Banks eyes hotel, drops condos

http://news.cincinnati.com/apps/pbcs.dll/article?AID=/20080922/NEWS0108/309220036/1055/NEWS

 

By Jessica Brown

[email protected]

 

The Banks riverfront development is on time, under budget and may now include a hotel in its first phase instead of condos. Project manager John Deatrick told Hamilton County Commissioners this morning that one of the buildings which was originally planned to become condominiums is now being considered for a hotel instead.

what time tomorrow is the CC update?

^^Since when did the first phase of The Banks include condos?  I thought the first phase consisted of apartments only, and that condos would come later in terms of residential offerings.

I remember that too UncleRando. Maybe they have no clue what the banks is going to include.

I roughly remember them saying a mixture of condos and apartments were in the plan with the "possibility" of a hotel.  But hey if its being completely replaced by a hotel because noone is buying condos then so be it.  I'm just glad they'll have an official website up. 

I roughly remember them saying a mixture of condos and apartments were in the plan with the "possibility" of a hotel. But hey if its being completely replaced by a hotel because noone is buying condos then so be it. I'm just glad they'll have an official website up.

 

I agree, but I think that housing is a CRITICAL part of this project. Part of the reason Newport is doing so poorly is because it has identity problems and no residential component. A hotel is also critical, but I think condos are perhaps a bit more important than many people would like to think.

The large residential element, along with the location, is what makes this project so special.  The residential component will have an enormous impact on many different levels.  We're talking thousands of new residents being inserted directly into the urban core of our region.  No more would there be issues with whether or not business can do business after work hours.  There will be plenty of demand from that huge influx with the combined residential offerings in the CBD and OTR.

Definitely.  At least the apartments are going in and a lot of them:)  Newport and Convington both need some for of mass residential sections.  Ovation should help but thats indefinite.  The Banks will be absolutely huge for the cincy area...nky included. 

Apartment vacancy downtown is in the single digits, and there are 578 unsold properties in OTR/CBD according to the MLS.

 

I would think apartments are the way to go right now

Single digits? dang thats awesome but not surprising.  I wouldn't doubt that in the next few years, surface lots will be turning into apartment buildings for good infill.  But something seriously needs to be done in Broadway Commons.  A giant apt complex COULD be awesome.

If the crowd over by the Purple People Bridge can't get enough of their condos built, I don't see how these would fill up in the development either. If done right, the hotel and the apartments could be designed in a such a way that they transition quite easily into better uses . . . i.e., the apartments could be sold off as a condos when the market gets there and the hotel could transition to apartments. This should not be a convention style hotel, keep those closer to the convention center.

From what it sounds like, this hotel for phase 1 is the same hotel that was envisioned for a later phase closer to PBS.  So what this is doing is shifting the hotel from a later phase to an earlier one and the condos from an early phase to a later one.  Seems to make a lot of sense considering the market right now...and would probably end up resulting in the same number of residential units when it is all said and done.

Banks developers on hotel trail

http://cincinnati.bizjournals.com/cincinnati/stories/2008/09/22/daily7.html

 

Developers of the Banks riverfront project want to build a hotel where a condominium tower was previously planned, a shift that will require a modification of their development agreement.

 

“The condo market is extraordinarily flat right now but there’s big demand for a hotel,” said John Deatrick, who briefed Hamilton County Commissioners on the change Monday morning.

They are correct, the housing market is dead, so they really shouldn't be doing condos right now. The apartment part of the project is still in play, as far as I know. Doing a hotel instead is fine. I just hope that the ultimate housing mix comes out strong when the place is built out.

 

 

Stopped by today,  the holes are being dug pretty quickly.  Too bad there isn't a couple more cranes down there though. 

 

I  would never want to buy a condo at the banks,  smart move!

 

 

I would never want to buy a condo at the banks, smart move!

 

I'm curious as to why you wouldn't?

I'm also curious as to how this will affect One River Plaza and Edge.  Anyone hear about the sales of those places?  I think its awesome that a hotel would go up.  Great views right there.

Review board critiques Banks access design

http://cincinnati.bizjournals.com/cincinnati/stories/2008/09/22/daily23.html

 

Members of the city of Cincinnati’s Urban Design Review Board critiqued a design for a “head house” for the Banks riverfront development during a meeting Tuesday, with one saying the design looked a bit too much like a bug or crustacean. The head house is the access point for pedestrians to come up from an underground garage to the Banks’ street-level retail and residential development. A representative of DNK Architects unveiled the design to the board, which advises the city manager on whether developments conform with the city’s plans and vision.

well its encouraging to hear that they claim to have gone "more bold".  hopefully that doesnt mean every building is going to look like some sort of creature.  looking forward to seeing the latest and greatest.

I say blindfold somebody and pop 50 cents in the Skill-Crane.  Whatever stuffed animal they snag, make that the theme for the whole development.  If they get a cheap digital watch or jewelry, that would work fine too.

 

 

The bug thing is dissapointing.  I mentioned in a previous post that the element of Atlantic Station in ATL (I've been there a couple of times) that I liked the most is that they designed the street entrances to the underground parking garages to look similar to NYC subway entrances.  It looks pretty cool and gives the neighborhood a very urban feel, even if it is a bit contrived.  I guess they are going with a more modern design for the parking entrances at the Banks.  I think this is a mistake.  Modern buildings are great, but I think most infrastructure should be traditional.

 

I wonder if they decided to give the parking garage entrances a modern look in order to blend with the entrances to the transit center.

Here is the latest:

 

 

Wednesday, September 24, 2008 - 8:43 AM EDT

Commissioners to OK Banks expenditures

http://cincinnati.bizjournals.com/cincinnati/stories/2008/09/22/daily27.html

 

Business Courier of Cincinnati

 

Hamilton County Commissioners are expected to authorize a $6.1 million expenditure on Wednesday for the Banks riverfront development project, money that county officials expect will be reimbursed by the city of Cincinnati and two state loans that have yet to close. The spending resolution on the commissioners' agenda would provide cash to fund a $5.2 million contract with Richard Goettle Inc., which won a bidding competition to drill auger cast piles for a two-story garage that will serve as the foundation for apartments, retail and other developments in the project's first phase. The resolution also provides just over $900,000 to pay for consultants and cover the salary of John Deatrick, the project executive in charge of the Banks.

I wonder if they decided to give the parking garage entrances a modern look in order to blend with the entrances to the transit center.

 

I was just about to say the same thing.  I'm surprised that they aren't just using those as a template, so that it all looks like one big project.

As long as it doesn't look like old people designed it, I'll be happy.

I wonder if they decided to give the parking garage entrances a modern look in order to blend with the entrances to the transit center.

 

I was just about to say the same thing.  I'm surprised that they aren't just using those as a template, so that it all looks like one big project.

 

I would say as long as they appear to be in the same family they would have the same effect.  I think it would be pretty boring to have the same stair elements over and over again.  But a series of different light and glassy elements would be very interesting.

As for the hotel....(just putting my two cents in)

I'd like to see them go all out to get a top notch chain.(wouldn't we all).

The THOMPSON HOTEL CHAIN is one of the first that I thought of. There not in every city, therefore in a way setting Cincinnati apart from other cities. A design similar to two of there hotels (The Donovan House in Washington D.C. & The Smyth Tribeca in NYC)would fit in with the last design for 'The Banks'. The interior of these hotels are also a very nice modern/ contemporary style.

 

Here's a link to Thompson Hotels:

 

http://www.thompsonhotels.com/

 

Oh, that would be awesome.  But something tells me that the banks is not the right place...I think they're going for a more sports/midwestern shopping district.  Not quite haute couture enough for a Thompson.

 

Now, I do dream of OTR completely gentrifying and one of the smaller streets like Republic or some where in Pendleton turning into a center for fashion.  I know that's really difficult to imagine, but it's certainly not impossible. 

 

Now that we've converted this to the pipe dream thread, GO.....

^Hey you never know.  In 15 years we just might have a few high rise hotels in OTR because it's become a destination in itsself;)

^Hey you never know.  In 15 years we just might have a few high rise hotels in OTR because it's become a destination in itsself;)

 

I hope not.  Leave the highrises in the CBD and The Banks, and use the streetcar to access OTR.  It's number one asset is its historic architecture and charm, and I'd hate to see new high rises looming over it.

As for the hotel....(just putting my two cents in)

I'd like to see them go all out to get a top notch chain.(wouldn't we all).

The THOMPSON HOTEL CHAIN is one of the first that I thought of. There not in every city, therefore in a way setting Cincinnati apart from other cities. A design similar to two of there hotels (The Donovan House in Washington D.C. & The Smyth Tribeca in NYC)would fit in with the last design for 'The Banks'. The interior of these hotels are also a very nice modern/ contemporary style.

 

Here's a link to Thompson Hotels:

 

http://www.thompsonhotels.com/

 

 

I'd personally like to see a Ritz, 4 Seasons, or a W hotel.

^Hey you never know. In 15 years we just might have a few high rise hotels in OTR because it's become a destination in itsself;)

 

I hope not. Leave the highrises in the CBD and The Banks, and use the streetcar to access OTR. It's number one asset is its historic architecture and charm, and I'd hate to see new high rises looming over it.

 

I think high-rises would be perfect for Broadway Commons though. IF OTR is a huge success and creates a big demand for living there.

Oh, that would be awesome. But something tells me that the banks is not the right place...I think they're going for a more sports/midwestern shopping district. Not quite haute couture enough for a Thompson.

 

Now, I do dream of OTR completely gentrifying and one of the smaller streets like Republic or some where in Pendleton turning into a center for fashion. I know that's really difficult to imagine, but it's certainly not impossible.

 

Now that we've converted this to the pipe dream thread, GO.....

 

That would be nice. Our downtown clothing stores are too conservative/for older people. I don't know why people were all excited over us getting a Joseph Bank. That's pretty much all we have..a Jos. Bank, Hunt Club and next will probably be United Colors of Benetton or Esprit.

You forgot Brooks Brothers!  I'm only 30 and I love Brooks Brothers.

Oh, without a doubt.  The OTR Chamber needs to get into the business of controlling development.  If/when OTR takes off (I have nothing but hope) there are a ton of empty spaces that are going to be filled in.  The scale and design of ALL of those buildings needs to be regulated. 

 

The Third Ward is Milwaukee is a perfect example (sorry for bringing up Milwaukee on every thread...I just know it well)

 

The Third Ward is an old industrial area directly south of downtown (separated only by an elevated freeway) that was incredibly blighted two decades ago.  The city considered turning it into a "red light" district in an attempt to turn it around...but the neighborhood organization that was formed turned it a different direction.  The "Architectural Review Board" was formed in 1991 to make sure that all new development in the area fits the historic nature of the neighborhood.

 

The first catalytic project in the neighborhood was the relocation of the Milwaukee Institute of Art & Design (MIAD) to a renovated warehouse (sound familiar?)  Then came a few high end condos, then a few high end businesses, etc.  Within a decade, the neighborhood was being referred to as "Milwaukee's SoHo."  And it really is, there are boutiques on every corner, great restaurants, super high end condos, and a great public market (which is owned by the neighborhood association) 

 

 

 

 

There are some very clear similarities between the two neighborhoods...that's why I can completely see OTR changing for the better.

 

But is there any way we can shift this conversation over to some OTR thread?  Sorry...

Third Ward looks great. I wish I would have went there when I was in Milwaukee.

 

jdm - Not to knock on anyone's taste, its just that those places are very corporatey (and it makes sense, given downtown Cincinnati is very corporatey, especially in comparison to other cities) but if we had Diesel, Kenneth Cole, H&M, Lacoste, etc, downtown would have more of a 'neighborhood feel' and would certainly attract more young people. IMHO, I wouldn't even suggest having those retailers at the Banks. Having them occupy spaces on streets like 4th would be really effective in bringing in a lot of young residents. Unfortunately, retailers wait for the people to come first; not the other way around.

 

If The Banks is successful, I have no doubt that the majority of people living there will be older empty nesters (especially with the price points). Younger people are searching for affordable authenticity - what you find in OTR and downtown.

 

Edit: Okay, maybe not all of them, but that seems to be the trend!

No worries, David.  I agree we need some more variety clothing wise.  4th Street might be a good spot for it.  Or eventually in OTR... 

^

exactly! The banks will help retailers realize that cincy is a solid market, and hopefully 4th street will organically turn into  Cincy's Mich Ave.

 

I would love to see some of those type retailers. They would go a long way to help pollish up cincy's so called bad shopping.

 

In the business courier the other day they interviewed the CEO of macy's and he said that cincy isn't ready for  a bloomingdales because it is too conservative, but i feel like if they had in DT a lot of those rich young hyde park girls and indian hill girls would be taking daddy's credit card to Bloomy's.

 

Sorry if that sounds a bit contrived, but i know from experience that they do....

^That's the funniest thing I've heard in a while and so true hahaha.

They take daddy's credit card to Saks right now...so why not Bloomingdales?

The numbers just wouldn't work.  I've asked my friend who's an analyst at Macy's and right now there is just no way.

The former CEO said the same thing to me about 15 years ago: no Bloomingdales.

Operate/run a Bloomy's and everything else for that matter here.  This is your hometown...show some love.  Hell Easton would be nothing if it weren't for the hometown love that Cbus gets from what's his name that owns all of those stores.

Wish there was some sort of a counter to let us know how many holes have been drilled.  We should just hire a midget to hide down there and hand signal to us.

Wish there was some sort of a counter to let us know how many holes have been drilled.  We should just hire a midget to hide down there and hand signal to us.

 

The drill seems to rarely operate. There are 3 to 4 guys I can see now.  and a bobcat.  they were using a bobcat earlier this week....that said, I did see at least 10 guys working the other day.

 

I would say we're still at stage (-2000) and counting.

Wish there was some sort of a counter to let us know how many holes have been drilled. We should just hire a midget to hide down there and hand signal to us.

 

What are they drilling the holes for right now?  I was curious about that.  Are they pouring concrete in them? 

it's structural piling used to anchor the entire Banks project into the bedrock.  It keeps everything from sliding into the river.

Wish there was some sort of a counter to let us know how many holes have been drilled.  We should just hire a midget to hide down there and hand signal to us.

 

don't look now, but I think we're at Phase (-1,994) and counting! Progress, one 75 foot drill hole at a time.

check out the date in the lower corner, appears to have gotten a little mixed up.  All I can say is thank god this project wasn't being done in 1970, can you imagine the horrendous architecture?

Jesus Christ, what the fuck are they doing down there?  I thought they were moving full steam ahead with drilling the holes and they have one truck and a drill? Give me a break...this project is hardly moving at all.  They probably just put the truck down there to appease the masses.