Here is a re-post of some articles regarding NOTL's payments in lieu of taxes and financial performance.....

 

 

Complex hasn't paid its tab

Post staff report

 

Newport on the Levee has the look of success.

 

Its multi-screen movie theater packs the house. Its restaurants typically have waits for seating. Its aquarium keeps adding attractions, from penguins to green-naped lorikeets. Its bookstore draws a throng of browsers and buyers.

Thanks for a re-post of those articles.  They both sound alarmist at first but soften on their negativity towards the end.

 

Even if NOTL has never paid a dime in taxes to Newport, the effect it has had on property values has got to be astronomical.  Newport historic district is an absolutely fantastic neighborhood which probably would not have seen such a sharp increase in property value if it weren't for NOTL.

 

My biggest beef with the project, or really w/ the city of Newport, is that they have yet to make Monmouth a 2-way street, or at least reversed its direction. People who come to NOTL might want to explore Newport, but not being able to take a south turn on Monmouth makes that very difficult for non locals. Monmouth is doing fine, but I wonder what it would look like if it one could navigate north to south.

It was not a good sign when NOTL didn't fill up all of their retail space when they initially opened.  There is that prime spot right next to Barnes and Noble that has never been occupied.  Shortly after the opening IMAX closed down and there has been continued news like what The_Cincinnati-Kid posted above.

 

For a place that is this new, and virtually has no competition, in the urban core, it is not a good sign that things aren't booming there with expansions being announced left and right.  Once again I blame this on the lack of any daytime traffic.  Something that could have been solved by actually making the development a mixed-use project that included some office and especially residential.  I don't know why they avoided this and went after a solely retail venue, but they did and they're now paying for it.

Even if NOTL has never paid a dime in taxes to Newport, the effect it has had on property values has got to be astronomical.  Newport historic district is an absolutely fantastic neighborhood which probably would not have seen such a sharp increase in property value if it weren't for NOTL.

 

I totally agree with this.  I remember what Newport was like before NOTL, and the difference is staggering.  How much of that can be attributed to NOTL is debatable, but the city of Newport is certainly better off now than it was 10-15 years ago, with or without NOTL tax dollars.

 

 

My biggest beef with the project, or really w/ the city of Newport, is that they have yet to make Monmouth a 2-way street, or at least reversed its direction. People who come to NOTL might want to explore Newport, but not being able to take a south turn on Monmouth makes that very difficult for non locals. Monmouth is doing fine, but I wonder what it would look like if it one could navigate north to south.

 

I've often had similar thoughts.  I think though, that maybe they just need to focus on better connecting Monmouth with York Street, and having that pair act as the main North/South arteries in Newport.  As it stands, there's almost nothing on York Street, so it's very forgettable.  The city is doing a great job with revitaling Monmouth, if they can just shift that over to York, that may address the problem.

 

Shortly after the opening IMAX closed down and there has been continued news like what The_Cincinnati-Kid posted above.

 

If I remember correctly, there was something funny about the IMAX.  Either the owner was crooked or the financing was.  I remember hearing some about how the projector was repossessed, effectively shutting the place down.  I always thought it was a shame that AMC didn't just pony up the cash to buy the place, since it was essentially brand new and was the only IMAX in the area.

>Even if NOTL has never paid a dime in taxes to Newport, the effect it has had on property values has got to be astronomical.

 

...enough to cause nearby property owners to tear down their buildings for parking?  Honestly folks, what besides Hoffbrauhaus, the L&N pedestrian conversion, and the various demos for parking has happened in Newport in the last 7 years?  The Southgate House is still there, as is Big Daddy's Liquor, as is White Castle, as is the disastrous undeveloped Millenium Bell block.  Where are all these wondrous NOTL spin-offs? 

 

There is no reason to compare NOTL and The Banks because the banks is an extension of a dominant business district whereas NOTL is an island that required suburban tropes to lure them in.  I think a large movie theater alone on the Cincinnati side will be the end of NOTL. 

Wow, I had the impression it wasn't meeting expectations, but this sentence was something I did not expect:

 

"Still, the Levee is among San Diego-based Price Legacy Corp.'s worst-performing investments, according to documents filed by the real estate investment trust with the U.S. Securities and Exchange Commission."

 

Tropicana closed because it was being sued. That's not NOTL fault.

 

Tropicana closed because it was losing money.  The lawsuit gave Ruby a chance to put his spin on bowing out of an unprofitable venture without having to admit that that one of his restaurants was struggling financially.  He was paying a lot of money for that space and wasn't doing steady enough business during the week. 

Maybe Ovation can help NOTL

>Even if NOTL has never paid a dime in taxes to Newport, the effect it has had on property values has got to be astronomical.

 

...enough to cause nearby property owners to tear down their buildings for parking?  Honestly folks, what besides Hoffbrauhaus, the L&N pedestrian conversion, and the various demos for parking has happened in Newport in the last 7 years?  The Southgate House is still there, as is Big Daddy's Liquor, as is White Castle, as is the disastrous undeveloped Millenium Bell block.  Where are all these wondrous NOTL spin-offs? 

 

Are you familiar with property values in Newport?  They've increased steadily for years now, even during the current "housing crisis".  Houses that were once nearly worthless are routinely selling for $100k+, and others are much higher.  The East Row neighborhood has seen a huge amount of rehabs in the last several years.  It's almost impossible to walk down a street on the East side of Newport without encountering scaffolding or a dumpster containing debris from a rehab.  There is also infill housing being constructed within walking distance of NOTL on Saratoga and Roberts Streets. 

 

I'm not sure what you mean by "NOTL spin-offs", but I'd suggest you take a walk down Monmouth Street sometime.  New shops and restaurants are opening there all the time, including but not limited to Steamboat Bagels, Mokka, Jerzee's, Graeter's, and Cityside.  Yes, the surface lot on the Millenium Bell block is a ridculous misuse of space, but it's owned by a private citizen, not the city, so there's not much they can do about that. 

 

Is Newport perfect?  No.  Does it have a long way to go?  Obviously.  But it has come a long way in recent years, and NOTL has really helped change the public perception of Newport from being a seedy town filled with strip clubs and prostitution to being an entertainment venue with historic housing stock.  Perception is everything when you're trying to turn a neighborhood around.  This isn't something that can happen overnight, and Newport is just in the early stages of its turnaround.  For example, the west side of Newport has hardly seen any of the rehabs that the east side has enjoyed.  Time will tell if this spreads or not.  If NOTL does go under, this will be disastrous for Newport as a whole.

I agree that NOTL has certainly changed the perception of Newport...but I think that change in perception will remain regardless of the success or failure of NOTL from here on out.  NOTL has already done its job in changing perceptions.  It's not like people are going to go back to thinking of Newport as this strip club, prostitution, mob-type area just because NOTL struggles.

 

I ultimately think that even if NOTL starts to really fail, you will still see positive things happen in Newport thanks to the changed perception.  The housing stock is great, it has an amazing proximity to Downtown, and it is right on the river.  This is a good thing for Newport as it deserves quality development/redevelopment.  I'm just not sure how NOTL fits into that picture.

^ True, but my biggest nightmare is a Crestview Hills Mall type failure, where every storefront is empty and the building is filled with "mall walkers" only.  That would be my definition of disastrous.

Wait, hasn't Crestview been redeveloped? Or has that already failed too?

No, it was redeveloped, and from all appearances quite successfully, even if it is just a Rookwood Commons clone.  But it sat empty for almost 20 years before it got to that point.  Well... unless you count Waldenbooks and Orange Julius.

Panera Bread's Crestview Hills location is the best performing store in the Cincinnati-Dayton area.

I think that Panera's success is based heavily on my relations' going there, but to return to our earlier discussion of NOTL as a Festival Marketplace, in some cities that Festival Marketplace kicked started the renaissance and while they eventually outlive their usefulness that had a part to play at a moment. I think this will probably be NOTL narrative.

This discussion reminds me of the recent political debates over whether the 'Surge' allowed for the Anbar awakening to happen...or if the two, coupled together, made the difference.

This discussion reminds me of the recent political debates over whether the 'Surge' allowed for the Anbar awakening to happen...or if the two, coupled together, made the difference.

 

Are you comparing NKY to Iraq?  :wink:

 

I thought I saw a TANK bus get taken out by an IED the other day....

Levee lands Calico Jack’s, nears deal to add hotel

http://cincinnati.bizjournals.com/cincinnati/stories/2008/10/27/story7.html

 

Newport on the Levee is working to fill two highly visible locations that are currently empty: the former sites of the Tropicana restaurant and the Imax movie theater.

 

Newport on the Levee has landed a New York restaurant group and is in advanced discussions with a hotel company to fill two of the most high-profile locations at the entertainment complex.

At the same time, the Levee is in advanced discussions with a hotel group to open a 150-room-and-suite location at the former Imax site, an ongoing goal since the center attracts many out-of-town visitors.

 

If they are saying out of town visitors in town for something else, then OK.  But don't tell me people come in from out of town specifically to see a half empty mall.

 

 

“Our restaurant entertainment venues do very well and typically have higher-than-average sales per square foot,” Prows said. “We don’t plan to add restaurants for the sake of adding restaurants. Our goal is to position ourselves as a place to come.”

I know there are several stable restaurants that have been around since the opening, but hasn't there also been an incredible amount of turnover on the restaurant side?

I think this is good news.  The more entertainment venues in the center city area the better.

The more Caribbean places the better.

Funny Bone to reopen in new Levee space

http://cincinnati.bizjournals.com/cincinnati/stories/2008/11/10/daily51.html

 

Funny Bone Comedy Club said it will reopen Nov. 21 in a larger space at Newport on the Levee, with comedian Kevin Nealon as the headliner.

 

The comedy club will occupy a space on the entertainment venue’s Riverwalk level. It had previously been located on the upper level. Funny Bone has been closed for the past four weeks, while equipment and fixtures were moved to the new site, a spokeswoman said.

AMC at Levee gets Imax

By Scott Wartman • [email protected] • April 2, 2009

http://news.cincinnati.com/article/20090402/NEWS0103/304020079

 

NEWPORT- Newport on the Levee will once again have an Imax theater, but this time in the AMC movie theater.

 

The AMC Newport 20 is converting one of its largest theaters into an Imax screen in preparation for a May 8 opening with the new "Star Trek" movie.

^ That closed IMAX theater looks like ass.

Didn't work before...so why not try it again in a worse economy and business climate at NOTL?

Because AMC is a reputable company that is making money at their NOTL location, as opposed to NOTL's prior IMAX foray, which was plagued with questionable financing?  Not sure, but I always got the impression that the first IMAX was a pretty fly by night operation.

Didn't work before...so why not try it again in a worse economy and business climate at NOTL?

 

This is completely different. It's one thing to dedicate an entire facility to IMAX movies, quite another to convert one theater. I'm sure the hordes of trekies who will be camping out for weeks to see the new Star Trek in IMAX will practically pay for the conversion themselves.

Didn't work before...so why not try it again in a worse economy and business climate at NOTL?

 

This is completely different. It's one thing to dedicate an entire facility to IMAX movies, quite another to convert one theater. I'm sure the hordes of trekies who will be camping out for weeks to see the new Star Trek in IMAX will practically pay for the conversion themselves.

 

Hey! I'm one of those people who'll be glad to see the new Star Trek movie in IMAX... though I won't be camping out... :-)

I'll be happy to see a true IMAX come to the region, unlike the faux IMAX at Museum Center...

The one at the Museum Center was an OMNIMAX, not an IMAX. The technology is by the same company, but it's actually a step above a typical IMAX because the screen wraps around you. (The filming process is different, though, so it's unlikely you'll see feature movies in an OMNIMAX theater.)

 

EDIT: I took the time to read up on the Wikipedia article about IMAX. There's an interesting note about IMAX making a deal with the AMC theater chain to begin using IMAX Digital projectors. IMAX Digital lacks the same resolution as a "true" 70mm IMAX film format even though both formats are marketed under the IMAX brand name. I'm guessing the new IMAX theater at NOTL will be of the Digital format.

 

I haven't actually been to NOTL yet, so I'm unfamiliar with the layout of the space... Is there a reason AMC can't simply take over operation of the existing IMAX theater?

The one at the Museum Center was an OmniMAX, not an IMAX. The technology is by the same company, but it's actually a step above a typical IMAX.

 

Agreed... while IMAX is just big, OmniMAX is ridiculously realistic and life-like AND big. I've gotten nauseous from the OmniMAX if they show clips taken from a helicopter.

I haven't actually been to NOTL yet, so I'm unfamiliar with the layout of the space... Is there a reason AMC can't simply take over operation of the existing IMAX theater?

The two spaces are physically separate from one another:

 

Google map of IMAX vs AMC

 

I guess they could, but it's not exactly like the US taking over British Columbia - more like us taking over Labrador...

 

 

Gotcha... I guess there's no reason they couldn't take it over, but they'd have to hire extra staff and run it as a separate operation.

Gotcha... I guess there's no reason they couldn't take it over, but they'd have to hire extra staff and run it as a separate operation.

 

There's also no projector in the IMAX theater anymore.  It was repo'd a couple of years back so they'd still have to put a new projector in there.  Interesting note about IMAX 70MM vs Digital.  I'd never heard that.  I wonder if the difference will be noticeable.  I certainly hope not.

 

If I'm not mistaken, the old IMAX theater is marked for demolition as well.  There's a company that has been talking about adding a hotel to NOTL for some years now.  So it's possible that AMC couldn't have the old theater, even if they wanted it.  Too bad though.  I remember thinking it was a pretty cool theater way back when.

I can guarantee that traditional IMAX has better *contrast* than digital, and that's more important to the perception of quality than resolution.  That said, shooting with IMAX versus 35mm costs maybe 10X as much, that's why the movies themselves are short and suck.  They can't afford to take chances when they're eating up thousands of dollars of film per minute.  I haven't been to one in at least 10 years but the documentaries always jumped around semi-incoherently. 

There's already IMAX at the Springdale and Florence locations of Showcase Cinemas.

The Omnimax is incredible. Give me an Omnimax over Imax any day.

^Ditto.  I think IMAX is just a big screen, where the Omnimax is really an experience.  Plus, the Omnimax films are always sweet and about the Grand Canyon or the Alps, or something.

I stand corrected. I confused Omnimax with a cheapened IMAX experience that I had while in New Jersey years ago. It was said to be in high definition, top-of-the-line and not at IMAX prices, but it was just a regular movie theater with upgraded seating... but I've forgotten what juicy title they gave that.

So, NOTL "stole" the aquarium from Cincinnati? One of the developers clearly states that Cincinnati never warmed up to the idea of the aquarium on the riverfront. In the second highlighted passage in bold, TIF in this instance clearly worked -- the state was able to gain an increased tax base from the previously underutilized land.

 

Photo Gallery

 

Aquarium turns 10

HELPING TRANSFORM NEWPORT'S RIVERFRONT

By Scott Wartman, Cincinnati Enquirer, May 8, 2009

 

NEWPORT - When the Newport Aquarium opened 10 years ago this Friday, not many thought of Newport’s riverfront as a destination.

 

For most of the 1990s the riverfront consisted of some car lots, liquor stores and a distribution center.

Part two of three articles posted in a series regarding the Aquarium at NOTL.

 

Expect more attractions at aquarium

By Scott Wartman, Cincinnati Enquirer, May 9, 2009

 

NEWPORT - The ownership of the Newport Aquarium has said it will continue to add attractions.

 

Its jellyfish exhibit, which has been there since it opened, is being rehabbed. The staff hopes to have the improved exhibit open by May 15 for the 10th anniversary.

Part three of three.

 

Aquarium nurtures life

By Scott Wartman, Cincinnati Enquirer, May 9, 2009

 

NEWPORT - Crystal Phillips has nurtured a wide variety of animals in her 10 years as biologist for the Newport Aquarium.

 

The senior biologist fondly remembers hand-raising three gentoo penguin chicks in summer of 2000, when the aquarium was a year old.

 

"The visitors got to see them grow," Phillips said. "It was very busy, but it was a fun time."

You can say that TIF worked for this project in the scenario you presented - an underutilized piece of land was turned into something much more.  At the same time the TIF was over-projected along with parking revenues from the Levee which have since resulted in financial hardships for the city of Newport.  So it did work at doing what it was supposed to do, but it also hurt the local government and taxpayers by strapping them with unnecessary debt that could have been avoided with more modest/appropriate projections.

I agree that the TIF was over-projected, I don't think that it has hurt the taxpayers very much.  NOTL, for all its faults, has put Newport on a better path than it was traveling down before that.  Its presence has made Newport a local destination again, this time not for gambling and prostitution.  Its also helped to increase homeownership and decrease rentals (chopped up old houses, not legit apartments).  If I'm not mistaken, the city was also able to lower property taxes because of the increased development.  Now they just need to figure out how to fill up all of that empty space with something, anything.  Some of Newport's financial hardships can be traced to projects that are stalled (Newport Pavilion).

It would be absolutely fantastic if they were to build a 6-10 story apartment or condo building on that eastern surface lot that they had most recently planned for a hotel.  Residential there will drive up business for the retailers where a hotel would not.  The more people, the better.

^Totally agree.  That surface lot is the pits anyway.

Did that Caribbean restaurant ever open?

Tenants leaving, shifting spots at Newport Levee

Business Courier of Cincinnati - by Lisa Biank Fasig Staff Reporter

 

 

Café Istanbul, the Turkish restaurant that has anchored Newport on the Levee since 2003, is leaving the entertainment complex to take up a space in Mount Lookout.

 

The restaurant is expected to shutter its location at the Levee, near the fountain in the plaza level, by the end of the month, sources said. It then is planned to reopen sometime in August on Delta Avenue on Mount Lookout Square, near Aqua, the sushi and Asian-inspired restaurant. The owner of Café Istanbul could not be reached.

Thats a bad blow for the Levee...especially right after the Reserve announcement.  Its funny, even though I really never go to the Levee I still know its good for the downtown region if the Levee succeeds, you never hear about this in the news.  What a double standard.  Can you imagine how the news would eat this up if 4 restaurants (Pacific Moon, Reserve, Tropicana, Cafe Istanbul, and other retailers) would close in such a short period of time!!!!  I can see it now...ARMAGEDDON DOWNTOWN!

Yeah, there've been a ton of closings down there lately.  It's starting to look at bit like the old Crestview Hills Mall in there!  :-o  It still seems like the parking lots are always full and there are a ton of people inside NOTL at night, especially on the weekend.  I guess they must all be going to AMC and the aquarium.  NOTL seriously needs to retool something in order to retain and attract tenants.