August 3, 200717 yr Author Hmm it sounds like they have cash flow problems. Is Duke Reality a F500 company?
August 4, 200717 yr Hmm it sounds like they have cash flow problems. Is Duke Reality a F500 company? Yeah after they pulled out of Cleveland and now are half pulling out of Cincy, it sounds like the company itself is having issues.
August 4, 200717 yr I doubt you'll see them pull out of Cincy...most of their key markets, in Cincy, are still relatively steady and show no signs of letting up on their current pace any time soon. However, they have seemed to be successful in this market...I would hate to see them go (even if most of their investments go to those other areas). It's still decent economic development for the region, and they seem to bring in companies/grow companies inside their buildings...instead of just recycling tenants around the region.
August 4, 200717 yr I don't see this as a big deal at all. They are just selling assets to raise money for new development. The reasons could be many: tax purposes/depreciation of existing buildings, these existing assets could be at their peak values now prior to major maintenance investments, or they might want to shift more from ownership to development where the returns are greater.
August 7, 200717 yr Duke's office shuffle As Duke Realty drops a Newport development as well as its downtown buildings, what does that mean for the market? BY JON NEWBERRY | CINCINNATI ENQUIRER August 7, 2007 CINCINNATI - Duke Realty, which last week said it wants to sell its remaining two downtown Cincinnati office properties, is also leaving a joint venture to develop offices on Newport's riverfront. Alec Bastos, managing partner of Capital Investment Group Inc., developer of the SouthShore condominium complex on Newport's Riverboat Row, said the joint venture it entered into with Duke a year ago to build an office tower on the site is being dropped... Recent sales, with dates and selling price: PNC Center (Fifth and Main), December 2005, $60.9 million. 600 Vine (Sixth and Vine), September 2006, $35.5 million. Fourth & Walnut Center, October 2005, $31.3 million. Terrace Building (15 W. Sixth St.), December 2005, $30.2 million. 580 Building, East Sixth Street, December 2003, $30.2 million. 525 Vine, December 2003, $16 million. Textile Building (Fourth and Elm), June 2006, $12 million. Bartlett Building (Fourth and Walnut), March 2006, $8.2 million. 299 E. Sixth St., July 2007, $6.8 million. 617 Vine, June 2007, $2.5 million.
August 7, 200717 yr Duke is cashing out some of their holdings at the current peak of the office market.
August 8, 200717 yr Duke Realty: We’re not abandoning Cincinnati Wed. August 08 - 2007 IBJ Staff Indianapolis-based Duke Realty Corp. is pulling out of Cleveland, but says it is committed to the Cincinnati area despite plans to sell about 2.3 million square feet of existing office space and drop an office tower project there... http://www.ibj.com/html/detail_page.asp?content=03541
August 10, 200717 yr IT firm could bring 1,000 jobs Indian conglomerate Tata scouting local sites BY LISA BIANK FASIG & LAURA BAVERMAN | CINCINNATI BUSINESS COURIER August 10, 2007 At least two Cincinnati suburbs are competing to attract a major information technology firm that is looking to build an office campus for as many as 1,000 skilled people, according to sources familiar with the search. The company, Tata Consultancy Services, has narrowed its search to a few locations, including West Chester and Clermont County's Miami Township, and could make an announcement in as soon as 30 days, sources said. The firm, a division of the Tata Group, is one of India's largest conglomerates, with 96 companies and revenue of $22 billion. It employs 11,000 in the United States. Real estate sources said Tata had conducted a wide area search with the Cincinnati USA Partnership and narrowed its list to about five locations, including the former James River facility in Miami Township and Duke Realty's sixth Centre Pointe office building under construction in West Chester. It would require up to 200,000 square feet of office space or about 20 acres of land on which to build a facility. Read More...
August 10, 200717 yr Duke Repositions in Cincinnati Office Market with Big Investments, Dispositions August 09, 2007 By Barbra Murray, Contributing Editor The Cincinnati office market is looking up and Duke Realty is positioning itself to take full advantage. The company confirmed that it is shifting its investment in the city with the development of a bevy of new properties on the horizon and the disposition of almost half of its nearly 5 million-square-foot office portfolio in the area... http://www.cpnonline.com/cpn/property_type/article_display.jsp?vnu_content_id=1003623961
August 10, 200717 yr Hillenbrand canned most of there detailers for this TATA company back in 2003. All the jobs have since come back due to quality issues. Should be interesting to see what these guys pay. I think it's only 3 to 5 American dollars an hour in India.
August 11, 200717 yr Rates in India are dramatically escalating due to a talent squeeze so the US is getting more cost competitive now additionally while the dollars per hour in India may be less there still is significant investment in development notably cultural sensitivity and english.
August 14, 200717 yr Cincinnati ranks high for corporate HQs BY MIKE BOYER | August 14, 2007 Cincinnati is one of the least-expensive cities in the country in which to operate a corporate headquarters, according to a new national study. The region ranked seventh among 30 major markets surveyed by the Boyd Co. Inc., a Princeton, N.J.-based corporate location consulting firm. "Cincinnati is more competitive than ever before," said consultant John Boyd, who presented the results of the study to a group of former and current corporate clients Tuesday at the Cincinnati Marriott North in West Chester Township. Read full article here: http://news.enquirer.com/apps/pbcs.dll/article?AID=/20070814/BIZ01/308140025
August 20, 200717 yr Jobs stronger, but behind Area's falling unemployment still above nation's BY ALEXANDER COOLIDGE | August 20, 2007 Greater Cincinnati and Northern Kentucky are on track this year to hit their lowest unemployment rate in five years - meaning the economy is strong. The jobless rate for the 15-county metro area was 5.1 percent for the first half of 2007. If that holds the rest of the year, it would be the lowest since 2002. Still, the region is above even rosier numbers for the nation as a whole. U.S. unemployment is 4.6 percent. Economists fret that the region's transition - from manufacturing as the No. 1 employer to professional and business services - could cost it critical up-and-coming workers. One of those young workers is Pleasant Ridge resident Jonathan Towner, 27. Read full article here: http://news.enquirer.com/apps/pbcs.dll/article?AID=/20070820/BIZ01/708200400/1076/BIZ
August 21, 200717 yr Pay scale here a step ahead Wages are more than the minimum BY BOB DRIEHAUS | August 21, 2007 It may have taken Ohio and Kentucky a few years to raise the minimum wage, but the market didn't lag as long as the politicians. The 70-cent hike that went into effect in Kentucky on June 26 pushed the state's minimum wage to $5.85, but market forces in Northern Kentucky's strong economy have already pushed starting salaries for the lowest-paying jobs to more than $6 an hour. Whatever problems nursing homes, movie theaters or hotels have with staffing, the minimum wage hike isn't one of them. Read full article here: http://news.cincypost.com/apps/pbcs.dll/article?AID=/20070821/NEWS01/708210348
August 23, 200717 yr Honda begins production hiring for Greensburg plant August 23, 2007 | CINCINNATI BUSINESS COURIER GREENSBURG, IN - The manufacturing plant American Honda Motor Co. is building in southeastern Indiana will begin taking applications for 2,000 production jobs this month. Honda Manufacturing of Indiana LLC, a unit of American Honda, said it will accept online applications beginning Aug. 26 and ending Sept. 9, through the Indiana Department of Workforce Development. Applicants must be at least 18 years old, have a high school diploma or GED, and live in one of 20 Indiana counties, including border counties like Dearborn, Ohio and Switzerland. ...
August 23, 200717 yr This one's for you MTS... City suing Time Warner Cable August 23, 2007 | CINCINNATI BUSINESS COURIER CINCINNATI - A dispute over payments made by Time Warner Cable to the city of Cincinnati is heading for court. City Manager Milton Dohoney said in a Thursday memo that the city is filing suit against the cable company in the Hamilton County Court of Common Pleas. It claims that Time Warner owes the city another $1.5 million for operating its cable system within the Cincinnati public rights-of-way. For more, click above link
August 26, 200717 yr Faces of the future? Seed money for four seen as the start to a high-tech industry BY CLIFF PEALE | CINCINNATI ENQUIRER August 26, 2007 CINCINNATI - CincyTech USA has spent more than a year assembling the money and managers to implement its strategic plan. Now it wants to help fledgling technology companies do the same thing. Its new program is designed to spur development of technology companies throughout the region. It has turned nearly $15 million in Ohio grants and $7.5 million in private donations into a resource that it hopes will provide those companies with the money and experienced executives and consultants they need to reach their next round of independent funding. The first examples are ThinkVine, ZipScene, iStatus and Akebia, four young companies that will receive the first investments from a new CincyTech seed fund. The investments total $725,000 and will leverage about $2.5 million from other sources. ... More at: http://news.enquirer.com/apps/pbcs.dll/article?AID=/20070826/BIZ02/708260354/1076/BIZ
August 31, 200717 yr Duke pledges new clean-coal electric plant if bill is enacted for payback BY MIKE BOYER | CINCINNATI ENQUIRER August 31, 2007 Duke Energy said Thursday it would build a multibillion-dollar clean-coal electric generating plant in Ohio sometime in the next decade if the General Assembly enacts legislation that would allow it to recover the cost. The utility disclosed the possible investment, its first new "baseload" plant in Ohio in more than 15 years, as part of a long-term supply plan to meet the needs of its 680,000 customers in Southwest Ohio after 2008...
September 3, 200717 yr I hope they bring these bastards down. Send them back to Atlanta. Another problem I have, NO BIG TEN NETWORK!
September 4, 200717 yr As long as those hoosiers install those engines with pride! The automaker hasn't announced what it plans to build at the plant, except that it will be a vehicle powered by a four-cylinder engine built at Honda's huge engine plant in Anna, Ohio.
September 7, 200717 yr Hispanic Impact Local chamber leader educating businesses on economic influence BY DAN MONK | CINCINNATI BUSINESS COURIER September 7, 2007 CINCINNATI - Alfonso Cornejo has an interesting theory on why meat-packing plants left Cincinnati: not enough Hispanics. "We don't have people who'll work Saturday and Sunday, second and third shift," said Cornejo, president of the Hispanic Chamber Cincinnati USA. "So, what happened to those plants? They left us and went to South Carolina, Texas and Georgia because people there will work Saturday and Sunday. And when you peel the onion back, the majority of those people are Hispanics." That's just some of the food for thought Cornejo has been serving up to local business leaders since June, when the Hispanic chamber released an economic impact study on the local Hispanic population. In a series of one-on-one meetings, Cornejo has been sharing study results with executives from many local companies, including Macy's Inc., Kroger Co., Luxottica SPA, Fifth Third Bank and Procter & Gamble Co...
September 7, 200717 yr Rybolt, I-74 reconfiguration has developers thinking big BY DAN MONK | CINCINNATI BUSINESS COURIER September 7, 2007 GREEN TWP. - A long-planned reconfiguration of Rybolt Road near Interstate 74 has unlocked the imagination of West Side developers looking at several million dollars in new hotel, office and retail developments on the hilltop overlooking Taylor Creek. For more, click above link
September 7, 200717 yr I wonder if they ever do studies about other demographics, including but not limited to caucasians. I hate these survey things. Every demo contributes!
September 7, 200717 yr Randy, it's just going to bring more of that sprawl that people really don't want, but since developers create the market, the people really have no choice.
September 7, 200717 yr That whole area is a suburban disaster. I'd take little old Delhi any day over that traffic hell.
September 7, 200717 yr That whole area is a suburban disaster. I'd take little old Delhi any day over that traffic hell. Wow that's a bold statement...considering the state of Delhi. Randy, it's just going to bring more of that sprawl that people really don't want, but since developers create the market, the people really have no choice. Do people like traffic congestion...do people like impersonal settings where little social interaction can take place...do people like homogoneous communities? I could go on, but you get the point. These are the projects being offered...when even remotely decent alternatives pop up the demand is so high that prices become unaffordable for the average joe. Why aren't more communities built with new urbanist concepts...or hell even with better and varied design/architecture? The answer is all about $$$. Developers can make more money by throwing up the same homogoneous crap that is cheap and easy. I really doubt that the market is really demanding bland/crappy communities...but I guess you can't argue with that almight "free" market.
September 7, 200717 yr Think this region needs the jobs... 23K apply at Ind. Honda plant September 7, 2007 | ASSOCIATED PRESS GREENSBURG, Ind. – More than 23,000 people have already applied for the 2,000 jobs at the $550 million Honda Motor Corp. factory under construction in southeastern Indiana. The company began accepting applications for production jobs on Aug. 26, with Sunday being the deadline for potential workers to be considered for a round of hiring to begin this fall. ...
September 7, 200717 yr "hilltop overlooking Taylor Creek." This is over 1-2 miles from the interchange. ????????? You would have to enter off of Wesselman. Surely they would not turn that new piece of s%it subdivision into a main thoroughway to get to that piece of land out on the point overlooking Miamitown and Taylor Creek.\ Ignorant!
September 10, 200717 yr Angostura to expand here BY MIKE BOYER | [email protected] LAWRENCEBURG - Angostura, the Caribbean rum producer that acquired the former Seagram's distillery here in June, said this morning it plans to make the 160-year-old facility the centerpiece of its U.S. expansion plans. It also plans up a corporate office somewhere in Greater Cincinnati or Northern Kentucky. "We want to expand our presence here and elsewhere in the United States. The establishment of a U.S. headquarters is a first step to accomplishing that goal,'' said Lawrence A. Duprey, chairman of CL Financial, Angostura's parent company, in a statement... http://news.enquirer.com/apps/pbcs.dll/article?AID=/20070910/BIZ01/709100315/1076/BIZ
September 11, 200717 yr Here is a much better article with more details...and also specifically states that the US HQ will be in the region Angostura plans U.S. HQ in region September 10, 2007 | CINCINNATI BUSINESS COURIER The new owner of the former Seagram's distillery in Lawrenceburg has big plans for the plant, and the region. Angostura Ltd. said Monday that it will make the Lawrenceburg facility its flagship operation, and build a U.S. corporate headquarters in the Tri-State area...
September 11, 200717 yr Company grows 6,000 percent BY VAL PREVISH | September 11, 2007 Growing more than 6,000 percent since 2003, Turnbull-Wahlert Construction Inc. surpassed all but 10 companies in the U.S. in terms of growth from 2003 through 2006, according to Inc. magazine, which named the firm to its list of 5,000 fastest-growing private companies. Inc. magazine said that Turnbull-Wahlert grew 6,013.5 percent during the period, based on revenue growth from 2003 to 2006. This is the 26th year Inc. has listed the fastest-growing companies. Turnbull-Wahlert ranked No. 11 overall and No. 2 among construction companies. Read full article here: http://news.enquirer.com/apps/pbcs.dll/article?AID=/20070911/BIZ01/709110318/1001/CINCI
September 11, 200717 yr Rookwood Pottery gets relocation grant September 11, 2007 | CINCINNATI ENQUIRER OVER-THE-RHINE - The recently revived Rookwood Pottery Co. has received a grant from the Ohio Department of Development to help relocate from Corryville to Over-the-Rhine. Rookwood's $60,000 Rapid Outreach Grant for equipment purchases was part of more than $660,000 in economic development grants announced Monday to aid in the growth of businesses and the creation and retention of jobs in Ohio. The grants are expected to create 293 jobs and retain 1,436 positions for Ohioans. Rookwood is planning to buy an 80,000-square-foot manufacturing plant in Over-the-Rhine that would serve as its headquarters and house its design, sales and fabrication staff, creating about 30 jobs in its first three years.
September 11, 200717 yr I don't really understand why they threw in the bit about them also considering a site in Kentucky...by the sounds of it they have already settled on an OTR location. Am I missing something?
September 11, 200717 yr Job market stable for region's tech, finance workers September 11, 2007 | CINCINNATI BUSINESS COURIER The job market looks better for the area's information technology employees, as opposed to those in financial services, with results changing little compared with last quarter, Robert Half International said Tuesday. The staffing company in its quarterly report, said that nationally it expects more hiring, with higher salaries and more amenities in the technology field. The labor market is tight for accountants, as well, according to the report. Read full article here: http://cincinnati.bizjournals.com/cincinnati/stories/2007/09/10/daily17.html
September 12, 200717 yr Distiller adds bourbon chaser BY MIKE BOYER | CINCINNATI ENQUIRER September 12, 2007 LAWRENCEBURG - The new owners of the former Seagram's distillery are serious about expanding operations in the United States. Angostura, the Caribbean rum producer that acquired the Lawrenceburg distillery in June, on Tuesday purchased the closed Charles W. Medley distillery down river in Owensboro, Ky. Lawrence A. Duprey, chairman of Angostura's parent, CL Financial Group, signed the purchase agreement for the 25-acre Medley distillery Tuesday afternoon just hours before a reception for employees and Lawrenceburg community officials to mark the launch of the renamed Lawrenceburg Distillers Indiana LLC...
September 12, 200717 yr Chiquita execs cleared September 12, 2007 | ASSOCIATED PRESS WASHINGTON - The Justice Department said Tuesday it will not prosecute 10 Chiquita Brands International executives involved in the Cincinnati-based company's now-defunct payoff of Colombian terrorists protecting its most profitable banana-growing operation. The government's long-awaited decision was part of a sentencing memo urging U.S. District Judge Royce C. Lamberth to fine Chiquita $25 million and have the company serve five years probation for its illegal deals. The sentencing hearing in front of Lamberth is set for Sept. 17. If accepted, the fine would mark the largest criminal penalty ever imposed under U.S. global terrorism sanctions laws. Read More...
September 14, 200717 yr Procter buys back office space, adds room for 400 Sixth and Sycamore building rejoins campus BY LISA BIANK FASIG | September 14, 2007 Procter & Gamble Co. has repurchased its former office tower at Sixth Street and Sycamore Avenue downtown with plans to eventually put 350 to 400 workers there as the company plans the future of its downtown campus. The consumer products maker paid almost $6.8 million for the 125,000-square-foot building to Hartmann I LLC, according to Hamilton County Auditor Dusty Rhodes' office. Procter had previously sold the building in 2004, according to county records, for $9.6 million. The site is listed at a market value of $8.3 million. Read full article here: http://cincinnati.bizjournals.com/cincinnati/stories/2007/09/17/story5.html
September 14, 200717 yr Supplier Toyota Boshoku America has big plans for new local operation BY LUCY MAY | CINCINNATI BUSINESS COURIER September 14, 2007 ERLANGER - Kiyoshi "Nate" Furuta still has dozens of empty desks at Toyota Boshoku America's new Erlanger headquarters. But already, Furuta, the company's chairman and CEO, is planning his next expansion. By next summer, the company will have 100 employees filling the 23,000 square feet now under lease. And within three years, Furuta expects to have at least 200 people working at Toyota Boshoku America, which manufactures seats, power train parts and other components for automakers Toyota Motor Corp., General Motors and others. Read More...
September 14, 200717 yr The continuously-devaluing dollar has to help anybody who is manufacturing in the USA. Our "labor costs" have dropped about 40% compared to Europe. There is a similar effect compared to Canada or Japan. China is only slowly and incrementally allowing their currency to inflate wrt the dollar.
September 15, 200717 yr I'm a little surprised that it took this long, especially since Bush brought in a so many industrial economy types into his administration. Compared to Clinton who was in the pocket of finance capital, Bush definitely seemed like he would be attuned to industrial capital. It just took a lot longer to get there.
September 27, 200717 yr Region's cities drop in Milken's job creation rankingBusiness Courier of Cincinnati "Greater Cincinnati, like its regional counterparts, slipped in the Milken Institute's ranking of 200 large U.S. cities according to their ability to create and maintain jobs. The Cincinnati-Middletown metro area dropped to 167 this year from 149 in 2005. Job growth from March 2006-07 was 0.35 percent, and the area ranked 117th for five-year job growth (2000-05), 172nd for one-year job growth (2004-05), 126th for five-year relative high-tech GDP growth, and 129th for one-year relative high-tech GDP growth. Most other nearby cities either slid in the ranking or remained stable: Dayton fell to 190 from 187; Toledo stayed the same at 196; Cleveland inched up to 193 from 194; Columbus dropped to 154 from 135; Indianapolis, the highest-ranking regional city, fell to 120 from 104; Lexington declined to 129 from 97; and Louisville fell to 169 from 151. Only Akron gained ground, to 155 in 2007, from 160 in 2005. The best performing city was Ocala, Fla., which moved up from 13th in 2005. The Lansing-East Lansing, Mich., area was at the bottom of the pile, falling to 200 from 197." http://www.bizjournals.com/cincinnati/stories/2007/09/24/daily46.html?f=et57&ana=e_du http://www.milkeninstitute.org/
September 28, 200717 yr So according to this article: 120. Indy (-16) 129. Lexington (-32) 154. Columbus (-19) 155. Akron (+5) 167. Cincinnati (-18) 169. Louisville (-18) 190. Dayton (-3) 193. Cleveland (+1) 196. Toledo (-) (change in ranking)
September 28, 200717 yr So according to this article: 120. Indy (-16) 129. Lexington (-32) 154. Columbus (-19) 155. Akron (+5) 167. Cincinnati (-18) 169. Louisville (-18) 190. Dayton (-3) 193. Cleveland (+1) 196. Toledo (-) (change in ranking) It would be nice to see the midwest cities higher up in the rankings for job creation and retention.
September 28, 200717 yr Unfortunately, we could make every city in Ohio the urbanists multi-modal dream, but without an engine of serious growth things will stay the same or continue to decline relative to the rest of the country.
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