By the numbers
1.1 million
New visitors expected to downtown, according to Army Corps. of Engineers.
$80 million
Estimated cost for Phase 1 of The Banks
$120 million
Estimated total cost of the Phyllis W. Smale Riverfront Park, expected to be complete by mid-November.
CINCINNATI — Cincinnati’s almost two-decade long vision of revamping the riverfront is finally beginning to become reality.
Since 1996, both the city of Cincinnati and Hamilton County have been engaged in developing the city’s riverfront, first with the reconstruction of Fort Washington Way, the construction of two professional sport stadium and the National Underground Railroad Freedom Center.
Throw in the potential development of the controversial streetcar system, and Cincinnati’s riverfront may become the destination spot developers and local officials want it to be.
Within the riverfront development are two marquee projects — The Banks and Phyllis W. Smale Riverfront Park — which developers and city leaders hope to be the front door for the region .
The initial phase for The Banks is nearing completion in mid-November and will total approximately $80 million. The entire project is estimated to reach $600 million. The park, directly adjacent, will cost about $120 million.
“When you think of our river, it’s truly a uniter of our region,” said Linda Antus, president of the Cincinnati USA Regional Tourism Network. “It’s really the front door of the region and to have vital and constantly reinvented over time, makes us a very exciting destination.”
The Army Corps of Engineers estimates the park will draw more than 1 million new visitors to downtown every year when the park and The Banks are completed, around 2017.
That attraction, civic and community leaders hope, will increase land value, boost the region’s economic health and offer health and recreation benefits, according to Joyce Kamen, the park’s public information officer.
The Banks project moving ahead
The Banks, adjacent to Great American Ball Park, is filling out its first phase with retail clients and apartment tenants, and plans are in the works to grow the next phases of the 18-acre mixed-use development on the Cincinnati riverfront.
Cincinnati police also now have a presence on the riverfront. The department opened a station Sept. 1 at The Banks.
“The city manager (Milton Dahoney) and I talked about this as I was preparing to come to Cincinnati, and I was impressed with the forward thinking utilizing both the traditional policing side and the customer service side of helping people explore the city more,” Cincinnati police Chief James Craig said.
Police presence in an area where many from the region visit, will help spur business development and tourism from throughout the area.
Scheduled to open later this month is Johnny Rockets, with a menu tailored to Cincinnati.
The Oct. 27 opening date will mark the second business to open at The Banks, joining Holy Grail. Four more businesses are planned for the facility, highlighted by country music star Toby Keith’s I love this Bar & Grill scheduled to open later this year.
The initial phase of the project will include 300 apartments and 70,000 square feet of retail space at a cost of $80 million.
The Banks’ success is vital for Cincinnati’s urban revival, expanding downtown’s reach with new living to attract new residents and visitors, city officials have said.
As The Banks project continues to head toward completion, the focus has shifted onto the 45-acre, $120 million Phyllis W. Smale Riverfront Park, which will serve as the region’s front yard.
Phyllis W. Smale Riverfront Park
The park is under construction next to The Banks and is being paid for by a host of private and public contributions.
Developers plan to collect $80 million in public funding and $40 million from private contributions, according to park project manager Dave Prather.
“That is still the blueprint we’re following from Central Avenue to Broadway Street,” Prather said.
The city of Cincinnati has contributed $21 million in construction funding, which is a little ahead of projection and the project is on track with funding as a result of a $20 million donation from John G. Smale, former chairman of Procter & Gamble Co., for the park’s construction.
“We’re probably north of $25 million in private gifts and pledges,” Prather said.
As for public funding from the state and federal government are, “lagging a bit right now,” Prather said.
“Due to the circumstances in the economy, but in fiscal year 2011, the Smale Riverfront Park received $2.1 million in federal appropriated in a year when virtually no one got any federal funding,” Prather said.
That is a result of then Rep. Steve Driehaus pushing for $1.5 million in the House appropriations bill and Sens. Sherrod Brown and George Voinavich got $3 million from the Senate, which marked the first time the park was in both bills, according to Prather.
“You can probably count one two hands how many projects got that kind of capital in a year when almost nothing got appropriated,” Prather said.
In the long-run, the park’s request is to expand federal authority from $30 to $80 million because of the momentum already underway in terms of funding.
Phase I of the project, which includes Jacob G. Schmidlapp Event Lawn, which sits in front of the Moerlein Lager House restaurant and beer garden, a fountain, grand stairway, water cascades, public rest rooms and elevator along Walnut Street, is expected to be complete by the end of the year.
That work is being done east of the Roebling Bridge to Broadway Street with the next federal funding contribution focusing on completing work east of the bridge.
“We’re still looking for various funding sources west of the bridge,” said Deborah Allison, Cincinnati Park Board spokesperson.
The Army Corps. of Engineers will be doing the heavy lifting to stabilize the riverbank.
“It will literally take an act of Congress to do that,” Prather said.
The Moerlein Lager House is the first project to be completed, scheduled to open for business Feb. 6, 2012. Portions of the Schmidlapp Event Lawn will open congruent with the lager house, Prather said.
Once the entire park is built, from Central Avenue to Broadway Street along the riverfront, annual operating costs will be about $1.4 million, according to Joyce Kamen, the park’s public information officer.
Developers plan for the revenues from the park to offset many of operating costs by drawing revenue-generating events. Lease payments from the Moerlein Lager House are restricted to pay operating costs, too, Allison said.
A Common Area Maintenance charge from adjacent properties, such as The Banks, will also help pay for operating costs, Kamen said. The park will receive a monthly fee from every tenant toward maintenance.
The CAM charge will generate 8 cents a square foot per year for residential occupancy and 35 cents a square foot per year for non-residential occupancy, according to Prather.
About the Author