The Banks in downtown Cincinnati releases annual report - wave3.com-Louisville News, Weather & Sports

Banks annual report shows project on time, within budget

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Source: The Banks Source: The Banks
CINCINNATI, OH (FOX19) -

The Banks has released its annual report from 2012.

The year concluded with on-time, within budget progress on all public parties work. The developer, Carter and The Dawson Co., achieved 100 percent occupancy of residential units and reached 94 percent commercial space leased by year-end, celebrated by several dining and entertainment openings, with more planned. Cincinnati Parks achieved several project milestones in Smale Riverfront Park development.

CRAVE, Toby Keith's, Tin Roof, Mahogany's, Ruth's Chris opened their doors in 2012. The Moerlein Lager House at the east end of the Smale Riverfront Park Event Lawn opened to the public.

Yard House began construction, while Holy Grail and Johnny Rocket's celebrated anniversaries.

An Economic Impact Study by the UC Center for Economic Studies estimated $293.7 million one-time economic impact of a completed Phase 1, and annual impact of $91.6 million.

In May, a grand opening event celebrated Smale Riverfront Park with its several features: Walnut Street Fountain and Stair; Event Lawn, Black Brigade Memorial and Tree Grove, Labyrinth, Bike Center, and interactive water features.

In 2013, the Public Parties plan to put out for bid a portion of Bid Package #12, construction of River Walk.

Public Parties, in conjunction with the Developer, will continue plans for the next phase of mixed use development west of Race Street. The Developer and the Public Parties continue to work on securing office building tenants and a hotel operator.

The Developer's efforts will continue toward filling remaining commercial space in phase 1.

Smale Riverfront Park will continue its development, as Cincinnati Parks continues design development and fundraising for future phases that include Adventure Play area, Vine Street Plaza, fountains and a carousel west of the Roebling Bridge. Park construction will continue
in 2013 south of Mehring Way and east of the Roebling Bridge.

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