Milestone: The Banks
Creating the Vision
When the Riverfront Advisors Commission was chartered by the City/County Riverfront Steering Committee in February 1999, they were charged with creating a comprehensive development program to build on the bold riverfront initiatives being undertaken by the community at the time. Not only were two new sports stadiums being built, but attractions such as the National Underground Railroad Freedom Center and the National Steamboat Monument were in the planning stages. At the same time, significant public improvements were under way in anticipation of the private sector investments to come. While the most dramatic was the reconfiguration of Fort Washington Way to make land available for The Banks, seven other major street and utility infrastructure projects have been constructed, or are under way, in support of riverfront initiatives. Thus, eight city blocks of land will be ready for development with streets and utilities in place.
The Committee’s goals were to capitalize on the growing excitement over these major projects and to use them as a springboard for new initiatives. The convergence of these projects represented a once-in-a-lifetime opportunity to re-energize Cincinnati to a degree that few communities ever have the chance to do. It became clear that by building on the surging enthusiasm for riverfront development, the right plan could infuse new vitality, enhance the quality of life, catalyze economic growth and renew community pride.
The result of the Riverfront Advisors’ efforts was a far-reaching and spectacular vision for “The Banks,” a development that will create a 24-hour, seven-day-a-week diverse, pedestrian-friendly urban neighborhood with a mix of uses consisting of residential housing, specialty retail, restaurants, entertainment, office, boutique hotel space, public greenspace and parking. Located on the Ohio River, The Banks will become the focal point of the Greater Cincinnati Region, unlocking the rich potential of the scenic waterfront to bring people together, to create a new “front door” for our community and to energize economic growth.
Nowhere Else…
This ambitious undertaking has not gone unnoticed in the development community. Nowhere else has approximately 15 acres – eight city blocks – of prominent waterfront property been pre-assembled, at one time, with the opportunity to tap into surrounding anchors that generate approximately five million visitors annually.
The Port Authority’s Role
The Port Authority was chosen as a development mechanism because its unique “tool kit” could be used to assemble the necessary pieces of the development puzzle. And this is exactly what we have done. From the time we began working on the project in 2001, through 2002, we have been building the foundation of a spectacular project and have accomplished major milestones:
Spread the word through the development profession
• With the plan for The Banks in hand, the Port Authority’s board and staff participated with a Cities Pavilion Exhibit at the 2001 Urban Land Institute National Conference as a way of spreading the word through the development profession that new and exciting opportunities are available in the Greater Cincinnati Area.
Began the selection process for a developer
• A Request for Qualifications was released nationwide in July 2001, the first phase of the competitive process to select a developer for The Banks. Twelve teams, representing local and national firms, submitted responses. The Port Authority reviewed the submissions, listened to teams’ presentations and evaluated the merits of each.
Invited three firms to submit RFPs
• Of the twelve final firms, three were invited by the Port Authority to participate at the next level in the Central Riverfront Development Area developer selection process by responding to a Request for Proposals (RFP): Lincoln Properties, Staubach/Towne Partners and Madison Marquette. Nine teams were similarly determined to be eligible for the North of Third Street Development Area.
Issued $50 million in revenue bonds for the Freedom Center
• The Port Authority issued $50 million in tax-exempt revenue bonds for the construction of Freedom Center improvements. Located at the northern terminus of the Roebling Suspension Bridge, the National Underground Railroad Freedom Center is a national interpretive and educational center designed to relate the lessons of the Underground Railroad Movement to contemporary freedom movements across the globe. The $110 million Freedom Center will be organized into three five-story pavilions totaling 160,000 square feet, with a park south of the facility connecting the Freedom Center to the Central Riverfront Park. The facility is due to open in the summer of 2004.
Acquired outside funds for park design and development
• Commissioned by the Cincinnati Park Board and Cincinnati Recreation Commission, the Central Riverfront Park is conceived as a grand civic space as well as a major western expansion of the existing riverfront park complex. Stretching from the Interstate 75 Brent Spence Bridge to Broadway Avenue, the 52-acre park has been planned as a magnificent green space that showcases the Roebling Suspension Bridge as the gateway to Cincinnati. The park will also serve as a special-event venue, accommodating major events such as Oktoberfest, Taste of Cincinnati, Ujima and Riverfest.
The prominence of the Central Riverfront Park as a critical element of The Banks development has been the catalyst for a partnership between the Port Authority and the Cincinnati Parks Board. Together, we will develop a final park design as well as an implementation plan. Another major role for the Port Authority is in the area of funding. We have pursued public funding opportunities at the federal, state and local levels. As a result of our combined efforts with the Park Board, the Army Corps of Engineers and our Congressional delegation, $200,000 was included in the 2003 Omnibus Bill for development of the park design. In addition, key Port Authority board members are spearheading a private fundraising effort to complement our public initiatives.
Pursuing alternate funding for garages
• The Port Authority also faced the challenge of finding alternate funding sources for parking garage construction when sales tax revenues – originally anticipated to fund the garages – fell short of expectations. Thus, we have aggressively pursued grant funding in order to bring The Banks project and all its elements to fruition.
Seeking $2 million for Freedom Way design and roadway improvements
• Working with the City of Cincinnati, the Port Authority submitted a pre-application – and was invited to submit a full application – requesting a $2 million grant from the Economic Development Administration’s Public Works and Economic Development Facilities Assistance program to fund the design and roadway improvements for a portion of the Freedom Way improvement within The Banks project.
Acquired $10.4 million grant for The Banks Intermodal Facility
• The Port of Greater Cincinnati Development Authority was successful in its submittal of an application for a $10.4 million federal Congestion Mitigation/Air Quality grant for the creation of The Banks Intermodal Facility to replace the existing Cinergy Field Plaza Garage and surrounding surface parking lots with below-grade parking facilities. This is a joint project between the Port Authority, the City of Cincinnati, Hamilton County and the Southwest Ohio Regional Transit Authority to provide a regional transportation hub near the riverfront.
Port Authority Documents
Port Authority 2001-2002 Annual Report
Report of the Riverfront Advisors Commission (RAC), September 30, 1999
RAC Appendix 1
RAC Appendix 2
RAC Appendix 3
RAC Appendix 4
RAC Appendix 5
Request for Qualifications in Downtown Cincinnati, June 2001
The Banks
Brownfield Redevelopment
Strategic Partnerships
Legislation
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