Details on next phase of Banks project
New details are being released about the next phase of the Banks project along the Ohio river.
Phase II A will feature a nine-story building running the length of Second Street from the Freedom Center to Race Street.
The development will include 305 apartments and 21,000 square feet of retail space.
Cincinnati and Hamilton County officials are slated to sign off on the project later this month. If everything moves on schedule, construction would begin in December with an expected opening date in fall 2015.
From a release:
“This will continue the momentum of our city’s economic development efforts – adding jobs and making Cincinnati a more vibrant community,” said Mayor Mark Mallory.
President of the Hamilton County Commissioners, Chris Monzel added, “The Banks has been a huge success thus far for the County’s economic development efforts. This will certainly enhance the vision of a thriving riverfront.”
Construction on Phase IIA is slated to begin this December and be completed in fall of 2015. As part of the overall funding and financing structure, the City and County will grant a tax abatement on the residential portion of Phase IIA which has an estimated value of approximately $12.9 million over 15 years. The tax abatement does not apply to required Cincinnati Public School District payments.