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APA Florida 2011 Conference  Universities and Economic Development: Placemaking Partnerships September 9, 2011 012
About Tony Brown ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],Key Talking Points Burnet Avenue MLK Drive Vine St. Hampton Inn Restaurant Bank with Restaurant below
[object Object],[object Object],[object Object],[object Object],[object Object],Burnet Avenue Avondale Neighborhood Cincinnati Children’s Hospital and the Avondale neighborhood
Cincinnati Children’s Hospital led renaissance of minority business district ,[object Object],[object Object],[object Object],[object Object],Before After
Principles of Revitalization  ,[object Object],[object Object],[object Object]
Burnet & Northern Avenues Avondale Neighborhood ,[object Object],[object Object],[object Object],[object Object],[object Object]
Burnet Avenue Streetscape Public Spaces
Burnet & Northern Avenues Avondale Neighborhood Before . . . Land Acquisition and Development:   $25 million leveraging $85 million development
Burnet Avenue Weave Together Community
Burnet Avenue Weave Together Community Cincinnati Herald Building – hospital is anchor tenant
Burnet Avenue Weave Together Community Weave theme became an architectural feature
Burnet Avenue Weave Together Community Weave theme became an architectural feature
[object Object],[object Object],[object Object],[object Object],Short Vine Street Corryville Neighborhood University of Cincinnati is city’s largest employer.  Campus borders 6 neighborhoods
[object Object],[object Object],[object Object],[object Object],[object Object],Short Vine Street Corryville Neighborhood University of Cincinnati is city’s largest employer.  Campus borders 6 neighborhoods Short Vine
2601 Vine (Bogart’s) 3000 Vine (Hampton Inn) 2900 Vine ( Benchmark) 2600 Vine (Martino’s) SHORT VINE University Village Plan E N S W Univ Plaza (Kroger) 2801 Vine ( Shiel School) $50 million to Reclaim Area as a Regional Draw
Barbell Strategy:  University Plaza   ,[object Object],[object Object],[object Object],[object Object],Neighborhood Retail Zone University Plaza – present design view from Wm Howard & Euclid
Barbell Strategy:  University Plaza – South Anchor   ,[object Object],[object Object],[object Object],[object Object],Neighborhood Retail Zone University Plaza – present design view from Wm Howard & Euclid
Short Vine Street Revitalize District by Zones – Start at Gateways to Middle Financing  gaps precluded the start of construction MLK Drive Vine St. Hampton Inn Restaurant Bank with Restaurant below
[object Object],[object Object],[object Object],MLK Drive Vine St. Hospitality/Retail Zone Market Uptown as a dominant region for education and health care Barbell Strategy:  Hampton Inn – North Anchor MLK Drive Vine St. Hampton Inn Restaurant Bank with Restaurant below
Short Vine Street Hospitality Zone – services university & hospital markets Financing  gaps precluded the start of construction
Short Vine Street Hospitality Zone – services university & hospital markets NMTCs and TIF financed garage – air rights to developer  for hotel development
Short Vine Street Hospitality Zone – services university & hospital markets Hotel opened  Winter 2010 and is now a south anchor amenity
[object Object],[object Object],[object Object],[object Object],[object Object],$15 mm acquired What is this really worth and can we develop it? Lessons Learned – Value of Patient Capital
Access to Private Capital: Patient Source of Funds Leverage Capital: $696,000,000 Source for land Acquisition and development:  $25 million leveraged $85 million development Source for venture capital:   $1.7 million allowed minority-ownership of $8 million office building  Sources of Funds:  Investment Capital UC – Endowment $100,000,000 Uptown Partners $97,000,000 Uptown Consortium $17,000,000 Cincinnati Housing Development Fund $5,000,000 Total Available Capital $219,000,000
[object Object],[object Object],[object Object],[object Object],[object Object],Can you close the financing gaps? Once you own it – can you develop/build on it! Lessons Learned – Value of Planning & Analysis
Lessons Learned – Value of Communicating ,[object Object],[object Object],[object Object],[object Object]

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9/9 FRI 8:00 | Universities & Economic Development 1

  • 1. APA Florida 2011 Conference Universities and Economic Development: Placemaking Partnerships September 9, 2011 012
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  • 9. Burnet & Northern Avenues Avondale Neighborhood Before . . . Land Acquisition and Development: $25 million leveraging $85 million development
  • 10. Burnet Avenue Weave Together Community
  • 11. Burnet Avenue Weave Together Community Cincinnati Herald Building – hospital is anchor tenant
  • 12. Burnet Avenue Weave Together Community Weave theme became an architectural feature
  • 13. Burnet Avenue Weave Together Community Weave theme became an architectural feature
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  • 16. 2601 Vine (Bogart’s) 3000 Vine (Hampton Inn) 2900 Vine ( Benchmark) 2600 Vine (Martino’s) SHORT VINE University Village Plan E N S W Univ Plaza (Kroger) 2801 Vine ( Shiel School) $50 million to Reclaim Area as a Regional Draw
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  • 19. Short Vine Street Revitalize District by Zones – Start at Gateways to Middle Financing gaps precluded the start of construction MLK Drive Vine St. Hampton Inn Restaurant Bank with Restaurant below
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  • 21. Short Vine Street Hospitality Zone – services university & hospital markets Financing gaps precluded the start of construction
  • 22. Short Vine Street Hospitality Zone – services university & hospital markets NMTCs and TIF financed garage – air rights to developer for hotel development
  • 23. Short Vine Street Hospitality Zone – services university & hospital markets Hotel opened Winter 2010 and is now a south anchor amenity
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  • 25. Access to Private Capital: Patient Source of Funds Leverage Capital: $696,000,000 Source for land Acquisition and development: $25 million leveraged $85 million development Source for venture capital: $1.7 million allowed minority-ownership of $8 million office building Sources of Funds: Investment Capital UC – Endowment $100,000,000 Uptown Partners $97,000,000 Uptown Consortium $17,000,000 Cincinnati Housing Development Fund $5,000,000 Total Available Capital $219,000,000
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Editor's Notes

  1. In the background lies Cinti. Children’s Hospital – one of nation’s top five pediatric hospitals. And behind Children’s, lies the University’s medical campus, Health Alliance and nearly $3.5 billion of an annual economic engine for the city. You wouldn’t know any of that by looking at this picture! If you work at Children’s Hospital you dare to venture north – one of the city’s highest crime areas. An unacceptable set of economics!
  2. In the background lies Cinti. Children’s Hospital – one of nation’s top five pediatric hospitals. And behind Children’s, lies the University’s medical campus, Health Alliance and nearly $3.5 billion of an annual economic engine for the city. You wouldn’t know any of that by looking at this picture! If you work at Children’s Hospital you dare to venture north – one of the city’s highest crime areas. An unacceptable set of economics!
  3. In the background lies Cinti. Children’s Hospital – one of nation’s top five pediatric hospitals. And behind Children’s, lies the University’s medical campus, Health Alliance and nearly $3.5 billion of an annual economic engine for the city. You wouldn’t know any of that by looking at this picture! If you work at Children’s Hospital you dare to venture north – one of the city’s highest crime areas. An unacceptable set of economics!
  4. In the background lies Cinti. Children’s Hospital – one of nation’s top five pediatric hospitals. And behind Children’s, lies the University’s medical campus, Health Alliance and nearly $3.5 billion of an annual economic engine for the city. You wouldn’t know any of that by looking at this picture! If you work at Children’s Hospital you dare to venture north – one of the city’s highest crime areas. An unacceptable set of economics!
  5. March 2008: Towne releases implementation plan redefines University Village Plan into four “Character Zones” (Neighborhood Retail, Entertainment, Civic and Hospitality/Retail) UC financed VCURC acquisitions and provided head start: 20 parcels scattered in 8 blocks for over $3 million at May 2007. Redevelop from North & South towards Civic Center Goal is to enhance walk-ability and pedestrian friendliness through connections to University & hospitals