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Cincinnati Center City Development Corporation

Cincinnati Center City Development Corporation

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    3CDC 3CDC Presentation Transcript

    • WHERE WE WORKFountain  Square
    • OUR MISSION• 3CDC was formed in 2003 by Cincinnati’s corporate leaders, in partnership with the City, to address the deterioration and disinvestment in the urban core. Our work is specifically focused in the Central Business District and Over-The-Rhine (OTR).• 3CDC manages over $250 million in investment funds, which play an important role in downtown development activities by providing financial capital.
    • BOARD MEMBERS American Financial Group * American Modern Insurance Group Castellini Company Cincinnati Bell 3CDC’s operations are Cincinnati Enquirer Cincinnati USA Regional Chamber funded privately, primarily Cintasthrough contributions from Convergys Corporationlocal corporations and civic Deloitte Dinsmore & Shohl institutions, resulting in a Duke Energy total of $1.3 million. Fifth Third Bank * First Financial Bank General Electric Global Novations Humana 3CDC’s consolidated Jack Rouse Associatesoperating assets are $15 KPMGmillion in annual revenue. Macy’s * North American Properties Peck, Shaffer & Williams PNC Bank Procter & Gamble ** Fortune 500 Headquartered Scripps InteractiveCompanies The Kroger Company * Towne Properties Toyota Motor U.S. Bank United Way Uptown Consortium Western & Southern Financial Group *
    • CEF/CNMF Cincinnati Equity Fund Cincinnati New Markets FundCincinnati Equity Fund $44.5 millionCincinnati Equity Fund II $50.2 millionCincinnati New Market Fund $50.0 millionCincinnati New Market Fund II $35.0 millionCincinnati New Market Fund III $18.0 millionState New Market Tax Credit $2.0 millionCincinnati New Market Fund IV $50.0 millionTOTAL $249.7 million
    • CAPITAL BUDGET CEF CEF II CNMF CNMF II Castellini Foundation Castellini Foundation Castellini Foundation Castellini Foundation Cincinnati Bell Cincinnati Bell Cincinnati Bell Cincinnati BellCincinnati Development Group Duke Energy Cintas Corporation Duke Energy Cintas Corporation Fifth Third Bank Convergys Corporation Fifth Third Bank Duke Energy First Financial Bank Duke Energy GE JP Morgan Chase GE Fifth Third Bank Kroger Key Bank Macy’s GE P&G PNC Bank PNC Bank Macy’s PNC Bank P&G P&G P&G Taft Broadcasting U.S. Bank The E.W. Scripps Company US Bank Kroger Western Southern US Bank Western Southern $44.5 million $50.2 million $50 million $35 million
    • TIF DISTRICTSDowntown & Downtown &OTR West OTR East Downtown Riverfront
    • I N V E S T M E N T S TO D AT E Over the past 7 years:$269 Million 3CDC/CEF/CNMF investment $68 Million private investment $47 Million City investment $384 Million Invested in downtown and OTR
    • UPCOMING INVESTMENTS Over the next 12 months: Mercer Commons - $60 Million OTR Phase V - $25 Million Homeless to Homes - $34 MilliondunnhumbyUSA / Fifth & Race - $122 Million $241 Million in additional investments
    • HOW WE FUNCTION FLEXIBILITY TO FUNCTION IN A VARIETY OF ROLES• Master Developer • Asset Management  OTR Mixed-Use Dev.  Fountain Square  21c Museum Hotel  Washington Park• Developer • Event Production  5 th& R a c e / d u n n h u m b y U S A  U.S. Bank Ice Rink  Parvis Lofts (Res./Retail)  Macy’s Light Up the Square  Saengerhalle (Office/Retail)  PNC Summer Music Series  Fountain Square  Washington Park
    • HOW WE FUNCTION OUR PRIORITIESCREATE CREATE HIGH- PRESERVE CREATE DIVERSE,GREAT CIVIC DENSITY HISTORIC MIXED-INCOMESPACES MIXED-USE STRUCTURES NEIGHBORHOODS DEVELOPMENT AND IMPROVE SUPPORTED BY STREETSCAPES LOCAL BUSINESSES
    • FOUNTAIN SQUARE
    • FOUNTAIN SQUAREAfter years of serving the community well, FountainSquare and the garage have outlived their 1970 designlife.Design philosophy at the time was to create a refuge fromthe city. Many cities’ public spaces have moved throughsimilar lifecycles.In today’s marketplace, signature public gathering places areopen, bright, inviting to the masses and safe. They areactivated by retail, entertainment, restaurants andprogramming creating dynamic energy that spreads from thecity’s “heart” to the entire area.
    • BRYANT PARK NEW YORK CITYBefore After
    • POST OFFICE SQUARE BOSTONBefore After
    • PIONEER COURTHOUSE SQUARE PORTLANDBefore After
    • FOUNTAIN SQUAREA DAY IN THE LIFE
    • FOUNTAIN SQUAREA DAY IN THE LIFE
    • FOUNTAIN SQUAREA DAY IN THE LIFE
    • FOUNTAIN SQUAREA DAY IN THE LIFE
    • FOUNTAIN SQUAREA DAY IN THE LIFE
    • FOUNTAIN SQUAREA DAY IN THE LIFE
    • FOUNTAIN SQUAREA DAY IN THE LIFE
    • FOUNTAIN SQUAREA DAY IN THE LIFE
    • FOUNTAIN SQUARE
    • FOUNTAIN SQUARE
    • CONSTRUCTION PROCESS
    • FOUNTAIN SQUARE GARAGE -BEFORE
    • FOUNTAIN SQUARE GARAGE -AFTER
    • FOUNTAIN SQUARE
    • FOUNTAIN SQUARE GARAGE NET OPERATING INCOME 2007-2011 Fountain Square NOI 2007‐20112500000200000015000001000000 500000 0 1 2 3 4 5 Year 2007 2008 2009 2010 2011 NOI $830,373 $1,442,144 $1,819,315 $2,143,907 $2,113,016
    • ASSET MANAGEMENTUniformed Ambassadors answer visitors’ questions and help keepFountain Square safe and clean. Ambassadors are present on FountainSquare 24 hours a day, 7 days a week.
    • ASSET MANAGEMENTSignature plantings from theCincinnati Park Board are changed outseasonally 4 times a year.
    • EVENT PROGRAMMINGPNC Summer Music Series, 2011 attendance – 200,000
    • EVENT PROGRAMMINGStrauss & Troy Market on the Square , 2011 attendance – 48,000
    • EVENT PROGRAMMINGMacy’s Light Up the Square, 2011 attendance - 25,000
    • EVENT PROGRAMMINGToyota’s New Years Eve Blast, 2011 attendance - 15,000
    • EVENT PROGRAMMINGU.S. Bank Ice Rink, 2011/2012 season - 50,000
    • C E N T R A L B U S I N E SS DISTRICTProposed3CDC/PrivateCivic
    • E C O N O M I C C ATA LY S T
    • E C O N O M I C C ATA LY S T
    • METROPOLE
    • CINCINNATI
    • CINCINNATI
    • BOCA / 4EG
    • BOCA / 4EG• The Maisonette was the longest-operating consecutive 5-star restaurantin the country. It occupied this Sixth Street building for 39 years. It’sclosing saddened the community, and its vacancy was a reminder of theonce-happening street.• The building that housed the Maisonette and LaNormandie, will soon behome to 3 new restaurant/entertainment concepts: • Boca Restaurant Group (BRG) will move its highly successful “BOCA” restaurant from Oakley to Downtown • BRG will open a second “trattoria” concept on the lower level • Four Entertainment Group (4EG), a successful operator of 7 local entertainment venues and restaurants, will open “IGBY’s” in the LaNormandie space next door• Construction started early October and is scheduled to be completed inOctober 2012
    • BOCA / 4EG
    • dunnhumbyUSAFifth & Race
    • dunnhumbyUSA Fifth & RacePROJECT DETAILS:• 3CDC would own and operate: o 630 space below grade parking facility o 400 space above grade parking facility• 3CDC will own: o 40,000 SF of street level retail/commercial space• dunnhumbyUSA, through a sale and/or lease of air rights, would own: o 300,000 SF office building and air rights above• Qualified residential developer/manager, through a sale and/or lease of airrights, would own and operate: o 100-130 units of residential rental housing
    • dunnhumbyUSAFifth & Race
    • dunnhumbyUSAFifth & Race
    • OVER-THE-RHINE
    • OVER-THE-RHINE POPULATION DECLINE500004500040000350003000025000 OTR Population20000 OTR Decline15000100005000 0 1900 1960 1980 1990 2000
    • OVER-THE-RHINE CHALLENGES 500 700 VACANT VACANTBUILDINGS LOTS 1667 VACANT HOUSING UNITS
    • OTR ACTION STEP:LAND BANKING• CEF/CNMF has invested over $29.7 million in private funding to land bank properties in the Washington Park section of OTR• 3CDC owns or controls:  200 buildings  169 vacant parcels• Over $700,000 in annual carrying costs
    • OVER-THE-RHINE CHALLENGES
    • OVER-THE-RHINE CHALLENGES
    • OVER-THE-RHINE CHALLENGES
    • OT R A C T I O N S T E P : CLOSING PROBLEM PROPERTIES118 W. 15th 1432 Vine (Pohlar Bar) 1401 Race (Bang’s) 1412 Vine (Cricket)(Walt’s)1331-35 Vine (AM/PM Market) 20-22 W. 12th (Jordan’s) 3 E. 13th (Albert’s) 1201 Vine (Glossinger’s)
    • OTR ACTION STEP: ACQUIRED AND SECURED VACANT PROPERTIESBefore:After:
    • OT R A C T I O N S T E P : ACQUIRED AND SECURED VACANT PROPERTIESBefore:After:
    • OT R : C H A L L E N G E SCrime Statistics within 3CDC’s Targeted Area
    • COMPLETEDDEVELOPMENTS:
    • S TA B I L I Z E D H I S T O R I C B U I L D I N G S1 4 1 8 - 2 2 Ra c e S t r e e t - We s t f a l e n
    • S TA B I L I Z E D H I S T O R I C B U I L D I N G S1 4 1 8 - 2 2 Ra c e S t r e e t - We s t f a l e n
    • S TA B I L I Z E D H I S T O R I C B U I L D I N G S1 4 1 8 - 2 2 Ra c e S t r e e t - We s t f a l e n
    • S TA B I L I Z E D H I S T O R I C B U I L D I N G S1 4 1 8 - 2 2 Ra c e S t r e e t - We s t f a l e n
    • S TA B I L I Z E D H I S T O R I C B U I L D I N G S1 4 1 8 - 2 2 Ra c e S t r e e t - We s t f a l e n
    • S TA B I L I Z E D H I S T O R I C B U I L D I N G S1 4 1 8 - 2 2 Ra c e S t r e e t - We s t f a l e n
    • S TA B I L I Z E D H I S T O R I C B U I L D I N G S1 4 1 8 - 2 2 Ra c e S t r e e t - We s t f a l e n
    • S TA B I L I Z E D H I S T O R I C B U I L D I N G S1 4 1 8 - 2 2 Ra c e S t r e e t - We s t f a l e n
    • S TA B I L I Z E D H I S T O R I C B U I L D I N G S1 4 1 8 - 2 2 Ra c e S t r e e t - We s t f a l e n
    • S TA B I L I Z E D H I S T O R I C B U I L D I N G S1 4 1 8 - 2 2 Ra c e S t r e e t - We s t f a l e n
    • RESIDENTIAL SALESG a t e w a y I , I I , I I I & I V : 178 of the 186 condos (96%) are sold
    • RESIDENTIAL SALESG a t e w a y I , I I , I I I & I V : 178 of the 186 condos (96%) are sold
    • RESIDENTIAL LEASINGG a t e w a y I , I I , I I I & I V : 68 of the 68 apartments (100%) are leased
    • RESIDENTIAL SALES SUMMARYAverage sale prices continue to increase significantly througheach phase of Gateway Development. Gateway II sale price per SF: $150 Gateway III sale price per SF: $174 Gateway IV sale price per SF: $198Rental Averages:Belmain: $1.17 per SF (1-month lease-up)Parvis: $1.05 per SF (2.5-month lease-up)
    • COMMERCIAL LEASING85% of 91,038 SF of commercial space is leased.
    • COMMERCIAL LEASINGBAKERSFIELD, 1213 VINE STREET
    • COMMERCIAL LEASING1215 WINE BAR, 1215 VINE STREET
    • COMMERCIAL LEASING AVERAGE RESTAURANT SALES/SFDowntown / CBD Annual Sales Per SF Annual Rent Per SF Average by SF 509 31Over-the-Rhine Annual Sales Per SF Annual Rent Per SF Average by SF 691 42
    • COMMERCIAL LEASINGSaengerhalle Office Building, home of 3CDC
    • COMMERCIAL LEASINGParvis, 1400 Block of Vine
    • VINE STREETSTREETSCAPE• $4,000,000 project includes new street lighting, curbs, sidewalks, landscaping, signage, trees and burying overhead utilities from Central Pkwy to 15th Street
    • 3CDC OTR DEVELOPMENTFuture/ LandBankComplete/Under ConstructionMercer Commons/Gateway V
    • MERCER COMMONS Phase I • 3,900 SF Commercial/Office • 28 Condos • 340-space Parking Garage • CDF committed $2.56 million of state and federal NMTC Phase II • 67 Apartments (30 affordable) • 10,600 SF commercial space • OHFA awarded project low income housing tax credits and also received historic tax credits from State of Ohio Phase III • 59 Apartments • 3,100 SF commercial space
    • Walnut Street
    • Mercer Street
    • Vine Street
    • Vine Street and Hart Alley
    • PA I N T B U I L D I N G• Renovation of 1400-1404 Vine  Project Cost: $4.1 million  3,680 SF restaurant space  6,000 SF office space
    • PHASE V
    • B A K E RY LO F T S
    • W E S T FA L E N LO F T S I I
    • N I C O L AY
    • PA R V I S I I
    • 1 5 TH & R E P U B L I C
    • N A SSA U
    • 1401 ELM
    • 3CDC OTR DEVELOPMENTLand Banked/Future ProjectsComplete/Under ConstructionMercer Commons/Gateway V
    • 3CDC OTR DEVELOPMENTLand Banked/Future ProjectsComplete/Under Construction
    • CIVIC LAWN
    • CIVIC LAWN
    • MUSIC HALL PLAZA
    • MUSIC HALL PLAZA
    • OPEN AIR STAGE
    • OPEN AIR STAGE
    • WATER FEATURE• 129 Total Water Jets• 6 Pop Jet Zones• 6 Arching Water Jets• Connected to Playground
    • WATER FEATURE• 129 Total Water Jets• 6 Pop Jet Zones• 6 Arching Water Jets• Connected to Playground
    • PLAYGROUND
    • PLAYGROUND
    • HISTORIC BANDSTAND
    • HISTORIC BANDSTAND
    • SIGNATURE PLANTINGS
    • DOG PARK
    • DOG PARK
    • EVENT PROGRAMMING
    • WA S H I N G TO N PA R K
    • A N T I C I PAT E D S C H E D U L ESite Preparation Began September 2010General Contractor Selection September 2010Construction Began November 2010Garage Construction Complete April 2012Complete Park Construction June 2012
    • HOMELESS TO HOMES Putting an End to HomelessnessHomeless to Homes:• A comprehensive plan for the City of Cincinnati and  Hamilton County, OH to ensure single homeless individuals  have access to appropriate shelter facilities and  comprehensive services which facilitate their movement  from shelter to permanent housing.Continuum of Care:• A single, coordinated and inclusive organization charged  with coordinating the planning and management of the  local (Hamilton County and City of Cincinnati) programs and  related funding aimed at ending homelessness.
    • HOMELESS TO HOMES Putting an End to Homelessness City of Cincinnati Hamilton County Continuum of Care 3CDCWomen  Men’s     Men Only  Young Adult  Substance Abuse  Only  Faith‐Based  Shelter Shelter Treatment Center Shelter Shelter
    • HOMELESS TO HOMES Putting an End to HomelessnessYWCA Women’s Shelter• 60 beds: 19,850 square feet• Site location: 2452 Kinsey AvenueCity Gospel Mission Shelter• 118 beds (42 for Exodus Program): 40,530 square feet• Site location: 1805 Dalton Street & 1102 York StreetDrop Inn Center• 150 beds: conceptual program for 53,000 square foot facility• Programming in development / Site selection in processLighthouse• 30 beds for youth (18‐24): 12,000 square feet• Site location: 2522 Highland Ave / CompleteTalbert House / Mt. Airy Center• 65 beds for men, currently located at 2660 Diehl Rd. in Mt. Airy• Programming in development
    • HOMELESS TO HOMESPutting an End to Homelessness
    • THANK YOU