10 9 11 9 7 12
8 5 50
13
1 6
3
2
15
4
14
16
17B 17A
36
18 34 19
20 35 1
37
2
33
31
28
39
27
38
29 23
22
25 30
24
21
40 41
32 23
50
47 42
49 26
43 48
22 46
44
45
54
51
55 54
56
57 53
59
52 60
58
Exchange Identities
Extend Fabrics
Experience Spaces
Innovation And Entertainment
Establishing Connections
Mid-Street Crossing
Cultivating and connecting nodes of amusement and innovation within and around Cincinnati
Redeveloping the city grid in order to establish the neighborhoods of downtown Cincinnati as a cohesive urban fabric
Creating more pedestrian-friendly connections across busy streets through bump-outs, clearly defined crossing zones, and buffers
RENTABLE MEETING / CONVENTION SPACE SPACE
2
AMAZON PICK UP CENTER
3
COFFEE EMPORIUM
4
LOCAL BOOKSTORE
5
FORTUNE 500 ANCHOR TENANT
6 STARTUP STOREFRONTS 7
FORTUNE 500 ANCHOR TENANT
0 20
The Exchange is Experience Oriented Development
60
100
200
400
INNOVATION AND DESIGN SHOWROOM
9
HIGH POINT APARTMENTS AND CONDOS
30
EXISTING: RADIUS APTS @ THE BANKS
31
EXISTING: PIES AND PINTS
32
EXISTING: TASTE OF BELGIUM
33
EXISTING: NATIONAL UNDERGROUND RAILROAD FREEDOM CENTER
34
COWORKING / COLLABORATION SPACE
35
FORTUNE 500 ANCHOR TENANT
36
EXPERIENCE DRIVEN RETAIL: NIKE UNLACED
37
EXISTING: REDS TEAM SHOP
38
EXISITNG: RUTH’S CHRIS STEAKHOUSE
39
EXISTING: TIN ROOF
SHORT TERM UNIVERSITY HOUSING
40
EXISTING: JEFFERSON SOCIAL
14
UNIVERSITY RESEARCH OUTPOST (UC LAW SCHOOl or OTHER REGIONAL UNIVERSITY)
41
EXISTING: CURRENT APTS @ THE BANKS
15
RESEARCH LIBRARY
16
BIKE / SCOOTER RENTAL
17B PARCADE: OPEN SPACE
42
EXISTING: ACE HOTEL BY MARRIOTT
43
EXISTING: YARD HOUSE
44
PICK 6 BREWERY
45
SPADES COMEDY CLUB
46
CIN CITY NIGHT CLUB
47
LOCAL HIGH END / EXPERIMENTAL RESTAURANT
18
INCUBATOR / ACCELERATOR SPACE INNOVATION INTERMEDIARIES
48
GOMEZ (LOCAL, FAST CASUAL, LATE NIGHT DINING)
19
FORTUNE 500 ANCHOR TENANT: AMAZON DISTRIBUTION
49
24 HOUR DINER
20
QUEEN CITY CONDOS
50
FOOD TRUCK CORRIDOR
51
TRADER JOES URBAN GROCERY LOCAL SPECIALTY FITNESS: INNER FIRE FITNESS RIVERS ROADS AND TRAILS OUTDOOR OUTFITTER
21
PALATINE LIFESTYLE HOTEL
22
ULTA BEAUTY SALON AND RETAIL
23 8
EXISTING INNOVATION ANCHOR: GE GLOBAL OPERATIONS CENTER
13
PARCADE: MARKETSPACE AND FOOD 17A HALL 1
29
INFLUX @ THE BANKS APARTMENTS
52 53 54
APARTMENTS
55
24 HOUR PHARMACY
56
URGENT CARE
57
LA ROSAS
58
FUTURE INDOOR / OUTDOOR PERFORMANCE VENUE
24
BENGALS MERCH STORE
25
BENGALS HALL OF FAME
10 PARKING
26
SPORTS INNOVATION CENTER
11
EDUCATION / TRAINING FACILITY
27
LOCAL CHAIN: GRAETERS ICECREAM
59
EXISTING: CAROUSEL
12
APPLE STORE
28
LOCAL CHAIN: SKYLINE CHILI
60
RELOCATED: FERRIS WHEEL
Building Mass & Use
Phase 1 Reconnect the Urban Fabric
Phasing Diagnostics
Step one in reestablishing the connection between the CBD and The Banks is capping the interstate along Fort Washington Way in order to extend the downtown urban fabric to the Ohio River, Smale Riverfront Park, and The Banks itself
Pedestrian Tiers
Soft Threshold
Sports Promenade
Parcade (Park + Arcade)
Greenway Core
Phase 2 Establish Activated Promenade
Organizing the public realm using spatial and directional hierarchy, while providing multiple experienced-focused spaces centered around the pedestrian
Establishing thresholds between spaces with porous, occupiable edges that soften the streetscape
The primary axis within The Banks acts as the main artery between the two stadiums, while a graphic art walk integrates the spaces in between and energizes the promenade, creating a truly unique experience
Capped on top of Fort Washington Way, the Parcade provides open greenspace that acts as the front lawn to downtown Cincinnati and the Innovation Hub, which supports an adjacent arcade space that caters to small-to-mid size retailers, artisans, and farmers
Flanking the Sports Promenade and nestled between two breweries, the Greenway Core acts as a flexible public space whichdepending on the season and time of day-can act as a viewing lawn, picnic spot, selfie-opportunity, or biergarten spillover
Providing more functions and uses to The Banks in order to support its strong entertainment district and create a 24-hour, all seasons neighborhood that caters to both the casual visitor as well as the sports super-fan
Transportation Circuit
Shared Promenade
Phase 3 Cultivate an Innovation Hub
Allocating for flexible transit options by incorporating shared lanes and easy access to parking structures, serving the pedestrian during low traffic and the automobile during high traffic
Promoting walkability by flattening the threshold between street and sidewalk, allowing the street to be fully occupied during large events
Attract a core of nine Fortune 500 companies, including those already at The Banks, with the objective of pursuing long-term, mutually attractive projects that nurture and support cross-fertilization and facilitate interactions between like-minded companies
Community Links
Architectural Character
Strengthening existing community links through the development of a diverse program that activates the neighborhood for 24 hours a day, every month of the year
Establishing guiding principals for continuity and appropriate scale of building in order to maintain existing neighborhood character
Final Development
The Exchange will attract industry leaders for its location and amenities. Immediate adjacencies encourage access to downtown, renowned Smale Riverfront Park and both stadiums. Capping the highway repairs the severed connection between the Downtown Central Business District and The Banks and establishes the Parcade. A contemporary evolution of the traditional median marketplace, its supersized scale recognizes the value of both commerce and public space. It provides a framework to showcase the diversity of local vendors and startups, and direct access to open green space. Washington Way Park supplies a “garden” for the dominant new tower along Cincinnati’s skyline. The Sports Promenade strengthens the corridor between the two stadiums by redesigning the intersection at the entry to Paul Brown Stadium. A graphic art walk integrates both stadiums with the streetscape and energizes the promenade, while enhancing the distinctive quality of the space. Pedestrian connections to Smale Riverfront Park are reinforced and the river is seen as an opportunistic space for future development.
Community Partners
Projected Output
Daily Use
User Groups
Seasonal Use
197707
1
RENTABLE MEETING / CONVENTION
2
AMAZON PICK UP CENTER
3
COFFEE EMPORIUM
4
LOCAL BOOKSTORE
5
FORTUNE 500 ANCHOR TENANT
6
STARTUP STOREFRONTS
7
FORTUNE 500 ANCHOR TENANT
8
INNOVATION AND DESIGN SHOWROOM
10
9
11 9
9
HIGH POINT APARTMENTS AND CONDOS
10
PARKING
7
12
8 5
11
EDUCATION / TRAINING FACILITY
12
APPLE STORE
13
SHORT TERM UNIVERSITY HOUSING
14
UNIVERSITY RESEARCH OUTPOST (UC LAW SCHOOl or OTHER REGIONAL UNIVERSITY)
15
RESEARCH LIBRARY
16
BIKE / SCOOTER RENTAL
13 50
1
6
2
15
4
3
14 16
17B 17A
36
18
34 19
20
17A
PARCADE: MARKETSPACE AND FOOD HALL
17B
PARCADE: OPEN SPACE
18
INCUBATOR / ACCELERATOR SPACE (INNOVATION INTERMEDIARIES)
19
FORTUNE 500 ANCHOR TENANT: AMAZON DISTRIBUTION
20
QUEEN CITY CONDOS
35 1
37
2
33
28
31
39
27
38
29 23
22
25 30
24
21
40 32 23
41
50
47
42
49 26 22
43
48 44
46
21
PALATINE LIFESTYLE HOTEL
22
ULTA BEAUTY SALON AND RETAIL
23
INFLUX @ THE BANKS APARTMENTS
24
BENGALS MERCH STORE
25
BENGALS HALL OF FAME
26
SPORTS INNOVATION CENTER
27
LOCAL CHAIN: GRAETERS ICECREAM
28
LOCAL CHAIN: SKYLINE CHILI
45 54
51
55 54
57 59
53 52 60
0 20
60
100
200
400
EXISTING INNOVATION ANCHOR: GE GLOBAL OPERATIONS CENTER EXISTING: RADIUS APTS @ THE BANKS
31
EXISTING: PIES AND PINTS
32
EXISTING: TASTE OF BELGIUM
29
56
58
30
33
EXISTING: NATIONAL UNDERGROUND RAILROAD FREEDOM CENTER
34
COWORKING / COLLABORATION SPACE
35
FORTUNE 500 ANCHOR TENANT
36 37
EXPERIENCE DRIVEN RETAIL: NIKE UNLACED EXISTING: REDS TEAM SHOP
38
EXISITNG: RUTH’S CHRIS STEAKHOUSE
39
EXISTING: TIN ROOF
40 41
EXISTING: JEFFERSON SOCIAL EXISTING: CURRENT APTS @ THE BANKS
42
EXISTING: ACE HOTEL BY MARRIOTT
43
EXISTING: YARD HOUSE
44
PICK 6 BREWERY
45 46
SPADES COMEDY CLUB CIN CITY NIGHT CLUB
47
LOCAL HIGH END / EXPERIMENTAL RESTAURANT
48
GOMEZ (LOCAL, FAST CASUAL, LATE NIGHT DINING)
49
24 HOUR DINER
50
FOOD TRUCK CORRIDOR
51
TRADER JOES URBAN GROCERY
52
LOCAL SPECIALTY FITNESS: INNER FIRE FITNESS
53
RIVERS ROADS AND TRAILS OUTDOOR OUTFITTER
54
APARTMENTS
55
24 HOUR PHARMACY
56
URGENT CARE
57
LA ROSAS
58
FUTURE INDOOR / OUTDOOR PERFORMANCE VENUE
59
EXISTING: CAROUSEL
60
RELOCATED: FERRIS WHEEL
DEVELOPMENT / DESIGN NARRATIVE
FINANCIAL NARRATIVE
As competition to sustain industry and population intensifies in the rapidly evolving landscape of the 21st century, urban centers increasingly consider their role as both distinct entities and actors within larger multi-regions. Like many mid-sized midwestern cities sharing a past shaped by manufacturing, Cincinnati faces the need to position itself regionally, nationally, and internationally as challenges presented by globalization, urbanization, and digitization unfold. The Banks has the economic, historical, and infrastructural potential to support this aspiration. The prominent and high powered site establishes a gateway into the city, a front lawn to downtown, and has the capacity to redefine the city by regenerating the economic vitality once showcased on the riverfront. Today, Cincinnati ranks 65th in the nation in population; however, the strong presence of overlapping industries and shared innovation has positioned it at number 6 in concentration of Fortune 500 companies. A new innovation district, The Exchange at The Banks, will build on this synergy by leveraging the promising future of the site.
Athena Properties will develop The Exchange through a joint venture with the city of Cincinnati. Athena will purchase parcels A, B, C, D, E, F, and G. Additional lots will be purchased on Third Street to develop several mixed-use residential, office, and retail. The development entity will acquire the land in three separate closings under one land acquisition agreement, with options for phase II and III land executed immediately preceding their respective groundbreakings. These acquisitions will be based on a fixed price of C$55 per square foot for Phase I, C$56 per square foot for Phase II, and C$57 per square foot for Phase III, with a total land acquisition cost of C$96.62 million.
Innovation potential will be utilized to attract a core of nine Fortune 500 companies with the objective of pursuing long-term, mutually attractive projects. The design and development strategies for this innovation core will nurture and support cross-fertilization and facilitate interactions between like-minded companies. A deliberately mixed use and pedestrian focused environment will foster a community built on innovation. The Exchange strengthens the existing entertainment focused identity at The Banks, and inserts an innovation based planning strategy to provide stability between influxes of events based energy. Guidelines for street and building design will enrich the historic character of Cincinnati and create an experience oriented development to increase foot traffic and encourage cross industry conversations. The Exchange will attract industry leaders for its location and amenities. Immediate adjacencies encourage access to downtown, renowned Smale Riverfront Park and both stadiums. Capping the highway repairs the severed connection between the Downtown Central Business District and The Banks and establishes the Parcade. A contemporary evolution of the traditional median marketplace, its supersized scale recognizes the value of both commerce and public space. It provides a framework to showcase the diversity of local vendors and startups, and direct access to open green space. Washington Way Park supplies a “garden� for the dominant new tower along Cincinnati’s skyline. The Sports Promenade strengthens the corridor between the two stadiums by redesigning the intersection at the entry to Paul Brown Stadium. A graphic art walk integrates both stadiums with the streetscape and energizes the promenade, while enhancing the distinctive quality of the space. Pedestrian connections to Smale Riverfront Park are reinforced and the river is seen as an opportunistic space for future development.
The venture will invest C$322 million in private infrastructure and public spaces to connect with the surrounding communities and enhance the experience for all who visit the Banks of Cincinnati. Improvements include an elevated half-acre walking space over Fort Washington Way, three public ground retail locations, including a market space, entertainment venues, and various innovation spaces. Infrastructure costs will be front-loaded in the first two phases of development The site will be developed in three phases over eight years, with a total development cost of C$811 million. Phase I will be constructed at the northern portion of the site where infrastructure is required for the highway and will redesign the neighborhood around the banks. The cornerstone of Phase I is the open-area community park space, which will be accessible by the general public. Phase II will supplement this recreated neighborhood with condominium, apartments, affordable housing, and luxury hotel. Through a variance with the city, the last phase will feature experiential retail, technology centers and meeting rooms, and co-living & co-working spaces. Through a strategic alignment of condominium pre-sales and permanent refinancing of earlier phases with construction of subsequent phases, the entity will minimize required equity contributions for phases II and III. Construction will be financed with a senior loan at 65% loan-tocost carrying a 5.0% interest rate with the rest funded by equity split between the partners involved, potentially including the city of Cincinnati in the form of CRA investment and TIF financing. Due to equity reinvestment, the bulk of the equity return comes in years 8, 9 and 10 and the assumed sale of the property following the 10-year holding period. Returns by phase and the total project are as follows:
By improving public transportation between the burgeoning Uptown Innovation District and The Exchange at The Banks, a foundation is laid for the first twin-centered real estate development built as a crossroads for innovation. This strategy will cement the long-term competitive advantage of the region by positioning Cincinnati as a critical nexus within the midwest and a thriving node within a global network.
EXPERIENCE CHANGE
197707