2010 stateDEVELOPMENT of downtown report DOWNTOWN
Downtown Cincinnati Inc. thanks the following organizations for their assistance in compiling the 2010 annual State of Downtown Report: Apartment Realty Advisors Cincinnati’s arts, culture, sports & entertainment venues Cincinnati Multiple Listing Service Cincinnati USA Convention & Visitors Bureau City of Cincinnati Colliers International Shertok Design, Inc. Smith Travel Research
Photos courtesy of: 3CDC ArtsWave Scott Beseler (Soapbox Media) Cincinnati Arts Association The Cincinnati Reds Cincinnati USA Convention & Visitors Bureau Economic Development Division – City of Cincinnati
partners The data presented in this report is derived from many sources including reports by the media, and information collected directly from organizations where available. To provide us with more accurate data on any information contained in this report, to request information not contained in this report, or to place your name on our e-mail list for future report mailings, please send an email to SODreport@downtowncincinnati.com. Please visit DCI’s website for other publications at: downtowncincinnati.com. Also visit these websites for additional information on downtown Cincinnati: • cincinnati-oh.gov • cincinnatichamber.com • cincinnatiUSA.com • cincyusa.com • myfountainsquare.com
Elyce Feliz (licensed under a Creative Commons Attribution License) Thadd Fiala Main Library/Public Library of Cincinnati and Hamilton County Guennadi Maslov Taft Museum of Art
about downtown cincinnati incorporated DCI is a non-profit business organization with a mission to build a dynamic metropolitan center valued as the heart of the region. DCI supports this mission by providing unique services in three areas: safe and clean, marketing and communications, and stakeholder services. The organization is funded by a Special Improvement District that includes all property within the boundaries of Eggleston Avenue, Central Parkway, Central Avenue, and the Ohio River*. DCI provides leadership and information regarding important issues that ensure long-term downtown vitality, and plays an important role in working with strong partners to improve the city and the region.
contents introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 downtown development . . . . . . . . . . . . . . . . 4 office & employment . . . . . . . . . . . . . . . . . . . . 6 retail & restaurants . . . . . . . . . . . . . . . . . . . . . . 8 safe & clean . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 residential . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 conventions & hotels. . . . . . . . . . . . . . . . . . . . 15 arts, culture & entertainment . . . . . . . . . 18 access & parking . . . . . . . . . . . . . . . . . . . . . . . . 20 *Excluding Great American Ballpark and Paul Brown Stadium
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introduction Downtown Cincinnati Inc. (DCI) is pleased to present the seventh annual State of Downtown Report. This report serves as an annual “snapshot” of downtown—Development; Office and Employment; Retail and Restaurant; Safe and Clean; Residential; Convention and Hotels; Arts, Culture, and Entertainment; and Access and Parking. The goal of this report is to provide a comprehensive profile of all aspects of working, living, and enjoying the amenities of downtown. DCI’s goal is to provide its stakeholders with a “one-stop” information source that supports their continued success in downtown Cincinnati. It is a chance to reflect on downtown’s progress, see where our downtown has been over the past year in comparison to other years, and identify where opportunities exist going forward.
2010 was a year of gradual recovery from a nationwide recession. Downtown Cincinnati’s momentum continued as more than $1.4 billion of development projects were completed and under construction, including The Banks riverfront development, the School for Creative and Performing Arts, Washington Park, and the Cincinnati Riverfront Park.
Although the downtown office market continued to face challenges in 2010, rental rates across all office classes remained steady in comparison to 2009. In addition to the Fortune 500 companies headquartered in the Central Business District (CBD), several locally-based smaller businesses purchased, renovated, and now occupy several buildings downtown. More than 30 new retailers became part of the 300+ dining, shopping, and personal care establishments downtown. 2010 marked the fourth year of the downtown pedestrian count study, which provides both current and potential retailers important pedestrian trends throughout downtown.
introduction DOWNTOWN DEVELOPMENT DCI Ambassadors spent more than 50,000 hours working in close coordination with the City of Cincinnati’s services to help keep downtown safe, clean, and welcoming. Crime rates remained steady as compared to 2009 and were down double digits over the 10-year comparison period. The 2010 U.S. Census confirmed the continued residential growth downtown, with nearly 12,000 residents living in the CBD, Over-the-Rhine (OTR), and Pendleton (PEN). CBD apartment occupancy rates were above 95%, and approximately 2,000 additional residential units were under construction and planned to begin construction over the next 18–24 months. Visitation to downtown continued to increase in 2010— downtown hotel occupancy rates increased and were higher than the 2010 national average. More than 200,000 room nights were booked through the Cincinnati USA Convention and Visitors Bureau with a $60 million economic impact on downtown. Visitors to downtown enjoyed a multitude of arts, culture, and entertainment venues during 2010. Many of these venues saw steady and increased attendance numbers, including the Cincinnati Reds, Findlay Market, Cincinnati Shakespeare Company, and MidPoint Music Festival. Parking rates downtown increased in 2010, but stayed well below the national average. Downtown’s rapid development has created a need for additional parking and improved access to/from and within the area, via public transportation, biking, and other modes of transportation.
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The first phase of The Banks riverfront development neared completion by the end of 2010. The parking garage was completed, letters of intent were signed by restaurant and entertainment venues, and the residential development, Current @ The Banks, had more than 30% of its 300 apartments preleased. The $100 million Cincinnati Riverfront Park is underway and will add to the growing downtown destinations for public entertainment, community events and casual gatherings for residents and visitors alike. Just across Central Parkway to the north, Over-the-Rhine continued to see unprecedented development as the multi-million dollar Washington Park renovation broke ground, and the residential development continued in the Gateway Quarter and further north. Additionally, the newly completed School for Creative and Performing Arts opened its doors in the fall to students as the only K–12 performing arts school in the nation. Just to the east in Pendleton, Broadway Commons is the site for Cincinnati’s own Horseshoe Casino, set to open in late 2012/early
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downtown development
projects by percentage* cultural/entertainment/education. . . . . . . . . . . . . . . . . mixed use**. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . residential. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . office. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . access/parking. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31% 23% 18% 15% 13%
* Includes completed, under construction, and proposed projects as of year-end 2010. ** “Mixed Use” refers to the properties/buildings that encompass more than one use, such as residential and/or office space paired with retail/restaurant/entertainment venues.
2013. This $400 million project is part of the more than $880 million of development projects set to begin construction in the next 12–18 months in the CBD, OTR, and Pendleton. During 2010, the entire downtown region saw more than $180 million of development projects completed, and over $1.2 billion of under construction projects.
Completed Under Construction Proposed
P roject Name Address Type Investment ($M) 1 The Banks Parking Garage Riverfront ACC $76.0 2 Jimmy Heath House 219 Odeon Street RES $4.2 3 KZF Design Expansion 700 Broadway OFF $6.0 4 Mehring Way Relocation Riverfront ACC $7.2 5 Parvis Lofts 14th and Vine Streets MIX $10.5 6 School for Creative and 1223 Central Parkway CEE $70.0 Performing Arts 7 Seventh & Broadway Garage Seventh & Broadway ACC $5.0 8 Trinity Flats 1326–1342 Vine Street MIX $5.0 9 The Banks (Mixed Use Development) Riverfront MIX $450.0 10 The Banks (Phase I) Riverfront RES $70.0 11 The Banks (Phase II) Second Street ACC $24.0 12 Cincinnati Riverfront Park Riverfront CEE $100.0 13 City Home (Phase I) 1406–1422 Pleasant Street RES $7.3 14 The Edge Office and Design Center 310 Culvert Street OFF $35.0 15 Friar’s Court – St. Anthony’s Village II 1600 block of Race & Republic RES $2.8 1400 Race block, MIX $105.0 16 Gateway Quarter (Phase 4) 4 acres around Vine & Mercer 17 John Weld Peck Federal Building 550 Main Street OFF $20.1 18 McFarland Lofts 304 McFarland Street RES $1.8 19 Moerlein Lager House Riverfront CEE $4.0 20 Phelps Apartment Building 506 E. Fourth Street CEE $15.0 Redevelopment 21 Queen City Square Tower Fourth & Sycamore Streets OFF $322.0 22 Saengerhalle 1400 Block of Race Street OFF $8.3 23 Washington Park Washington Park CEE $20.3 24 Washington Park Garage Washington Park CEE $27.0 25 Westfalen Lofts 1418–1422 Race Street RES $3.4 26 21c Museum Hotel 609 Walnut Street CEE $51.0 27 Anna Louise Inn/ 300 Lytle Street RES $12.4 Cincinnati Union Bethel 28 Cincinnati Color Building 1400 Vine Street MIX $14.1 29 Cincinnati Streetcar* CBD/OTR/Uptown ACC $185.0 Sycamore Street MIX $11.5 30 City of Cincinnati Parking Garage between Seventh and Eighth 31 E. Sixth Street Properties 114, 118, 122 E. Sixth Street MIX $15.3 32 Federal Reserve Building Fourth & Race MIX $16.5 33 Holiday Inn Hotel Broadway and Seventh CEE $14.0 34 Horseshoe Casino Broadway Commons CEE $400.0 35 Mercer Commons Vine and Walnut Streets MIX $52.0 36 Music Hall Renovation 1243 Elm Street CEE $100.0 East McMicken Avenue CEE $16.0 37 Rothenberg Preparatory Academy & Main Street
This chart lists only those projects with a disclosed investment amount of $1 million or more. For a complete and detailed list of downtown development projects please visit the publications page at downtowncincinnati.com. * Proposal is to connect the CBD with Uptown via Vine Street.
Completion/ Expected Completion 2010 2010 2010 2010 2010
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37
2
2010 2010 2010 N/A 2011 2011 2011 2011 2011 2011
28 13 22 25 16 5 35 8 24 36
2011
23 6
N/A 2011 2011
34
29
2011 2011 2011 2012 2012 2011 2012
33 30 3 7
26 31
2012
17
2011 N/A 2012 2012 N/A 2012 2013 2013 2014 2012
Legend ACC=Access & Parking CEE=Cultural/Entertainment/Educational MIX=Mixed Use OFF=Office RES=Residential RET=Retail/Restaurant
20 18
32
21
14
27
1 10 9
11 4
12 19
projects DOWNTOWNdevelopment DEVELOPMENT
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The CBD is currently the headquarters of nine of Cincinnati’s 10 Fortune 1000 companies—five of which are in the Fortune 500 (Procter & Gamble*, Kroger, Macy’s, Fifth Third Bancorp, and Western & Southern Financial). During 2010, several smaller, locally-based companies took an ownership stake in downtown: Lerner, Sampson & Rothfuss; dunnhumby; and KZF Design became owner occupants of renovated downtown buildings. According to the commercial real estate community, the overall Cincinnati office market began to see some positive signs toward the close of 2010. Although the total net absorption for the year was negative, the office market did see positive net absorption during the fourth quarter, and average Class A and Class B rental rates remained steady.
2010 cbd vacancy: all classes
2010 cbd class A rental rates
Dallas/Ft. Worth St. Louis Cleveland Cincinnati Memphis Columbus Kansas City Chicago Detroit New York City (Downtown Manhattan) Boston Los Angeles Houston Atlanta Nashville Denver Philadelphia Washington, DC Indianapolis Portland Raleigh/Durham
Washington DC $53.60 Boston $46.00 New York City (Downtown Manhattan) $39.70 Los Angeles $39.00 Houston $34.60 Chicago $32.00 Denver $27.00 Philadelphia $26.10 Dallas/Ft. Worth $25.20 Portland $24.70 Nashville $23.70 Raleigh/Durham $23.20 Detroit $23.00 Cincinnati $21.90 Atlanta $21.40 Cleveland $20.40 Columbus $19.30 Indianapolis $19.20 Memphis $17.70 St. Louis $17.60 Kansas City $17.10
25.4% 19.2% 18.5% 18.4% 18.0% 17.7% 17.1% 17.0% 17.0% 16.9% 16.6% 16.4% 14.9% 14.7% 13.9% 13.5% 12.7% 11.1% 11.0% 8.8% 4.6%
major 2010 transactions** Company Location Level 3 Communications 400 Pike Street Unilever 600 Vine Street Lerner Sampson & Rothfuss 120 E. Fourth Street Porter Wright Morris & Arthur 250 E. Fifth Street RBC Capital 255 E. Fifth Street Landor Associates 110 Shillito Place Clark Schaefer Hackett & Co. One East Fourth Street Drew Law Fourth & Vine Tower Total Source: Colliers International * P&G relocated approximately 600 employees into the CBD during 2010. ** This list comprises leases that were signed in 2010, not necessarily the date of occupancy.
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office & employment
Sq. Ft. 36,500 19,300 15,000 15,000 10,000 40,000 23,000 10,000 168,800
u.s. and cincinnati office vacancy rates U.S. CBD
Cincinnati CBD
U.S. Suburban
Cincinnati Suburban
25%
14.8% 21.9% 16.7% 24.3%
0
14.5% 19.4% 17.4% 23.3%
5%
14.7% 17.7% 15.4% 21.8%
10%
11.2% 16.6% 14% 19.8%
15%
12.4% 19.4% 14.4% 22%
vacancy rate
20%
2006
2007
2008
2009
2010
year
office rental rates CBD Class A
CBD Class B
Average CBD All Classes
CBD Class C Average Regional Rental All Classes
$25
0
$21.90 $15.80 $11.72
$21.77 $15.00 $11.74
$5
$23.22 $15.93 $11.72
$10
$23.02 $11.79 $15.87
$15
$22.27 $16.38 $11.58
rental rate
$20
downtown employees – cbd. . . . . . . . . . . . . . . . . 55,327 downtown employees – cbd, otr, and pen. . . . . . . . . 62,206
2006
2007
2008 year
2009
2010
Source: U.S. Census Bureau, OnTheMap Application and LEHD Origin-Destination Employment Statistics (Beginning of quarter Employment, 2nd Quarter of 2002–2009) | Please note: this source’s employment data is generally 18 months in arrears, therefore downtown employment numbers will fluctuate.
office & employment DOWNTOWN DEVELOPMENT
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retail & restaurants Retailers nationwide began to see a gradual economic recovery in 2010. The National Retail Federation’s Chairman, Terry Lundgren of Macy’s stated: “Sales haven’t completely returned to levels seen before the ‘great recession’ of 2008 and 2009, however, there is no question that the industry is in much better shape.” In the face of the effects of the “great recession” both nationally and locally, downtown Cincinnati experienced some growth in the retail and restaurant market with more than 30 new establishments opening during 2010. The Downtown Cincinnati Pedestrian Count Study* was conducted for the fourth year in 2010, providing retailers and restauranteurs important data about pedestrian traffic trends in the CBD. * For the full 2007–2010 report, please visit downtowncincinnati.com publications page.
Dining
Shopping
41%
47%
Personal Care
12%
retail & restaurants DOWNTOWN DEVELOPMENT 2010 downtown openings
intersections
cbd daytime pedestrian counts 5th & Vine
5,953 5,013 5,360 5,804
4th & Race
2,977 2,686 2,422 2,382
4th & Walnut
6,325 7,200 7,087 6,012
6th & Walnut
3,935 3,949 4,080 3,583
7th & Vine
3,929 5,184 4,682 4,530
7th & Main
3,091 3,062 3,143 2,206
9th & Main
2,374 2,871 2,950 2,482
Vine & Court
2,734 2,627 3,045 3,133
4th & Plum
1,152 1,256 885 935
2007
2008
2009
2010
1,098 1,022 1,154 1,127
8th & Elm
0
1,000
2,000
3,000
4,000 pedestrians
Source: Brandstetter Carroll
5,000
6,000
7,000
8,000
Establishment Name Abby Girl Sweets Cupcakery Al-Amir Cafe Amanda Kelly Salon Bartini’s Cinci City Links Comedy Box Fitnext Hyde Park Framers & Gallery It’s Just Crepes Jean-Robert’s Table Kim Dao’s Alterations L & L Creative Shoe Boutique Lunar Lounge Lunch on Main Main Event Mayberry Foodstuffs Mr. Sushi Passage Lounge Penguin Dueling Piano Bar Rice Rocket Scene Seventh St. Deli Soho Sushi The Squirrel Step N Style Sweat Training T.J.’s Korean Restaurant Taqueria Mercado Tazza Mia Tazza Mia Tom + Chee Wicked-wich The Yoga Bar Total
Address 41 W. Fifth Street, Carew Tower 326 E. Eighth Street 1010 Race Street 580 Walnut Street 26 W. Seventh Street 36 W. Court Street 803 Sycamore Street 9 W. Court Street 15 W. Fourth Street 713 Vine Street 21 E. Court Street 639 Main Street 435 Elm Street 633 Main Street 835 Main Street 203 E. Seventh Street 580 Walnut Street 601 Main Street 441 Vine Street, Carew Tower 825 Main Street 641 Walnut Street 120 E. Seventh Street 28 W. Fourth Street, Tower Place 344 Walnut Street 610 Race Street 18 W. Seventh Street 34 E. Court Street 800 Walnut Street 250 E. Fifth Street 600 Vine Street 133 E. Court Street 425 Sycamore Street 825 Main Street 33 Opened
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safe & clean
safe & clean DOWNTOWN DEVELOPMENT DCI focused more than 50,000 hours in 2010 to help make the CBD a safe, clean, and welcoming environment. The CBD’s average Litter Index©* rating was 1.2 (1 meaning “no litter” and 4 meaning “extremely littered”)—a testament to the continued successful partnership between the City of Cincinnati’s Public Services Department and DCI Ambassadors. As more people are making downtown their home and a destination for work and play, DCI Ambassadors responded to more than 28,000 requests for hospitality assistance, motorist assistance, and safety escorts—an increase of 115% over 2009. To combat increases in thefts from autos, the Police reminded motorists to remove valuables from sight with “Put Your Junk in Your Trunk”, a campaign that included presentations to downtown workers and the placement of 5,000 reflective parking meter decals stating: “Reminder! Do not leave valuables in your vehicle” in the CBD and throughout the city.
safe & clean focus**
Cleanliness
cbd crime statistics
84%
Safety
10%
Beautification
2%
Outreach
4%
* Developed by Keep America Beautiful, Inc.; is used in affiliate communities throughout the nation to assess litter conditions. Keep Cincinnati Beautiful completes the litter index for the City of Cincinnati. ** The methodology for tracking safe and clean hours was modified in 2010; data is not comparable to previous years.
Part 1 Crime 2001 2,013 2002 1,881 2003 1,929 2004 2,026 2005 1,950 2006 1,489 2007 1,334 2008 1,153 2009 1,402 2010 1,414 Total 10-year change
% Change Part 2 Crime 12.1% 601 -6.6% 596 2.6% 614 5.0% 613 -3.8% 588 -23.6% 503 -10.4% 471 -13.6% 496 21.6% 440 0.9% 472 -29.8%
% Change 13.8% -0.8% 3.0% -0.2% -4.1% -14.5% -6.4% 5.3% -11.3% 7.3% -21.5%
Note: Part 1 crimes are defined as more serious crimes, but include crimes such as shoplifting in which no use of force or violence occurs; Part 2 crimes are defined as “quality of life” crimes, which include aggressive panhandling and vandalism.
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In 2010 the number of
apartment survey
condominium sales in
Total number of properties surveyed Total number of units surveyed Average number of units/property Weighted occupancy Average rent/unit Average rent/sq. ft.
downtown Cincinnati* was less than in 2009, while single-family home sales went up slightly. Consistent with the data
14 2,057 147 95.6% $923.00 $1.02
Source: Apartment Realty Advisors
from past years, the apartment occupancy
downtown residential units
rate remains above Current Occupied
90% in the CBD. The 2010 census provided shows a strong upward trend in the number of downtown residents
neighborhood
population data that
CBD
2,523
OTR
2,341
PEN
419 234
Total Projected Future Units
Current Vacant
527
1,695
1,989
435
and points to the continued potential for population growth
0
as the development of residential units
2,000
3,000
4,000
5,000
units
Source for Total Available Units, Occupancy and Vacancy: 2010 U.S. Census.
downtown increases. * In 2010 the methodology for tracking residential data was changed to reflect data for neighborhoods most commonly understood to comprise downtown Cincinnati—the CBD, Over-the-Rhine, and Pendleton (in their entirety). This change may account for some of the variances in data between previous years and 2010.
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1,000
residential market
downtown population trends CBD
14,000
CBD Periphery
11,848
12,000
population
10,000 8,000 6,000
9,026
7,786
8,154
8,375
3,806
4,032
4,107
4,743
6,996
3,980
4,122
4,268
4,283
4,852
2006
2007
2008
2009
2010
4,000 2,000 0
year
PEN 900
8%
CBD 4,852 OTR 6,096
41%
51%
residential market DOWNTOWN DEVELOPMENT
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central business district residential unit sales Single Family Homes Selling Price
Condominium Units Sold
Single Family Homes Sold
90
$250,000
75
$200,000
60
$150,000
45
0
2006
2007
$304,235
$50,000
$300,641
$100,000
2008
2009
$185,000
$300,000
$1311,491
105
$297,699
120
$350,000
units sold
135
$400,000
$397,392
average selling price
$450,000
Condominium Selling Price
30 15 0
2010
year
0
2006
2007
$172,188
$50,000
2008
2009
$157,885
2010
units sold
20
$164,173
$100,000
$105,925
30
$168,145
$150,000
$168,458
40
$131,213
$200,000
$193,980
50
$121,353
$250,000
$214,097
average selling price
over-the-rhine residential unit sales
10
0
year
2
$50,000 0
2006
2007
2008 year
2009
2010
1 0
units sold
$100,000 $185,817
3
$126,150
$150,000
$272,477
4
$147,067
$200,000
$203,820
5
$118,407
$250,000
$249,900
residential market
6
$212,700
14
$300,000
$196,000
average selling price
pendleton residential unit sales
The CBD is home to six hotels with more than 2,600 rooms in all. Downtown hotels outperformed their competitive set as well as the national average in occupancy rates for 2010, and experienced an increase in average rate per room night and revenue per available room. Room nights booked by the Cincinnati USA Convention and Visitors Bureau (CVB) increased in 2010 and had a $60 million economic impact on downtown Cincinnati.
& hotels DOWNTOWNconventions DEVELOPMENT
Source: Cincinnati USA Convention and Visitors Bureau and Smith Travel Research
key national conventions booked in 2010
top 10 conventions hosted in 2010 (by total hotel room nights)
Group Educational Testing Service International Association of Fire Fighters NeighborWorks America Energetics Incorporated Improved Benevolent Protective Order of Elks of The World Confidential Group Annual Meeting Confidential Group International Convention Confidential Group International Convention North American Christian Convention North American Christian Convention
Group Room Nights Economic Impact Educational Testing Service 15,045 $4,483,410 Gospel Music Workshop of America 11,569 $3,447,562 Confidential Corporate Convention 10,981 $3,272,338 Society of Hispanic Professional Engineers 9,586 $2,856,628 Association of Equipment Manufacturers 7,281 $2,169,738 Confidential Corporate Convention 3,720 $1,108,560 Drug Abuse Resistance Education 3,484 $1,038,232 Society of Quality Assurance 3,002 $894,596 Independent Educational 2,738 $815,924 Consultants Association Ohio Music Education Association 2,647 $788,806 TOTAL 70,053 $20,875,794
Event Date Room Nights June 2013 21,562 July 2014 12,422 August 2012 6,913 August 2011 6,759 July 2011
6,723
July 2014
6,709
July 2015
6,008
July 2018
6,008
July 2015 July 2019
5,886 5,886
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year-end hotel comparison Downtown Gr. Cincinnati Cincinnati USA (OH-KY-IN) National
downtown hotels
Avg. Rate/Night 2009 2010 $115.32 $117.98 $83.45 $83.61 $81.54 $84.54
RevPAR 2009 2010 $66.25 $73.41 $43.27 $44.44 $41.67 $44.24
$97.51 $98.08
$53.71 $56.47
*
*RevPAR: Revenue per available room
conventions & hotels total cvb room nights & meetings booked 250,000
2006
$49,000,000
2007
$52,000,000
2008
$56,000,000
2009
$59,000,000
2010
$60,000,000
Total Room Nights
100,000
50,000
$50
$60
$70
0
150
100 200,317
$40
millions of dollars
138
198,219
$30
130
187,887
$20
141
135
176,061
$10
150,000
200
160
163,194
0
room nights
200,000
250
Groups Booked
2006
2007
2008
2009
2010
year
50
0
rooms booked
economic impact of total cvb room nights booked
year
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Hotel Rooms Millennium Hotel 872 Cincinnati Hilton Cincinnati 561 Netherland Plaza Hyatt Regency Cincinnati 486 Westin Hotel Cincinnati 456 Garfield Suites Hotel 152 The Cincinnatian Hotel 146
downtown hotel performance Avg. Room Rate/Night
$130
Rev PAR*
$80
$73.62 $73.89
$125
$73.41
$75
$70.52
$115 $115.32
$124.14
$115.73
$110
$117.98
$65
revPAR
$70
$66.25
$126.97
rate/night
$120
$60
$105
$55
$100
2006
2007
2008
2009
2010
$50
year
*RevPAR: Revenue per available room
& hotels DOWNTOWNconventions DEVELOPMENT hotel occupancy rates 70%
National
Cinci USA
Gr Cinci
Downtown
60% 55% 55% 60%
55% 51% 52% 57%
58% 52% 53% 62%
40%
63% 56% 53% 58%
occupancy rate
50%
63% 57% 54% 60%
60%
2006
2007
2008
2009
2010
30% 20% 10% 0 year
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Downtown Cincinnati is home to 13 theaters, six museums, two professional sports teams, a nationally recognized public gathering space, a public library rated among the top ten in the country, and Ohio’s oldest continuously operated public market, not to mention a diverse offering of festivals, philanthropic events and other entertainment venues.
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arts, culture & entertainment The Cincinnati Reds had an exciting season and saw close to an 18% increase in their 2010 attendance over 2009. The Cincinnati Ballet, Cincinnati Shakespeare Company, the newly relocated School for Creative and Performing Arts, the Contemporary Arts Center, Findlay Market, the Krohn Conservatory, Know Theatre of Cincinnati, Riverfront events, the Cincinnati Brew Ha-Ha, and MidPoint Music Festival all enjoyed increased patronage in 2010.
theater attendance
other downtown venue attendance
Organization 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 Children’s Theatre of Cincinnati 89,000 91,663 105,230 97,654 80,000 Cincinnati Arts Association* 248,522 223,737 239,203 205,000 172,164 Cincinnati Ballet 59,964 55,687 40,739 45,516 54,576 Cincinnati May Festival 15,781 15,944 15,663 14,563 11,123 Cincinnati Opera 23,885 30,435 25,072 25,907 21,410 Cincinnati Playhouse in the Park 233,158 214,069 207,614 188,336 188,327 Cincinnati Shakespeare Company 14,772 14,632 16,069 16,765 17,800 Cincinnati Symphony Orchestra/ 177,125 171,000 229,368 192,000 190,875 Cincinnati POPS Ensemble Theatre of Cincinnati 35,200 36,000 39,000 40,500 40,500 Fifth Third Bank Broadway 242,426 332,000 296,157 212,800 194,698 Across America – Cincinnati Know Theatre of Cincinnati 7,000 6,100 5,154 5,615 5,808 School for Creative & 26,628 13,903 10,324 8,699 10,200 Performing Arts Showboat Majestic/ 17,714 20,401 17,905 15,127 14,886 Cincinnati Recreation Commission Total 1,191,175 1,011,502 1,247,498 1,068,482 1,002,367
Organization 2006 2007 2008 2009 2010 Cincinnati Bengals 527,870 656,790 645,583 684,557 589,897 Cincinnati Reds 2,134,472 2,058,593 2,058,632 1,747,919 2,060,550 Findlay Market 473,392 580,873 612,230 760,421 802,862 Fountain Square Ice Skating Rink N/A 34,304 40,000 50,000 50,000 Krohn Conservatory 226,000 162,091 273,903 294,890 336,572 Main Library/Public Library 1,272,038 1,137,533 1,344,302 1,408,323 1,363,971 of Cincinnati & Hamilton County Riverfront/Cincinnati 1,117,105 573,083 545,255 527,087 739,911 Recreation Commission** *** Total 5,750,877 5,203,267 5,519,905 5,473,197 5,943,763
arts, culture & entertainment DOWNTOWN DEVELOPMENT museum attendance Organization 2006 2007 2008 2009 Cincinnati Art Museum 242,092 232,937 245,247 228,745 Fire Museum of Greater Cincinnati 8,357 7,453 9,041 8,990 Cincinnati Museum Center 970,104 1,200,000 1,310,000 1,484,607 Contemporary Arts Center 65,913 61,283 DND 40,000 National Underground Railroad 124,644 162,000 138,016 114,000 Freedom Center Taft Museum of Art 46,503 54,017 59,139 54,263 Total 1,457,613 1,717,690 1,761,443 1,930,605
festival attendance 2010 203,212 8,998 DND 58,396 113,200 52,625 436,431
* Does not include Cincinnati Symphony Orchestra/Cincinnati Pops, Cincinnati Ballet, Cincinnati Opera, Cincinnati May Festival or Broadway in Cincinnati. ** Events included but not limited to philanthropic walks, music festivals and cultural festivals. *** US Bank Arena has not disclosed attendance for 2008–2010 and has been removed from 2006 and 2007 totals so data will be comparable for 2006–2010. **** Only includes downtown venues/events. DND: Did Not Disclose
Organization Black Family Reunion Cincinnati Brew Ha-Ha Fine Arts Sampler Weekend**** Cincinnati Fringe Festival MidPoint Music Festival Oktoberfest Zinzinnati Riverfest Taste of Cincinnati Total
2006 2007 2008 2009 2010 85,000 85,000 75,000 50,000 42,000 N/A N/A 8,000 13,000 15,000 N/A 9,470 13,794 14,260 14,000 4,000 6,500 6,610 7,541 6,734 50,000 40,000 13,000 15,000 20,000 500,000 500,000 500,000 500,000 500,000 250,000 300,000 250,000 250,000 250,000 500,000 500,000 500,000 500,000 500,000 1,389,000 1,440,970 1,366,404 1,349,801 1,347,734
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access & parking With the renaissance
national monthly & daily parking survey*: unreserved parking rates
in development that is
Market
transforming downtown, 2010 revealed an increased need for additional parking and improved access to and within the area, via public transportation, biking, etc. Parking meter rates were increased for the first time in more than a decade to help offset the cost of maintenance and repairs of existing city garages and new credit card enabled parking meters. Downtown Cincinnati’s median
Monthly Median % Change from 2009
Atlanta Boston Chicago Cincinnati Cleveland Columbus Dallas Denver Houston Indianapolis Los Angeles Memphis New York Philadelphia San Diego San Francisco Washington, DC National Average*
$93.00 $425.00 $320.00 $150.00 $155.00 $125.00 $85.00 $175.00 $146.00 $115.00 $210.00 $57.00 $529.00 $300.00 $170.00 $375.00 $245.00 $161.56
Median
3.3% 5.6% -1.5% 17.6% -10.1% 13.6% -5.6% 0.0% 4.3% 9.5% 2.4% 0.0% 5.8% -4.5% -5.6% 7.1% 14.0% 1.1%
$12.00 $32.00 $31.00 $9.75 $8.38 $10.00 $10.00 $16.00 $12.00 $13.00 $29.63 $4.00 $31.00 $26.00 $26.00 $25.00 $15.00 $16.36
Source: Colliers International *This list is a sampling of the cities included in the national average.
monthly parking rates and daily parking rates
cbd parking and prices**
yet remain well below
Total Spaces
the national average in both categories.
Available Spaces
Average Price $70
40,000 35,000
$68
$69
30,000
$67
25,000 15,000
$64
$64
10,000 5,000 0
$66 $64
20,000
$62
$62
$60
5,828
5,299
4,503
4,778
2,854
2006
2007
2008
2009
2010
year
**Reflects average price and availability for monthly contract parking only.
$58
average price
increased overall in 2010,
parking spaces
20
Daily % Change from 2009
0.0% -5.9% 0.0% 2.6% -16.2% 11.1% -4.8% 0.0% 0.0% 18.2% 5.1% 0.0% -18.4% 0.0% 0.0% 0.0% 7.1% -1.4%
access & parking DOWNTOWN DEVELOPMENT cbd monthly parking rates (median) $250
Cincinnati
National
$200
rate
$150
0
2006
2007
2008
2009
$150.00
$234.09
$127.50
$154.23
$125.00
$153.79
$100.00
$152.38
$85.00
$50
$153.85
$100
2010
year
cbd daily parking rates $30 Cincinnati
National
$25
0
2006
2007
2008 year
2009
$9.75
$25.01
$9.50
$15.96
$9.50
$15.42
$8.00
$5
$15.38
$10
$10.00
$15
$15.15
rate
$20
2010
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35 East Seventh Street, Suite 202 Cincinnati, OH 45202 513.421.4440 www.downtowncincinnati.com