The Mission of Downtown Cincinnati Inc. is to build a dynamic metropolitan center valued as the heart of the region.
2
Downtown Cincinnati Inc.
Celebrating
Years
of Downtown Revitalization
2014 State of Downtown • 2013 DOWNTOWN CINCINNATI INC. Annual Report
35 East Seventh Street, Suite 202 Cincinnati, OH 45202 www.downtowncincinnati.com
513.421.4440
Downtown Cincinnati Accolades “An influx of jobs and new residents is reviving the Ohio River shoreline...we are seeing a new Cincinnati.” - New York Times
Cincinnati was named a Top 10 Spring Break destination for families and one of the Top 100 Best Places to Live by Livability in 2013.
Cincinnati’s Queen City Underground Brewery Tour: National Geographic’s Top Five Underground Tours in the U.S. for 2012.
Cincinnati USA was named the Best Walking
First Lady Michelle Obama presented the 2013 National Medal for Museum and Library Service to The Public Library of Cincinnati and Hamilton County. In 2013, the Main Library in downtown
Cincinnati was ranked the busiest central library in the United States for the second year in a row, according to the Public Library Association. Cincinnati’s Convention & Visitors Bureau and Hilton Netherland Hotel won the U.S. 2013
City in Ohio and ranked 20th in the nation in 2011, according to Prevention magazine and the American Podiatric Medical Association. The study ranked 100 cities in the United States on a list of criteria ranging from the number of walking commuters and low crime rates to the number of cultural attractions and pet owners.
Platinum Choice Award for hospitality by Smart Meetings magazine. Founded in 1861, Downtown Cincinnati’s
Oktoberfest Zinzinnati was ranked 3rd “Best
Downtown Cincinnati is ranked as one
of the Top 50 Memorial Day destinations at Priceline.com in 2013.
The Scripps National Spelling Bee, the nation’s
Lonely Planet named Cincinnati No. 3 on their list of top 10 U.S. Travel Destinations
Cincinnati restaurant Boca
Forbes’ Top 15
04 Work Bunbury Music Festival
Downtown Development, Lease Transactions, Office Inventory, Office Rental and Vacancy Rates, Employment
Steve Ziegelmeyer
12 Live
Downtown Population, Residential Units and Occupancy, Residential Unit Sales and Prices, Safe and Clean, Perceptions, Residential Amenities
20 Play
Retail Establishments, Retail Composition and Occupancy, Conventions, Hotel Composition and Occupancy, Entertainment, Walks and Runs
Appointments at Carew Tower
Mark Bowen
32 ACCESS AND TRANSIT
Monthly Parking, Alternative Transportation
36 ANNUAL REPORT
festivals of 2013.”
the world’s first outdoor visual effects and live orchestra show, welcoming director Louis Langree.
Cincinnati was ranked 7th in Emerging Downtowns list.
Partners, About Downtown Cincinnati Inc., About this Report, Letter from the Mayor of the City of Cincinnati, Letter from the Board Chair and President & CEO of DCI
Oktoberfest Parties” in the world by USA Today Travel, and as one of the “10 great beer
21c Museum Hotel Cincinnati ranked 1st on Condé Nast Traveler’s Top 10 U.S. Hotels and Resorts list in 2013.
for 2012. The travel guide says the city has become a “worthy weekend getaway” citing attractions such as the riverfront, Tucker’s Restaurant, Findlay Market and the National Underground Railroad Freedom Center.
01 Introduction
Cincinnati’s revived Washington Park was named a “Frontline Park” by national organization, City Parks Alliance.
Bunbury Music Festival in Cincinnati was listed as a Top 10 National Music Festival by Yahoo Music.
Arnold’s Bar & Grill is named by BuzzFeed among 16 of “The World’s Oldest and Coolest Bars”.
tABLE OF CONTENTS
Marketing and Communications, Safe and Clean, Stakeholder Services, Auditors’ Report, Financial Statements, DCI Board of Directors, DCI Members, Staff
35,000 experienced Cincinnati’s LumenoCity,
largest and longest-running educational program, is headquartered in Cincinnati.
was named a Top French restaurant in the U.S. by Travel and Leisure Magazine in 2013.
Cincinnati “fights above its weight class when it comes to offering a vibrant urban lifestyle at an affordable price”, according to MSN Money,
which ranks Cincinnati fifth on its list of top 10 most affordable, livable cities.
Downtown Ambassadors
Special Insert
Major Milestones from 1994 to 2013
Mark Bowen
SOURCES 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 additional information, or to place your name on our e-mail list for future mailings, please send an email to SODreport@downtowncincinnati.com. Please visit downtowncincinnati.com for more publications from Downtown Cincinnati Inc. Also visit these websites for additional information on downtown Cincinnati: • choosecincy.com • cincinnati-oh.gov • cincinnatichamber.com
• cincinnatiUSA.com • cincyusa.com • ilivedowntown.com
• myfountainsquare.com • otrchamber.com • washingtonpark.org
introduction
introduction
partners
ABOUT THIS REPORT
Downtown Cincinnati Inc. thanks the following individuals and organizations for their assistance in compiling this report:
This year’s report is a special edition in honor of Downtown Cincinnati Inc.’s (DCI) twentieth anniversary. We have combined two reports into one publication – the State of Downtown and the Downtown Cincinnati Inc. Annual Report.
Apartment Realty Advisors Barnes Dennig Taste of Cincinnati
Courtesy of the Cincinnati USA Regional Chamber
CBRE Cincinnati’s arts, culture, sports & entertainment organizations Cincinnati Business Courier Cincinnati Center City Development Corporation (3CDC)
Cincinnati Metro/ Southwest Ohio Regional Transit Authority (SORTA) Cincinnati Multiple Listing Service Cincinnati USA Convention & Visitors Bureau
Downtown Residents’ Council Enquirer Media Game Day Communications Amy Smith Xceligent, Inc.
Cincinnati USA Regional Chamber of Commerce City of Cincinnati Colliers International
The 2014 State of Downtown is a compilation of most recently available data pertinent to our stakeholders and visitors: residential; safety and cleanliness; development, office and employment; retail and restaurants; convention and hotels; arts, culture and entertainment; plus access and parking. The information presented in this year’s report encompasses ten to twenty years of historical information and references the first State of Downtown Report published in 2004. The 2013 Annual Report provides an overview of the accomplishments of Downtown Cincinnati Inc. during 2013 for each area of service: Safe and Clean, Communications and Marketing, and Stakeholder Services. Financial statements, board, staff, and member lists are also provided. We hope you find this special edition to be interesting reading. We are always happy to hear from you if you have questions or comments.
Dear Downtown Cincinnati Inc.,
About Downtown Cincinnati Incorporated (DCI) Formed in 1994, DCI is a non-profit 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 the property owners in the Downtown Cincinnati Improvement District, which includes property within the boundaries of Eggleston Avenue, Central Parkway, Central Avenue, and the Ohio River. DCI provides leadership and information regarding community and development issues, working together with public and private partners to ensure long-term downtown vitality.
I am honored and thrilled to be named Honorary Board Chair for Downtown Cincinnati Inc. As a member of City Council, I worked closely with DCI and now, as Mayor of Cincinnati, I will continue to be a strong, active partner.
Mayor John Cranley City of Cincinnati DCI Honorary Board Chair
A main focus of my administration is job creation. We know that Cincinnati is a magnet for national and international companies, who are attracted to our smart, capable, and diverse workforce. Businesses, both start-ups and established companies, want to be a part of the energy created by our vibrant downtown at the center of the region. We know that increased development hinges on having a clean and safe city center, and DCI’s work is crucial to our region meeting those demands. Cincinnati has incredible momentum right now. We will work together with DCI and other civic groups to champion our city, accelerate our progress and strengthen inclusion for all. Congratulations to DCI on your 20 year anniversary!
PG. 1 2014 state of downtown report
2014 state of downtown report
PG. 2
work
introduction
Close to $3.9 billion has been invested in downtown Cincinnati
by private and public developers since 1994. In that time, downtown has been transformed by projects such as the Aronoff Center for the Arts, the Contemporary Arts Center, Great American Ball Park, Duke Energy Convention Center, Great American Tower at Queen City
Dear Friends,
But first, a look at 2013. 2013 was a year of unprecedented progress and change for downtown—from the openings of Boca, Sotto, Booksellers on Fountain Square, and Horseshoe Casino Cincinnati, to the relocations of Kao USA and Kolar Design to downtown. We see the promise of an exciting future with new Mayor John Cranley, new City Council Members, new Chief of Police Jeffrey Blackwell, as well as many other new civic leaders. With progress and change, we also sharpened our focus on what has worked so well. The Downtown Cincinnati Improvement District was renewed for another 4-year term with record support from property owners. This ensures the focus on “safe and clean,” as the “price of entry” for development does not stop. Anyone who has recently traversed the streets of downtown can see the promise of the future— dunnhumbyUSA, Mabley Place, Renaissance Hotel, and the Streetcar—there is construction just about everywhere. And soon the second phase of The Banks will begin. How we manage, execute, and communicate all of these projects will be important to sustaining our progress. Downtown Cincinnati has become an internationally recognized symbol of urban progress. In 2013, delegations from Indianapolis, Louisville, Jacksonville, Washington D.C., Fort Wayne, Russia, and Ontario have visited to observe first-hand downtown’s accomplishments. The Annual Report offers more details about our successes in 2013. In the next year, we look to the promise of the future as we develop a strategic plan for DCI, led by former Board Chair Jill Meyer and DCI Board member Greg Otis.
Downtown Cincinnati will soon be receiving even more exposure as we get ready to host the 2014 National Urban League conference this summer and the 2015 All-Star Game next summer.
2014 state of downtown report
northeast corner of downtown. In recent years, companies such as Nielsen, Omnicare, Kao USA, First Financial Bank, and dunnhumbyUSA have chosen downtown as their home, adding more workers to a growing weekday population in the Central Business District (CBD).
It is important to recognize and thank the many partners who have worked diligently over the long-term to develop the downtown we see today. We thank the City of Cincinnati, Hamilton County, Cincinnati Center City Development Corporation, Downtown Cincinnati Improvement District, Cincinnati USA Regional Chamber, Cincinnati Police, Cincinnati USA Convention & Visitors Bureau, Regional Tourism Network, and many others. We also recognize the hard work and skilled service of the DCI Board of Directors and the DCI Staff—especially the DCI Ambassadors who have helped make downtown a safe, clean and welcoming experience during one of the most challenging winters in years. Finally, we want to thank former Mayor Mark Mallory (honorary Chair of DCI) and City Manager Milton Dohoney, Jr. for their years of leadership and support. They truly made a difference and their partnership is deeply appreciated. At the same time, we congratulate new Mayor John Cranley and his acceptance of the role of honorary Chair of DCI. John is a passionate advocate for Cincinnati and was a key downtown partner during his years on City Council. We look forward to working with Mayor Cranley, the new City Council and the Administration to help them achieve their vision for downtown. We know 2014 is going to be a banner year!
Mark T. Reitzes
David N. Ginsburg
Board Chair President and Downtown Cincinnati Inc. Chief Executive Officer Downtown Cincinnati Inc. PG. 3
Casino alone invested $400 million, creating a popular destination and new gateway at the
dunnhumbyUSA construction at Fifth and Race Thadd Fiala
Downtown Cincinnati Incorporated has reached an important milestone, celebrating its 20th anniversary in 2014. This special edition of the Annual Report is combined with our Annual State of Downtown Report to provide you with an important overview of downtown, including a fold-out timeline highlighting 20 years of revitalization.
Square, The Banks and the renovation of Fountain Square. In the last year, Horseshoe
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development BY PROJECT STATUS
downtown developMEnt Downtown Cincinnati developers reported completed projects totaling over $491 million last year. Redevelopment in the CBD and Over-the-Rhine continues with more than $930 million in projects under construction and proposed as of year-end 2013.
$491M
$566M
$382M
Central Business District Over-The-Rhine
completed under Construction
44 3 36 9 32 4 6 27 1 31 11 26 22 42 20 30
$4.20 $29.00 $40.00 $32.20 $12.20 $133.00 $13.60 $129.00 $1.00 $34.00
2014 2015 2014 2014 2015 2016 2014 2015 2014 N/A
$17.50 $7.00 $47.60 $7.80 $21.00 $25.40 $3.10 $8.60
2015 2014 2014 2014 2015 2015 2014 2014
32 15th & Vine 1425 - 1437 Vine Street & 5 West 15th Street MIX N/A 33 15th & Race 15th and Race Streets MIX N/A 34 4th and Race Tower 411 Race Street MIX $97.00 35 Abington Flats 33 Green Street RES $4.00 36 Beasley Place 1405 Republic Street RES $2.80 37 City of Cincinnati Parking Garage Sycamore Street between Seventh and Eighth Streets MIX $11.50 38 Cutter Apartments Scattered Site, Broadway, 12th and 13th Streets RES $5.50 39 Fountain Place Apartments Fifth and Vine Streets RES N/A 40 Holiday Inn Hotel Broadway and Seventh Streets CEE $14.00 41 Lytle Tunnel Renovation Lytle Park & I-71 ACC $31.60 42 Music Hall Revitalization 1243 Elm Street CEE $95.00 43 Smale Riverfront Park (Phase 5) Riverfront CEE $15.00 44 Taft’s Ale House 1429 Race Street CEE $8.00 45 The Banks (Hotel) Riverfront CEE N/A 46 The Banks (Phase 2) Riverfront MIX $70.00 47 YMCA 1105 Elm Street MIX $27.50
N/A N/A N/A 2015 2014 N/A 2015 N/A N/A 2017 2016 2015 2014 N/A 2015 2015
38 18
47 5
40 37
24 10
15 21
16
39
7 25 34
19
23
17
41
8
46 45
43
29
28
2
13
Proposed Projects
14 1500 Elm Street 1500 Elm Street RES 15 617 Vine Street (Former Enquirer Building) 617 Vine Street CEE 16 AT580 580 Walnut Street MIX 17 Bartlett Building 36 East Fourth Street CEE 18 Broadway Square Phase I Broadway and Twelfth Streets RES 19 Cincinnati Streetcar CBD/OTR ACC 20 Cintrifuse 1311-1315 Vine Street MIX 21 dunnhumbyUSA Centre Fifth and Race Streets MIX 22 Emanuel Community Church 1308 Race Street OFF 23 John Weld Peck Federal Building 550 Main Street OFF 24 Lancaster Building, Oskamp Nolting Building (Mill End Drapery), Robertson Building 22-26 and 106 West Seventh Street RES 25 Mabley Place Fourth and Race Streets MIX 26 Mercer Commons Vine Street, between 13th and 14th Streets MIX 27 Park Haus Scattered RES 28 Seven at Broadway Seventh and Broadway Streets RES 29 Smale Riverfront Park (Phase 3-4) Riverfront CEE 30 Tea Company Townhomes 18-20 West 13th Street, 1307 Republic Street MIX 31 Westfalen II 1426-1438 Race Street MIX
12 33
Under Construction Projects
Project Name Address Type Investment Completion/ ($M) Anticipated Completion 1 Bakery Lofts 1421-1423 Race Street RES $2.45 2013 2 Boca/Sotto/Igby’s 114, 118 & 122 East Sixth Street CEE $17.80 2013 3 B-Side Apartments 1437 Republic & 13 West 15th Street RES $2.80 2013 4 Core Resources 1404 Vine Street MIX $1.70 2013 5 Horseshoe Casino 1000 Broadway CEE $400.00 2013 6 Hummel Building 1401 Elm Street MIX $1.70 2013 7 Hyatt Regency Hotel 151 West Fifth Street CEE $23.00 2013 8 Kao USA Office Expansion 312 Plum Street OFF $15.00 2013 9 Nicolay 14th & Republic Streets MIX $2.34 2013 10 Pure Romance 655 Plum Street OFF $1.20 2013 11 Republic Street Lofts 1406 & 1412 Republic Street RES $2.40 2013 12 Rothenberg Preparatory Academy 241 East Clifton Avenue CEE $16.90 2013 13 Smale Riverfront Park (Phase 2) Riverfront CEE $3.80 2013
35
14
Completed Projects
pre-developMEnt/proposed
Pendleton
ACC = Access & Parking
CEE = Cultural/Entertainment
MIX = Mixed Use
RES = Residentail (only)
OFF = Office
Note: Includes projects with an estimated investment amount of $1 million or more that are completed, under construction or proposed as of year-end 2013. Mixed Use (MIX) categorizes developments with multiple uses, for instance, a building with retail on the ground floor, and office or residential above.
PG. 5 2014 state of downtown report
2014 state of downtown report
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Lease Transactions
OFFICE INVENTORY
Top lease transactions listed by Xceligent in 2013 included commitments from Pure Romance, APG Office Furnishings and Kolar Design, all new to downtown Cincinnati. Creative agency, Possible renewed its lease on West Third Street and several downtown companies, such as Raymond James & Associates, moved to new downtown locations.
Colliers International reports that the inventory of rentable office space in the Central Business District, including owner-occupied offices, totaled 20,109,960 sq. ft. by year-end 2013. A positive net absorption for Class A and B office properties was reported and average rental rates increased slightly from the previous year.
major lease transactions: cENTRAL BUSINESS DISTRICT
CENTRAL BUSINESS DISTRICT INVENTORY
Company
Location
Sq. Ft.
Type
Pure Romance 655 Plum Street Possible 302 West Third Street Regus PNC Center Promotion Execution Partners 151 West Fourth Street (Fourth & Elm) Daymon Worldwide 125 East Court Street Ritter & Randolph One East Fourth Street DeCosimo PNC Center Raymond James & Associates PNC Center APG Office Furnishings, Inc. The Edge SparkPeople The Edge Kolar Design 332 East Eighth Street Vorys, Sater, Seymour and Pease LLP Great American Tower at Queen City Square
30,000 New 23,030 Renewal 14,465 New 12,500 Expansion 12,500 Relocation (L)* 11,323 Relocation (L) 9,909 Relocation (L) 9,896 Relocation (L) 8,000 New 7,500 New 7,224 Relocation 6,867 Expansion
TOTAL
153,214
Class A
Class B
Class c
$22.23 per sq. ft.
$15.61 per sq. ft.
$13.30 per sq. ft.
78%
8,824,601 total sq. ft. 7,777 sq. ft. Net Absorption
Total Occupied
2014 state of downtown report
8,472,035 total sq. ft. 145,027 sq. ft. Net Absorption
2,813,324 total sq. ft. (29,565) sq. ft. Net Absorption
Inventory of Vacancy Average Rentable Sq. Ft. Rate Rental Rate
Blue Ash CBD CBD - Periphery East I-71 Corridor North (of I-275) I-75 Corridor North (of I-275) Kenwood/Montgomery Midtown Northern KY Riverfront Northern KY Tri-County West
PG. 7
91%
Total Vacant
87%
regional office INVENTORY
Source: Xceligent, Inc. Listed are the top twelve leases signed in the CBD in 2013, according to square feet. Start dates of occupancy vary. *(L) = Local (within downtown)
APG Office Furnishings
9%
13%
22%
Brandi Goins
2013 Net Absorption
5,403,807 12.51% $16.18 156,305 20,109,960 16.29% $19.51 123,239 4,364,016 22.20% $17.81 (34,035) 3,420,243 14.56% $14.03 16,751 5,124,897 16.52% $15.96 125,953 2,631,935 4.90% $13.95 108,837 2,361,522 8.62% $16.33 43,164 5,158,928 12.42% $17.92 116,574 2,565,596 28.80% $19.52 42,605 7,072,277 15.42% $16.14 42,159 7,193,021 21.21% $13.74 63,116 1,282,722 17.10% $17.84 83,590
Data provided by Colliers International, Q4 2013 The Knowledge Report
2014 state of downtown report
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Office rental rates
Office vacancy rates
The average rental rate in the Central Business District in 2013 was $22.23 for Class A properties, $15.16 for Class B properties, and $13.30 for Class C properties. The overall average rental rate in the CBD was $19.51, compared to an average of $17.17 across the region.
Vacancy rates for office space in the Central Business District averaged 17.4% in 2013, compared to 18.3% in Cincinnati suburban markets, 13% in CBDs across the U.S. and 14.8% in U.S. suburban markets.
OFFICE RENTAL RATES
OFFICE VACANCY RATES $25
CBD CLASS A CBD CLASS B
Cincinnati CBD
25%
$20
Cincinnati Suburban
20%
$15
US CBD
CBD CLASS C Average Regional Rental ALL Classes*
15% 10%
US Suburban
$10
2004 2004
2013 U.S. RENTAL RATES
Washington, DC $55.45 New York City (Downtown Manhattan) $51.62 Boston $49.57 Houston $38.16 Chicago $37.79 Los Angeles $36.84 Denver $32.12 Philadelphia $26.74 Portland $25.92 Raleigh/Durham $23.92 Nashville $22.99 Detroit $22.94 Dallas $22.60 Cincinnati $22.23 Atlanta $21.95 Cleveland $20.72 Columbus $19.66 Indianapolis $18.95 Kansas City $18.86 St. Louis $18.01 Memphis $17.56
Source: Colliers International Knowledge Report Q4 2013 Cincinnati Office and North America Highlights. *Avg. Regional Rental Rate estimated for years 2004-2006.
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2014 state of downtown report
2013
2013
2013 U.S. VACANCY
Dallas 26.4% Los Angeles 19.7% Memphis 18.8% Detroit 18.1% Cincinnati 17.4% St. Louis 17.4% Cleveland 17.2% Atlanta 16.5% Kansas City 14.4% New York City (Downtown Manhattan) 14.3% Nashville 13.7% Chicago 12.9% Houston 12.8% Denver 12.4% Boston 11.9% Philadelphia 11.5% Columbus 11.2% Washington, DC 10.4% Portland 9.6% Indianapolis 8.9% Raleigh/Durham 5.5%
Source: Colliers International Knowledge Report Q4 2013 Cincinnati Office and North America Highlights
2014 state of downtown report
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live
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The residential population in the Central Business District, Over-the-
Rhine and Pendleton neighborhoods is currently estimated at over 13,500, nearly double the estimate reported in the first State of Downtown Report published in 2004 by Downtown Cincinnati Inc. Developments such as the Gramercy on Garfield, The Lofts at Shillito Place, Sycamore Place at St. Xavier Park, The McAlpin on Fourth, The Banks, The Reserve at Fourth
EMPLOYMENT
and Race, and loft-style redevelopment in Over-the-Rhine have converted existing buildings,
The downtown Cincinnati work force has grown by 3,085 jobs in the last two years. This includes over 1,850 new full and part-time permanent positions created by the opening of two new entertainment destinations, Horseshoe Casino, and 21c Museum Hotel. Expanding downtown companies dunnhumbyUSA and E.W. Scripps Company added close to 700 employees to their staffs. And businesses relocating to downtown such as KAO USA, Pure Romance, and Jedson Engineering brought nearly 500 jobs, contributing to an estimated current total of 64,400 positions in downtown Cincinnati.
21c Museum Hotel Staff, in front of Do Ho Su installation
CENTRAL BUSINESS DISTRICT Fortune 500 companies
as well as brought new construction to downtown. More than 380 additional units are in the pipeline as demand for rental and for-sale units has exceeded supply in recent years. Many of the factors contributing to the renewed interest in downtown living include the success of Findlay Market in providing groceries, the dedication of the Cincinnati Police Department, and the Downtown Ambassadors in enhancing the clean and safe environment, as well as the efforts of the Downtown Residents’ Council in promoting the interests of residents.
Tony Soluri
The Kroger Company (No. 23) Procter & Gamble (No. 28) Macy’s, Inc. (No. 109) Fifth Third Bancorp (No. 361) Omnicare (No. 416) Western & Southern Financial (No. 471)
Sources for employment estimates are the City of Cincinnati Department of Trade & Development and OntheMap, an application from the U.S. Census Bureau Longitudinal Employer-Household Dynamics (LEHD) program, in partnership with state labor market information agencies. OntheMap data was available for year 2011 at the time of publication of this report.
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2014 state of downtown report
The Reserve at 4th and Race
Courtesy of same
American Financial Group (No. 485)
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DOWNTOWN POPULATION
RESIDENTIAL units AND OCCUPANCY
Since Downtown Cincinnati Inc. began tracking the residential population in 2004, the estimated population has increased from 6,962 to over 13,500. As of 2013, 41% of all residents live in the CBD, 52% live in Over-the-Rhine, and 7% live in the Pendleton neighborhood.
There were an estimated 8,777 total residential units downtown, with 618 units under construction at year-end 2013. Occupancy and average rent for rental developments remained steady in 2013, according to a survey of major downtown rental developments by Apartment Realty Advisors.
ESTIMATED POPULATION* DOWNTOWN RESIDENTIAL UNITS
8% 6%
7,0 2 3
39% 67% 8,777
900
27%
618
53%
UNDER CONSTRUCTION
5, 59 8
Central Business District
Pendleton
The Banks Road Closed
completed UNITS
Over-The-Rhine
Joe Nuxhall Way
y Way
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Central Business District
Central Business District Rental properties
Over-The-Rhine Pendleton
Total Number of Properties Surveyed
16
Total Number of Units Surveyed
2,424
Average Number of units/property
Population History
152
Average rent/unit
$1,210.00
Average rent/sq. ft.
53%
41%
6,962 47%
$1.28
13,521 59%
Rental OCCUPANCY
96%
2004 Central Business District Periphery
2013
*2013 Downtown Population is based on the 2010 U.S. Census, with the addition of new units completed in years 2011-2013 x average residents per unit.
PG. 13
2014 state of downtown report
Source: Apartment Realty Advisors semiannual survey of the multifamily investment market, reported October 2013. 11 of 16 surveyed properties shared occupancy information. Central Business District includes six properties in NKY and Mt. Adams. Weighted occupancy is 95.8%.
2014 state of downtown report
PG. 14
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RESIDENTIAL unit SALES
RESIDENTIAL unit PRICES
The Multiple Listing Service of Greater Cincinnati reports that residential unit sales remained steady in the CBD in 2013, while there was an increase in sales of condominiums in Over-theRhine and Pendleton over the previous year.
Sale prices increased over 2012, with an average price of $327,740 for condominium sales in the Central Business District. Home sales in Over-the-Rhine averaged $291,034.
CENTRAL BUSINESS DISTRICT
120
CENTRAL BUSINESS DISTRICT
$450,000 $400,000
100
$327,740
$350,000 80 60
44
$300,000 $250,000 $200,000
40
$150,000 $100,000
20
2004
Single Family Homes
2013
OVER-THE-RHINE
80
67
$50,000
Condominiums
0
Single Family Homes
0
OVER-THE-RHINE
$350,000
70
$300,000
$228,841
60 50 40 30
14
Single Family Homes
2004
2013
PENDLETON
12
$50,000
Condominiums Single Family Homes
2004
$0
2013
PENDLETON
$300,000
$250,000
8
6
Source: Cincinnati Multiple Listing Service (MLS)
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2014 state of downtown report
$150,000
$100,000
2
$50,000
Condominiums 2004
2013
$200,000
4
Condominiums Single Family Homes
$228,963
6
$239,707
10
8
$200,000
$100,000
20
0
$250,000
$150,000
10
Condominiums
$0
2013
2004
$291,034
0
Condominiums
0
Single Family Homes
$0 2004
2013
Source: Cincinnati Multiple Listing Service (MLS)
2014 state of downtown report
PG. 16
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SAFE AND CLEAN
PERCEPTIONS
There were 39% fewer crimes in the CBD in 2013 than in 1999, as reported by the Cincinnati Police Department. Positive results of the Litter Index performed by Keep Cincinnati Beautiful for the CBD, Over-the-Rhine, and Pendleton are consistent with previous years.
Key perceptions of downtown remain high. Of survey respondents, 82% have an overall positive impression of downtown and 84% say downtown Cincinnati is somewhere they like to take out-of-town guests, according to the 2013 survey conducted by LaVerdad Marketing.
CENTRAL BUSINESS DISTRICT CRIME
perceptions of downtown
2,500
2,000
100%
80%
1,500
IMPROVING YEARLY
ENTERTAINMENT VARIETY
GUEST DESTINATION
0%
welcoming diversity
Part 1 Crime: More serious crimes, but includes crimes such as shoplifting, with no use of force or violence
AMBASSADOR VISIBILITY
20%
0
POLICE VISIBILITY
2013
SAFE
1999
500
HUGE POTENTIAL
40%
454
CLEAN
1,000
POSITIVE IMPRESSION
60%
1,153
Percentage of Survey Respondents
Part 2 Crime: Quality of life crimes, which include aggressive panhandling and vandalism
DOWNTOWN Litter Index CBD
OTR
PENDLETON
1.0 1.1 1.1 1.0 NOT LITTERED
4.0 EXTREMELY LITTERED
Fountain Square
Note: Litter Index developed and conducted by Keep Cincinnati Beautiful, Inc., an affiliate of Keep America Beautiful, Inc. Indices performed monthly; data reflects yearly averages.
PG. 17
2014 state of downtown report
Courtesy of the Cincinnati USA Regional Chamber
Taste of Cincinnati
Courtesy of the Cincinnati USA Regional Chamber
Source: 2013 Perceptions Survey conducted by LaVerdad Marketing & Media for Downtown Cincinnati Inc. For more detailed findings, visit downtowncincinnati.com
2014 state of downtown report
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play
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Downtown Cincinnati has become increasingly popular as a destination
for visitors since 1994. The Aronoff Center for the Arts, the Duke Energy Convention Center, the Contemporary Arts Center, new stadiums for the Reds and the Bengals, the National Underground Railroad Freedom Center, The Banks, 21c Museum Hotel, and a redeveloped Fountain
RESIDENTIAL AMENITIES
Square, have expanded offerings for locals and out-of-town guests in the last twenty years. In 2013, Horseshoe Casino and the new Washington Park, hosting Lumenocity among many
The Downtown Residents’ Council meets monthly, connecting residents to resources and leading volunteer efforts in downtown beautification projects such as the holiday decoration of Piatt Park. Fido Field, the Strauss Troy Market on the Square, and Smale Riverfront Park have added to the amenities for residents who have helped to make downtown a 24/7 neighborhood in recent years.
Piatt Park holidays
Brian Spitzig
Smale Riverfront Park
5chw4r7z, Courtesy of 5chw4r7z.blogspot.com
Collective Espresso
Travis Estell
PG. 19
2014 state of downtown report
in 2013 such as Boca, Sotto, Obscura, and Booksellers on Fountain Square added to a unique retail mix. Having welcomed guests from around the world for the 2012 World Choir Games, downtown fans look forward to 2015 when the All-Star Game promises to shine a national spotlight on a transformed downtown.
Hyatt Regency Cincinnati Thadd Fiala
Thadd Fiala
Strauss Troy Market on the Square
diverse events, attracted new audiences to downtown. Newly opened retailers and restaurants
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NEW RETAIL
2013 NEW DOWNTOWN ESTABLISHMENTS
Over 40 new retail, restaurant, and service establishments opened downtown in 2013, including a poster gallery, a bookstore, a fitness club and medical care facility, a men’s fashion store, a brewery, a French café, an upscale cocktail lounge, and an all-you-can-eat buffet large enough to seat 400 hungry guests.
dining
22 18
25 39 28 35 9 10 29 40 6
38
23
17
36
30 27
4
11 2
5
24 13
8
19 15 20 3 1 43 7 26 32 21 41
37
31 42
16
shopping
14 12 34
33
services
1
601 Nightclub
1000 Broadway Street
3 Boca
114 E. Sixth Street
4 Burrito El Charco
52 E. Court Street
5
Cafe Italia
1000 Broadway Street
6
Cafe Lang Thang
1106 Race Street
7 El Coyote
41 E. Sixth Street
8 French Crust
915 Vine Street
9 Graeter’s
1401 Vine Street
10 Holtman’s Donuts
1332 Vine Street
11
Jack Binion’s Steak
1000 Broadway Street
12
Jefferson Social
101 E. Freedom Way
13
Jimmy Buffett’s Margaritaville Restaurant
1000 Broadway Street
14
Jimmy John’s
171 E. Freedom Way
15 Lala’s Blissful Bites
619 Main Street
16 Lori Beth’s
720 E. Pete Rose Way
17 Lucy Blue Pizza
1126 Main Street
18
1801 Race Street
Mimi’s Egg Rolls
19 Obscura
645 Walnut Street
20 Prime 47
580 Walnut Street
21
Red Roost Tavern
151 W. Fifth Street
22
Rhinegeist
1910 Elm Street
23
Rhinehaus
119 E. Twelfth Street
24
Rock Bar and Lounge
1000 Broadway Street
25
Salazar
1401 Republic Street
26
Sotto
118 E. Sixth Street
27
Starbucks Coffee
1000 Broadway Street
28
Sweet Petit Desserts
1426 Race Street
29 The Eagle OTR
1342 Vine Street
30 The Spread Buffet
1000 Broadway Street
31 Top of The Park
506 E. Fourth Street
32 Vyrsd Social Room
435 Elm Street
33 WG Kitchen & Bar
161 E. Freedom Way
34 Yard House
55 E. Freedom Way
35
1400 Race Street
Zula
36 Article
1150 Vine Street
37 Booksellers on Fountain Square
505 Vine Street
38
Cheers to Art
1109 Vine Street
39
Jack Wood Gallery
1413 Vine Street
40
Rookwood Pottery Company Store
1209 Vine Street
41 The Market
151 W. Fifth Street
42
221 E. Fourth Street
Downtown Mercy HealthPlex
43 Frenchman’s Shoe Repair
PG. 21
2014 state of downtown report
601 Main Street
2 Bobby’s Burger Palace
602 Main Street
2014 state of downtown report
PG. 22
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DINING
RETAIL COMPOSITION AND OCCUPANCY There were over 570 retail establishments in all of downtown Cincinnati in 2013, a 38% increase over establishments tracked by Downtown Cincinnati Inc. in 2004. According to CBRE, retail occupancy in the Central Business District was 97%, with sales per square foot averaging $93 and average rent per square foot at $17.59.
Bars/Nightclubs
Private Dining Facilities
Coffee/Bakeries/Ice Cream
Full Fare Restaurants
277 Lunch Restaurants Fast Casual Dining
3,031,712
96.9%
3,500,000
3,000,000
3,000,000
Square Feet
dOWNTOWN RETAIL OCCUPANCY
2013 SHOPPING Antiques/Auction Houses
Pharmacies/Newsstands
2,500,000
Apparel/Shoes/Accessories
Grocery/Convenience Markets
2,000,000
Beer/Wine/Liquor
1,500,000
186 1,000,000
Jewlery/Furs
Base Square Feet 2004
Occupied Square Feet
2013
Galleries
Home Furnishings/Art
500,000
Department Stores/Malls
Gifts/Books/Novelty
0
2013 CENTRAL BUSINESS DISTRICT RETAIL SERVICES Pets
33%
28% 44%
417 48%
574
Services
Bike Repair
Funeral
111
Beauty Fitness/Health
City Tours
19% Shopping
Libraries
Florists/Wedding
28% 2004
Pets
Eyewear
Car/Bike Rentals Auto/Bike/Home Repair
2013
2013
Dining
Source: CBRE, Data provided for zip code 45202 for retail occupancy
PG. 23
2014 state of downtown report
2014 state of downtown report
PG.24
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Room Economic Impact NIGHTS (in millions)*
Educational Testing Service
21,562
$6.43
Fraternal Order of Police Grand Lodge
15,429
$4.60
American Counseling Association
5,985
$1.78
Society of Plastics Engineers
2,973
$0.89
Cincinnati Insurance Companies
2,935
$0.87
The Procter & Gamble Company
2,763
$0.82
Group
Room Event NIGHTS Date
150
Educational Testing Service
23,174
2017
100
Educational Testing Service
23,174
2018
50
Church of God in Christ
10,101
2016
0
National Square Dance Convention
5,974
2017
Full Gospel Baptist Church Fellowship International, Inc.
5,060
2017
The Church of the Brethren
4,406
2018
Rejuvenate
4,057
2017
The Cincinnati USA Conventions & Visitors Bureau hosted 204 meetings and conventions which resulted in 219,855 hotel room nights booked in 2013, with an economic impact of $66 million. The number of downtown Cincinnati meetings and conventions per year has increased by 28%, while hotel room nights booked has increased by 75%, since 2004.
ROOM NIGHTS AND MEETINGS BOOKED
450,000 400,000 350,000
204
250
219,855
300,000 250,000 200,000 150,000
200
100,000 Meeting Booked Room Nights
Convention Highlights in 2013 (by Total Hotel Room Nights)
Group
CONVENTIONS
50,000 0 2004
2013
economic impact
$66M
$80M $70M
FUTURE COnventions booked in 2013
$60M $50M $40M $30M $20M conomic Impact of CVB E room nights booked
$0M 2004
2013
Source: Economic Impact (or Estimated Direct Attendee Spending) is calculated by the Conventions & Visitors Bureau as the product of room nights booked and the estimated spending rate per person provided by DMAI (Destination Marketing Association International).
Duke Energy Convention Center
PG. 25
2014 state of downtown report
Courtesy of the Cincinnati USA Convention & Visitors Bureau
2014 state of downtown report
PG. 26
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Hotels
Hotel Occupancy and Rates
Downtown Cincinnati offers nine full-service hotels ranging in size from the unique six-room Symphony Hotel near Music Hall to the Millenium Hotel Cincinnati, which features 872 rooms and is connected to the Duke Energy Convention Center. The 21c Museum Hotel is the newest addition to downtown, following the 2011 opening of the Residence Inn Cincinnati Downtown at the renovated Phelps Building. In 2013, the Hyatt Regency Cincinnati completed a $23 million interior renovation, adding new rooms, the Red Roost Tavern, and The Market. Currently under construction are the Renaissance Hotel, Hampton Inn, and Homewood Suites, which will provide an additional 575 rooms, all scheduled to open by 2015.
Downtown hotel occupancy fell just below the national average in 2013, while rates and revenue per available room continued to lead the regional market, averaging $79.30 in downtown Cincinnati. The average rate for a downtown Cincinnati hotel room in 2013 was $131.64, compared to $95.15 in Greater Cincinnati, $90.54 in Cincinnati USA, and $110.33 in hotels across the U.S. Hotel occupancy
100%
Downtown 90%
Gr. Cincinnati
DOWNTOWN HOTEL ROOMS 156
70%
60%
456
Westin Hotel Cincinnati
872
The Residence Inn Cincinnati Downtown The Symphony Hotel
National
21c Museum Hotel
80%
60% 57% 58% 62%
Cincinnati USA (OH-KY-IN)
50%
Millenium Hotel Cincinnati
2004
2013
132
2,972
6
Hotel room rates
146
The Cincinnatian Hotel
$132 $95 $91 $110
Downtown
Hyatt Regency Cincinnati
561
491
Garfield Suites Hotel
Gr. Cincinnati
Hilton Cincinnati Netherland Plaza
$160
$140
$120
Cincinnati USA (OH-KY-IN)
$100
National
152
$80 2004
2013
hotel Occupancy — year end 2013 Hotel REVPAR*
$79 $54 $52 $69
Downtown Gr. Cincinnati
60%
Downtown
57%
Gr. Cincinnati
58%
Cincinnati USA (OH-KY-IN)
62%
National
$100
$80
Cincinnati USA (OH-KY-IN)
$60
National
$40
2004
2013
Source: Local hotel occupancy and rate data provided by Cincinnati USA Convention & Visitors Bureau through year 2013. National rates provided by PricewaterhouseCoopers Hospitality Directions Report, Jan 2014, *RevPAR, or revenue per available room, is a performance metric in the hotel industry, which is calculated by multiplying a hotel’s average daily room rate (ADR) by its occupancy percentage.
PG. 27 2014 state of downtown report
2014 state of downtown report
PG. 28
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MIDSIZE
ENTERTAINMENT
Children’s Theatre of Cincinnati
20,000 to 99,999
Bunbury Music Festival
Downtown arts, culture, sports, and recreation venues reported an overall annual attendance of more than 16.5 million visitors. Cincinnati favorites like the Cincinnati Opera, the Taste of Cincinnati, and Oktoberfest drew larger crowds than the previous year, while Bunbury Music Festival, Bockfest, and Go OTR 5K Summer Celebration grew in popularity. MOST VISITED 1 million to 5 million
Ensemble Theatre Cincinnati
2,492,059
1,266,580 Main Library/Public Library of Cincinnati & Hamilton County
HIGHLY ATTENDED 100,000 to 999,999
50,999
U.S. Bank Ice Rink
Cincinnati Reds
Cincinnati Opera
27,194
MidPoint Music Festival
27,000
1,086,580
Findlay Market
56,148
Taft Museum of Art
4,200,000
Horseshoe Casino
60,000
Cincinnati Ballet
Contemporary Arts Center
81,002
50,000 48,568
33,384
25,000 Bluesfest
25,000 Macy’s Light Up the Square
22,447 Cincinnati Shakespeare Company
908,534
20,000 Bockfest
Cincinnati Museum Center
800,000
Riverfront Daily Park Users
750,000
Washington Park
713,138
Cincinnati Bengals
600,000
Oktoberfest Zinzinnati
550,000
Taste of Cincinnati
511,220
US Bank Arena
500,000
Riverfront Events/Cincinnati Park Board
250,000
Riverfest
225,648
Cincinnati Symphony Orchestra/Cincinnati POPS
200,000
PNC Summer Music Series
169,660 167,000 135,643
Taft Theatre
125,567 National Underground Railroad Freedom Center
PG. 29 2014 state of downtown report
15,000
Cincinnati Brew Ha-Ha
12,000
Black Family Reunion
11,500
Cincy Cinco
10,000
Second Sundays on Main
10,000
Cincinnati May Festival
9,934
8,449
Cincinnati Arts Association
Huntington Bank New Year’s Blast
Cincinnati Fringe Festival
Cincinnati Playhouse in the Park
15,122 15,000
185,601 175,683
15,371
Macy’s Downtown Dazzle
8,517
Fifth Third Bank Broadway Across America – Cincinnati
Showboat Majestic
Fire Museum of Greater Cincinnati
Cincinnati Art Museum
1,000 to 19,999
School for Creative & Performing Arts
187,666
Krohn Conservatory
Local Favorites
Know Theatre of Cincinnati Go OTR 5K Summer Celebration
7,785 5,000
4,100 Macy’s Art Sampler (hosted by Artswave)
Mercantile Library
3,431
1,530 Lloyd Library 1,430 The Betts House
2014 state of downtown report
PG. 30
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access and transit
Means of access and transit to, from, and around downtown Cincinnati have expanded in recent years. Bus service has improved with the renovation of Government Square in 2006 and new and improved routes and ticketing options from Metro. Megabus now provides express,
WALKS AND RUNS
direct bus service to multiple cities from downtown Cincinnati. The 2001 opening of the Purple
Fundraising walks and runs boosted visitation to downtown Cincinnati on the weekends. Among others, Cincinnati’s renowned Flying Pig Marathon registered more than 35,000 participants for its 15th annual event May 2-4, 2013. The Flying Pig alone raised more than one million dollars for over 200 charities last year.
The redesign of Fort Washington Way, completed in 2000, along with the proposed expansion
Michael E. Anderson, Courtesy of Game Day Communications
TQL Urban Race
5chw4r7z, Courtesy of 5chw4r7z.blogspot.com
Little Kings Mile
Michael E. Anderson, Courtesy of Game Day Communications
PG. 31 2014 state of downtown report
Heart Mini Marathon
The Cincinnati Streetcar, with an expected 2016 opening, is designed to provide easy access to all points along its route, connecting the Central Business District to Over-the-Rhine.
David Long, Courtesy of the American Heart Association
OTR 5K
PurpleStride
of I-75 and rebuilding of the Brent Spence Bridge promise better connectivity by automobile.
Photography for the People
Larry Glaser, Courtesy of the Pancreatic Cancer Action Network
Cincinnati Streetcar Construction Travis Estell
Cincinnati; Flying Pig Marathon
People Bridge and walking routes from Go Vibrant have added to the walkability of downtown.
access
access
MONTHLY Parking
ALTERNATIVE TRANSPORTATION
Downtown Cincinnati Inc. tracked nearly 36,400 total monthly parking spaces in 2013 in the Central Business District, Over-the-Rhine, and Pendleton. Of these, approximately 12% were available at an average of $89 per month.
In 2013, Metro introduced its go*Forward transit plan and Metro*Plus route with faster service and limited stops between Kenwood and downtown. Following a pause in construction as funding was studied, development of the Cincinnati Streetcar resumed with ridership scheduled to start 2016. Plans were set in motion for a new bike share program with 21 stations and 200 bikes in the CBD and Over-the-Rhine, scheduled to begin summer 2014.
40,000
$160
36,398
DOWNTOWN MONTHLY PARKING
35,000 30,000 25,000
Available Monthly Spaces Average Available Monthly Price
$120 $100
$89
20,000
Reserved Monthly Spaces
$140
$80
15,000
$60
10,000
$40
5,000
$20
0
2004
2013
$0
Note: Reflects price per available space at year end for monthly parking in garages and lots surveyed in the Central Business District, Over-the-Rhine and Pendleton.
Metro*Plus
Walkers at Fifth and Vine
Mercer Commons Garage
PG. 33
2014 state of downtown report
Courtesy of Cincinnati Metro
Courtesy of Downtown Cincinnati Inc.
Cincinnati Streetcar
Urban Basin Bicycle Club
Courtesy of Travis Estell
5chw4r7z, Courtesy of 5chw4r7z.blogspot.com
Courtesy of Downtown Cincinnati Inc.
2014 state of downtown report
PG. 34
The Mission of Downtown Cincinnati Inc. is to build a dynamic metropolitan center valued as the heart of the region.
35 East Seventh Street, Suite 202 Cincinnati, OH 45202 www.downtowncincinnati.com
513.421.4440