C O N V E R G E C e le b ra te . C re a te . S u sta i n
INTERACT WITH RIVER
AFE - D
NS
SE - U I O N C
TRAFFI
T C E N N ISCO
ADD VALUE TO TRANSPORTATION PLAN
E PRIM ENT PM O L E DEV LAND
BREAKING THE GRID CONNECT & ENGAGE
ER
RIV H T I W UE
G
LO NO DIA
TEAM 192004: Converge is about creating a vibrant riverfront which communicates of the city’s identity, economy, ecology, history and culture. The city’s historical and geographical position has been a symbol of freedom. In the modern day, one craves for the feeling of liberation from the hustling routine and the team attempts to achieve this notion through various strategies and physical forms. Efforts in the form of pedestrian streets, local economies or even just a platform for expression, solitude, and performance are significant in catalyzing unity in a city.
PROMOTE A THRIVING LOCAL ECONOMY
EXISTING
PROPOSED s
de
Pa
ra
Op
e
“
“
If we build a city for cars, there will be traffic. If we build a city for people, there will be events.
se ou h n
s
Mu
si
c
ent ev
rs
Bo ok
fai
Co m
“
“
n mu
Placemaking that is inclusive and an embodiment of the city spirit.
CELEBRATE vents ity e
CREATE
Additional streetcar routes Pedestrianization
Retaining wall Normal riverline Flooding condition
SUSTAIN
7,931,385 sq. ft. TOTAL SQ. FT.
Ferry routes Reduce congestion
ws
r Ca
ies
Office Residential Office Mixed-use Office/ Commercial Mixed-use Office/ Commercial Office Mixed-use Residential/ Commercial Mixed-use Office/ Commercial Mixed-use Office/ Commercial Mixed-use Residential/ Commercial Public building Mixed-use Office/ Commercial Commercial Commercial
15 16 17 18 19 20 21 22 23 24 25 26 27 28
“
it
Ex
“
1 2 3 4 5 6 7 8 9 10 11 12 13 14
allery s/ g n io
Commercial Mixed-use office/ Commercial Commercial Mixed-use office/ Commercial Mixed-use office/ Commercial Commercial Commercial Commercial Commercial Residential Residential Commercial Commercial Commercial
29 30 31 32 33 34 35 36 37 38 39 40 41 42
PEOPLE’S PLAZA
Repurposed parking
The dome is a place for expression, performance and engagement.
Commercial Mixed-use Office/ Commercial Mixed-use Office/ Commercial Commercial Mixed-use Office/ Commercial Commercial Commercial Mixed-use Office/ Commercial Commercial Mixed-use Office/ Commercial Mixed-use Office/ Commercial Commercial Mixed-use office/ Commercial Commercial
43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58
Mix use- Residential/Commercial Office
arc
Commercial Mixed-use Office/ Commercial Residential Residential Residential Residential Residential Residential Residential Office Office Office Office Office Office Office
Commercial
Office Mix use- Office/Commercial
Public building
Commercial
hy o
Resiliency
Detention ponds & holding
f buil
t form
Roads, sewers/ water pipelines
PHASE 1
Network of wetlands/ Flood restoration
PHASE 3
2,646,866 sq. ft.
1,727,576 sq. ft
3 4 PHASE 2
Locating developments
Green infrastructure
Residential
Office
Hotel
2
PHASE 4
2408707 sq. ft.
Spillover and recreational spaces
Mix use- Residential/Commercial
Public building
Alternate modes of transportation
Heir
Residentail
Mix use- Office/Commercial
18.8x EQUITY MULTIPLE
“
“
Come live-work-play at the dome
hib
Ce
re
n
Residentail
18% LEVERAGED IRR 12.7% UNLEVERAGED IRR
Bus stops + routes
mo
LAND USE MAP
$1,199,187,154 TOTAL DEVELOPMENT COST
Pedestrianization
sho
LAND ACQUISITION
1
1,148,236 sq. ft.
Commercial
Parking
Industrial breweries
Public improvement
PHASES
The Dome
2nd St.
CBD Freeway 0
500
1,000
ft
National Underground Railroad Freedom Center
The Dome
People’s Plaza
Smale Riverfront park
CONVERGE
Team 192004
Celebrate. Create. Sustain Design narrative Converge creates a vibrant riverfront which communicates the city’s identity, economy, ecology, history and culture. The city’s historical and geographical position has long been a symbol of freedom. In the modern day, one craves the feeling of liberation from the hustling routine and the team attempts to achieve this notion through various strategies and physical forms. Efforts in the form of pedestrian streets, local economies or even just a platform for expression, solitude and performance are significant in catalyzing unity in a city. Converge provides a rich context in terms of economy, history and architecture. The proposal capitalizes on the location and diversifies economies to become a live-work-play community. The heart of the master plan features ‘The Dome’ which provides a thriving public experience as well as a space for a silent spiritual experience away from the bustling city. The transparent sleek tone of the dome blends and adorns the surrounding historic landmarks. Surrounding physical form embraces human scale with a progressively terraced urban form. We also propose a dynamic street connecting the CBD and riverfront for celebrating Oktoberfest, having parades or even just winding down after a work day. If we build a city for cars, there will be traffic. If we build a city for people, there will be events. We embrace this sentiment to create a safe, thriving district for all. We propose a bold move of pedestrianization and the addition of a street car route on the iconic Roebling bridge. We diversify modes of transport by adding ferries, extending the streetcar, adding bus lanes and bus stops. The site currently has vast prime land dedicated to parking which we partially repurpose for development. Shared parking for the stadiums and parking along public transit routes meet the stadium parking requirements. The creation of a local economy of Nanobreweries acknowledges the rich heritage and creates employment. There are efforts to establish an interactive dialogue with the river edge that acts as a filter to the city. Various resilience strategies aims to control the water levels and replenish the ecology of the river. This is done using a robust retaining wall, wetlands, urban forests and nesting islands. The riverfront builds on the existing investment of green trail park and provides an experience with various intertwined boardwalks, decks and islands. It accommodates multiple programs in response to the flooding cycle. We expand the higher ground towards the riverfront to optimize prime usable land while also utilizing underground spaces. Cincinnati is a city where developments can be both iconic and regional, historic and contemporary, and one where Fortune 500 companies and local economies dwell in cooperation. We propose a place where diverse encounters and activities converge, as well as the environment and its ecology.
Financial narrative Converge will be developed in four phases by the Fort Washington Way Development Partnership (the Partnership). The city will contribute Parcels A through G, and the partnership will acquire Parcels H to Y. All the land (including the air rights) that is currently owned by the City of Cincinnati and Hamilton County will be provided as land contribution to the project under the basis that the project will generate public infrastructure and increase tax revenue at no cost to the city. On Phase I we will acquire Parcel W on 3rd street and construct an office building in order to restore the urban fabric and join it to the new development area. This acquisition will be based on a fixed price of $164 per square foot. Also, in Phase I we will acquire Parcel I at a fixed price of $226 per square foot. With these two parcels and the ones contributed by the city, the partnership will be able to start construction of The Dome and other buildings planned for Phase I. In Phase II we will acquire Parcels V and X. In Phase III Parcels T, U, Y will be acquire on each of these parcels we plan to construct office buildings. All the parcels bought in Phases II and III will be at a fixed price of $164 per square foot. The total land acquisition costs add up to $19.5 million. The Partnership will invest $120 million in public infrastructure to connect the project with the surrounding communities and enhance the experience for all those who visit The Dome. Improvements include a bridge over the highway, a ferry port to cross to Kentucky, a Ferris wheel to enjoy a wonderful view of the John A. Roebling suspension bridge and a public library. One of the most import investments of this project is the construction of a retaining wall that will prevent the site from flooding. This wall will directly benefit all the surroundings, including the two stadiums on site. The central masterpiece of the development is The Dome. It has an estimated investment of over $55 million which will be a part of the public infrastructure considered in the project. The development is considering an equity contribution of $369 million that will be used for land acquisition, demolition costs and one third of the construction costs. The Partnership will get debt financing at a 6.5% interest rate for $780 million, representing 65% of the total development costs. The project has an unleveraged IRR before Taxes of 12.7%, a leveraged IRR before Taxes of 18% and an exit equity multiple of 18.8x. The total investment by phases is presented in the following table.
Total Gross Area
Total Cost
-
16,816,331
PHASE 1
2,646,866
292,977,274
PHASE 2
2,408,707
384,684,647
PHASE 3
1,727,576
316,626,967
PHASE 4
1,148,236
188,081,934
7,931,385
1,199,187,154
Year 0
Fig 1. Land acquisition plan
Fig 2. Phase planning