CarterBlog

Carter Continues to Bring Tenants to The Banks

By Laura Swadel, director, Carter

CINCINNATI (Jan. 12, 2012) - Carter continues to fill The Banks mixed-use development here with quality tenants, despite the tough environment for the commercial real estate industry.

Earlier this week, Carter announced that Mahogany's Cafe and Grill will open a new location in The Banks in April. Mahogany's is an upscale soul food restaurant that will increase the presence of minority-owned enterprises at The Banks. Co-owned by executive chef Liz Rogers, Mahogany's signed a lease for 3,500 square feet between The Holy Grail Banks and the spot where Tin Roof will open a location.

The Banks is an 18-acre mixed-use project rising on the banks of the Ohio River, between Paul Brown Stadium and Great American Ball Park. Carter serves as master developer of The Banks in partnership with The Dawson Co., an Atlanta-based development firm and one of the city's oldest African-American-owned commercial real estate firms.

The Banks is a prime examples of the new, narrowed focus at Carter. In December, Carter announced it would focus on successfully developing in urban locations - especially multifamily - and in investing in value-add office properties. Carter also will grow its strategic consulting and interiors businesses. 

At The Banks, Mahogany's is the latest in a string of restaurants and entertainment venues to commit to the landmark development. Toby Keith's I Love This Bar & Grill, Christian Moerlein Lager House and Tin Roof will open this winter, and Holy Grail Banks and Johnny Rockets opened to much fanfare last year.

 "The food [at Mahogany's] is fabulous. Liz is passionate about it and she's got a great product," Cincinnati City Manager Milton Dohoney told the Cincinnati Enquirer this week. "We continued to be pleased by the development at The Banks and we're getting a lot of positive feedback. We think this will only add to that."

For more information about leasing and other opportunities at The Banks, contact Laura Swadel of Carter at lswadel@carterusa.com.

 

Federal Grant Will Allow Cincinnati Streetcar to Service The Banks

The Cincinnati streetcar will receive an $11 million federal grant to extend the line south and reach The Banks, reports the Cincinnati Enquirer. U.S. Transportation Secretary Ray LaHood made the announcement on Thursday at a City Hall news conference. Mayor Mark Mallory expects construction to commence in the first quarter of 2012.

This is great news for The Banks where Carter serves as the master developer. By 2019, The Banks will be 1.9 million square feet of new development including 1,000 residential units, a hotel, a new office tower and at least 400,000 square feet of retail space. The development is rising between the Great American Ball Park and Paul Brown Stadium.

The new grant increases the streetcar project budget to nearly $110 million and helps extend the route to link three major sport and entertainment venues, the National Underground Railroad Freedom Center and other riverfront attractions.

“This is a day of celebration,” Mallory said. “This is a great day in Cincinnati.”

To read complete article, click here.  

 

Carter Continues to Grow the Banks- Plans are to double the size of its residential and retail components

By Laura Swadel, director, Carter

ATLANTA (Nov. 29, 2011) - The Banks mixed-use development in downtown Cincinnati plans to double the size of its residential and retail components.

According to an article in The Cincinnati Enquirer on Sunday, these plans put The Banks a year ahead of schedule with more than $75 million in new private investment.

Carter serves as the master developer for The Banks. By 2019, The Banks will be 1.9 million square feet of new development including 1,000 residential units, a hotel, a new office tower and at least 400,000 square feet of retail space.

The development’s fast-tracked schedule is largely due to a $23 million federal stimulus grant that helped fund a 729-space public parking garage. The deck serves as the foundation for the first phase of the project, which delivered 77,000 square feet of retail space and a 300-unit apartment community, Current at The Banks.  According to the article in The Enquirer, Current is 98-percent leased.

Former Carter Vice Chairman Trent Germano, who oversees The Banks project as a consultant, is pleased with the development’s success, especially considering the current economic climate.

Just last week, the development team was able to secure an important extension from the city and county, giving it another year to attract key retail tenants. Germano hopes to sign four more tenants by early next year.

“Sure, we would have liked to have been five months ahead of where we are in retail leasing by now,” Germano told the Enquirer. “But if we think about the overall economy – and where we’ve come from – we’re still on the front of the curve of seeing improvement. As retailer’s look to expand, we’re high on the list.”

Toby Keith’s I Love This Bar & Grill, Crave and Tin Roof all plan to open next month. These restaurants will join Holy Grail Bar & Grill and Johnny Rockets that opened this year.

Located between the Great American Ball Park and Paul Brown Stadium, The Banks spans 18 acres and features residential, office, retail and restaurant options for all to enjoy. Carter was selected by the City of Cincinnati and Hamilton County to serve as Master Developer for The Banks. Carter also served as Program Manager for the construction of the City and County-funded parking garage and infrastructure components of the project.

To read the complete article that appeared in the Cincinnati Enquirer, click here.

 

Johnny Rockets to open at The Banks Next Month

CINCINNATI (Sept. 29, 2011) The Holy Grail Tavern and Grille will soon have company. Johnny Rockets is scheduled to open at The Banks on Oct. 27. Now visitors and residents at The Banks will have two restaurant options with more on the way.

And we know Cincinnatians are as excited as we are based on all the social media buzz surrounding yesterday's Johnny Rockets announcement.

Carter serves as master developer of The Banks, an 18-acre mixed-use project. Carter also served as program manager for the construction of the city and county-funded parking garage and infrastructure components of the project. 

See below for the complete story in Cincinnati.com about what's happening at The Banks!

A custom-designed Johnny Rockets with a menu unique to Cincinnati will officially open at The Banks on Oct. 27. Interior construction is under way at the nearly 3,000-square-foot restaurant at 191 E. Freedom Way, across from The Reds Hall of Fame and recently opened Holy Grail bar and grill. The restaurant will feature an outdoor patio and a walk-up order window. Menu items exclusive to the location will include Dusty’s Bacon Burger and the Lotta Domata Hamburger, created in honor of Reds’ manager Dusty Baker and Bengals’ defensive tackle, Domata Peko. Appetizers include Banks Shanks, Fried Pickles, Fresh Cooked Potato Chips and Spiral Pass Potatoes. The restaurant will be open seven days a week from 7 a.m. to 2 a.m. A grand opening is planned for 4:30 p.m. Oct. 27 with special giveaways, samples and specials. The restaurant will be operated by local Johnny Rockets franchise owner Rich and Sharon Thompson. The new location is the sixth in Ohio, and the third owned by the Thompsons, who also operate locations at Newport on the Levee and Sycamore Plaza, across the street from Kenwood Towne Center. Scheduled to join Johnny Rockets and Holy Grail later this year are Toby Keith’s I Love this Bar & Grill, Huey’s 24/7 Diner, The Wine Loft and La Crepe Nanou. Construction is under way on Toby Keith’s, which will be located on Second Street between Joe Nuxhall Way and Walnut Street. No opening dates have been announced for the other retailers. In February, Moerlein Lager House – an 1,100-seat restaurant and beer garden – is expected to open just south of The Banks on Joe Nuxhall Way at the Phyllis W. Smale Riverfront Park. The Banks is an 18-acre riverfront development. Its first phase is priced at $80 million and includes 300 apartments and 70,000 square feet of retail space.

 

Residents Move-in at The Banks

CINCINNATI, Ohio (August 02, 2011) - This summer some of Cincinnati’s newest residents are settling in and enjoying all the Queen City has to offer. According to them it's happening at The Banks, Cincinnati’s new mixed-use development located along the Ohio River.

Current At The Banks, the development’s first apartment complex, opened its doors this spring to residents. The complex has attracted people from all walks of life. However, one thing they all seem to share is the excitement of living in Cincinnati’s premier live-work-play destination.

One of the newest residents is Amanda Rose. A recent Ohio State Law graduate, Amanda and her roommate wanted to find an apartment with great amenities that was close to their jobs and the social scene.

“I really like the location,” said Amanda. “I’m right by the river and I can walk to both work and the Reds’ games.”

Recent grads aren’t the only people flocking to The Banks. Mike Glotfelter, 65, has followed the development since its inception and was delighted to move into Current At The Banks. Although downtown life is a drastic change from Mike and his wife’s former life on 28 acres, they are learning to adjust.

“My experience has been wonderful,” said Mike. “I’ve always wanted to live downtown, and I have met a lot of nice people.”

Current At The Banks has amenities that include granite countertops, walk-in closets, built-in microwaves, contemporary finishes and a washer/dryer in every apartment. Resident Lindsay Rain described the amenities as one of the top selling points in her decision to move.

“I cannot put into words how happy I am that I decided to live at The Banks,” Rain said. “The pool is one of my favorite amenities. Some of the best bars and restaurants in the city are within walking distance, not to mention those that are conveniently right downstairs!”

Located between the Great American Ball Park and Paul Brown Stadium, The Banks spans 18 acres and features residential, office, retail and restaurant options for all to enjoy. Carter and The Dawson Company were selected by the City of Cincinnati and Hamilton County to serve as Master Developers for The Banks. Carter also served as Program Manager for the construction of the City and County-funded parking garage and infrastructure components of the project.

Check back soon for more updates on what’s happening at The Banks!

 

High-Powered Political Entourage Tours The Banks in Cincinnati

By Patti Neal, vice president, Carter

Momentum has been building at The Banks. As a result, the $800 million development has garnered a great deal of exposure as residents, business owners and even politicians monitor the construction and await completion of the anticipated project along the Ohio River in Cincinnati.

The latest political dignitaries to check out progress at The Banks was an entourage of federal, state, city and county political officials, who toured The Banks on Friday afternoon. According to an article on the website of Cincinnati ABC affiliate, WCPO, Ohio Gov. Ted Strickland, Cincinnati Mayor Mark Mallory, Hamilton County Commission President Todd Portune, Congressman Steve Driehaus and Sen. Eric Kearney each got a first hand look at the construction.

Strickland was quick to point out the economic boost The Banks development and the construction of the Great American Tower are giving Cincinnati under the assembled politicians' watch.

"I would suspect that there's more development going on here than in any other place in the mid-western part of our country," the governor said.

Carter is developing The Banks with The Dawson Co. and USAA Real Estate. The mixed-use project will comprise multifamily, office, retail and other uses. The first phase will open next spring.

Since joining Carter in 2000, Patti Neal has been highly involved in managing complex, multi-phased projects for both institutional and private clients. Her skills include negotiations and contract management, budget and cash-flow management, owner and contractor relations, scheduling, safety, and project documentation. Patti works closely with all team members to assure the swift resolution of issues and takes great care in protecting the owner's interests.

The Banks Continues to Build Excitement

By: Trent Germano, vice chairman at Carter

Below is an excerpt from Cincy Magazine’s recent article, “Rollin' On The River” which discusses what is going on at The Banks. Carter is excited to have the opportunity to work on this development and we look forward to seeing the completed project.

“Trent Germano surveys The Banks construction site, noticing piled bricks, skeletal scaffolding and wooden beams have materialized since he last landed in Cincinnati. The progress is impressive to Germano, vice chairman of Carter, one of The Banks' development companies. It's only been a week since his last visit. The Atlanta-based developer has traveled here so often in the last three years that the staff at the hotel knows him by name. He enjoys a good baseball game. He and Reds owner Bob Castellini exchange stories about their children.

And this time, Germano has brought some humid Georgia weather to Cincinnati — a sticky day for early September. Though the climate is out of kilter, the sprouting structures surrounding him, he says, are right on schedule.

"Look at all our customers out here that see us every day," Germano observes of the scores of workers in the glossy skyscrapers looming overhead.

Customers, indeed. Cincinnati has endured a long and tortuous wait for this development on the banks of the Ohio River. Now, that it's unfolding, what has the process been like? What can those customers expect? Germano is the man to ask.

A Site Like None Other

When the Carter team considered developing Cincinnati's riverfront, they had to wonder: What's wrong with this spot? Why has no one touched it in all these years? Of course, there were reasons it had not sprung new development, but there were significantly more reasons to do it, Germano says.

"It was interesting to us, because you won't find a site like this anywhere in the country. The idea of filling in this palette with the riverfront, the [central business district], the stadium and the new park, it was just a great opportunity."

Despite a down market, Carter and The Dawson Company sat down to the table and shaped a vision for the area, wedged between Great American Ball Park and Paul Brown Stadium. Their hopes for entertainment, restaurants, bars and a park are being realized, though other ideas are on hold until the economy is mended.”

To read the full article, visit Cincy Magazine’s website.

As vice chairman, Trent Germano focuses on Carter's highest priority development and investment opportunities. He is the senior-most member of Carter's project and program management team, and provides leadership and technical expertise to the entire group. He has been involved in managing the development of over 20 million square feet of office, retail, institutional and industrial space and is currently leading or involved in a number of projects. Trent joined Carter in 1988 and was named partner in 1997.

Going Green at The Banks

 

By: Laura Griffin, senior project manager, Carter

The apartment community under construction at The Banks is expected to be downtown Cincinnati’s first "green" apartment community and one of the largest in the region. The Banks is registered for a national pilot program for mid-rise buildings under the U.S Green Building Council's Leadership in Energy and Environmental Design (LEED) certification process.

 

At The Banks we are creating a healthier environment for potential renters to call their home. Ultimately their utility bills will be lower than if we used traditional construction methods and at the same time we are creating a product that will have a less harmful impact on the environment.

Carter is developing The Banks with The Dawson Co. and USAA Real Estate. The $800 million mixed-use project on the Ohio River will comprise multifamily, office, retail and other uses. Phase 1A includes a 300-unit apartment community and 80,000 square feet of retail/restaurant space.

 The first apartments are slated to be ready for occupancy by the first quarter of 2011 and will include features such as high-efficiency fixtures, a drip irrigation system that uses less water, heating and air conditioning systems that are up to 20 percent above standards for energy efficiency and parking reserved for fuel-efficient cars.

We consider every project Carter does for LEED certification and are excited to be a part of bringing environmentally friendly residential buildings to the downtown Cincinnati area, which currently does not have any.

In her six years with Carter, Laura Griffin has gained tremendous experience in the mixed use and residential arena. Additionally, she is responsible for much of the project due diligence for projects in the private real estate funds Carter manages. She assess the both the business points and the development risks associated with each deal. Her knowledge of the upfront requirements to bring a development to fruition provides for a comprehensive evaluation of new opportunities.

Team Updates Ohio Senator on Banks Project

By Scott Taylor, president, Carter

Members of The Banks development team had the pleasure of briefing the Honorable Sherrod Brown (D-Ohio) on the status of the $600 million mixed-use project in Cincinnati, Ohio. 

Trent Germano, Harold Dawson Jr., Jerome Hagley and I gave the Senator an overview of the project and an internal analysis of the economic impact to the region while showing images on the construction status.

Sen. Brown, right, was incredibly supportive of the project and has been an advocate for sustainable development.  

We learned from the Senator that he has ties to the state of Georgia. His family has roots in Mansfield, Ga., where they were players in the hotel development industry in the early 1990s - another cool Georgia-Ohio connection.  

Cooperation Among Business, Governments Key to Successful Downtown Revitalization

ATLANTA (Jan. 25, 2010) - During Atlanta magazine's recent Big Idea Roundtable, Carter President Scott Taylor spoke on the vital role cooperation among the business community, city and county plays in downtown revitalization initiatives - specifically in neighborhoods surrounding major tourist attractions and sports arenas.  

 Carter has already taken on this challenge in Cincinnati as co-master developer and project manager of The Banks, $1 billion mixed-use development on Cincinnati's downtown riverfront that will comprise roughly 2.8 million square feet of new mixed-use space to be built in phases over the next decade.

 

The topic is big news in Atlanta right now, as three major new attractions are in the fundraising and design stages in downtown Atlanta.  The National Health Museum, the Center for Civil and Human Rights and the College Football Hall of Fame are all scouting sites adjacent to the existing tourist draws including Centennial Olympic Park, the Georgia Aquarium and the new World of Coca-Cola. Carter has been hired by theNational Health Museum to help identify and acquire a site in downtown Atlanta. In addition, Carter will coordinate predevelopment activities, including working with various public and civic stakeholder groups and advise the board and museum staff throughout this process.

 

Taylor commented that a stronger partnership between the private and public sector is the missing link in Atlanta in the areas surrounding the Georgia Dome and Turner Field, shown in photo at left. “People that own sports teams don’t make any money off the team itself, they make it off the facilities, said Taylor. “And if you look at Cowboys Stadium, at the Patriots' [Gillette Stadium] just outside Boston, they used the economic engine from a hundreds-of-millions-of-dollars facility to revitalize areas. But it takes a significant amount of economic incentives in order to get those things off the ground. What these owners like to see is the commercial, the retail, the hospitality. It drives the game-day experience that allows the venue to thrive when the games aren’t there. Turner Field, I’d say yes, it will happen, but I don’t know when. But it will take some serious economic incentives to get it going.”

 “We’re working on a project now in Cincinnati,” Taylor is quoted as saying. “It’s in between Great American Ball Park where the Reds play and Paul Brown Stadium where the Bengals play (photo at right). It’s 18 acres on the Ohio River, a vacant parcel of land that’s been there for 30-plus years. It’s ripe for development, but it hadn’t been developed because of tension between the city and the county and the business community. 

"Now we’re coming out of the ground with 330 apartment units, 100,000 square feet of retail, office towers, and a hotel to anchor this wonderful part of the city. But it didn’t happen until there was great unity among the business community, city, and county.”