CINCINNATI (Oct. 22, 2009) - Carter Vice Chair Trent Germano served as the keynote speaker at the Oct. 13 meeting of Commercial Real Estate Women of Great Cincinnati (CREW GC). During his speech, Germano updated the audience on The Banks, metro Cincinnati's most-talked-about new development.
The Banks, a $1 billion mixed-use development on Cincinnati's downtown riverfront between Paul Brown Stadium and Great American Ballpark, will include roughly 2.8 million square feet of new mixed-use space and will be built in phases over the next decade. Construction on Phase One will start in 60 days and will include a revised street grid, parking facility, 300 apartments and 80,000 square feet of retail. Phase One is on track for a ceremonial grand opening by spring of 2011, which will coincide with the Cincinnati Reds’ opening day.
Germano’s speech focused on the project’s ability to become a transit-oriented development – highlighting Hamilton County’s Transit Center, located under Second Street downtown, and the proposed streetcar, which has a planned stop at the transit center at its southern end. Germano said the key to successfully leveraging transit-oriented development is that public transit has to be "quick and simple." The more stops, connections or the farther away the rail line, bus or streetcar is from the final destination - the less likely people are to use it, he said.
Germano also spoke in detail on the luxury apartment homes planned for phase one at the event. The homes at The Banks will include a mix of one- and two-bedroom apartments. Apartments are expected to range in size, but at an average of 900 square feet, The Banks apartments would rent for roughly $1,350 a month, or $1.50 square foot.
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