The Banks Becomes Place to Be on Opening Day

CINCINNATI (April 9, 2012) – The scene at The Banks on Opening Day was incredible. A sea of Cincinnati Reds fans and red jerseys covered the streets of The Banks as fans and residents reveled in the return of Major League Baseball and all of the new restaurants residences at The Banks.

The scene prompted Carter to take a look back at the year that’s passed since The Holy Grail opened on Opening Day 2011.

Our review shows that a lot can happen in one year. This time last year in Cincinnati, as Reds fans were preparing for the start of the 2011 baseball season, The Holy Grail was the only bar and restaurant open at The Banks, the $800 million mixed-use project between the ballpark and Paul Brown Stadium that Carter is developing with The Dawson Co. and equity partner USAA Real Estate. This April things look quite different.

Since last Opening Day, The Banks has evolved into quite the entertainment district, making the start to the Reds season perhaps the biggest ever. During the past 12 months, Carter has worked diligently to complete phase one of the mixed-use development and fill it with quality tenants. In addition to The Holy Grail, dining and bar options now include Moerlein Lager House, Johnny Rocket’s and Toby Keith’s I Love This Bar & Grill. Orange Leaf frozen yogurt also is open.

Tin Roof, The Wine Guy Wine Shop, Crave Restaurant, and Ruth’s Chris Steak House are slated to open late this summer or early fall. Mahogany’s Cafe and Grill also will open a location at The Banks.

To date, the retail operations at The Banks have brought more than 300 new jobs to the region.

Residents have also moved in to the downtown riverfront development, marking a major milestone. Current at The Banks, the 300-unit luxury apartment complex situated atop street-level retail, is now open. In less than one year, Current, which includes a mix of studio, one- and two-bedroom apartments for rent, is nearly 100 percent leased. Read our blog post on Current at The Banks here.

“I am extraordinarily proud of our team and the immediate successes we have had at The Banks,” says Carter Chairman and CEO Bob Peterson. “In this economic climate, it’s inspiring to be able to create jobs and stimulate the local economy the way we’ve been able to do with this development.”

In total, 80,000 square feet of retail/restaurant space, 300 apartment units, and 3,300 parking spaces were delivered in the first phase.   

So what will the next 12 months look like as the second phase of the project gets underway? Together with The Dawson Co., we are working on securing a healthy mix of retail tenants, and looking ahead to the build out of additional parking spaces, residential components, an office building and even a hotel.

As The Banks continues to progress, it will have 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 by the year 2019.

Overall development at The Banks is expected to lead to more than $600 million in investment to the local economy, create more than 1,000 permanent jobs and continue to attract new national retailers and residents to Cincinnati.

“With the opening of The Banks, the celebration of Opening Day in Cincinnati has changed forever,” said John Eckert, a CBRE Group vice president who markets the office portion of The Banks.

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