City Council Approves $126M Redevelopment

Last week, the Cincinnati City Council unanimously approved a development agreement between the city and RBM Development, a company owned by Medpace Inc. founder and CEO Dr. August Troendle, that will result in a $126 million investment at the medical research company’s Madisonville campus.

Last week, the Cincinnati City Council unanimously approved a development agreement with RBM Development for a $126 million investment at the Madisonville campus of┬áMedpace Inc. RBM is owned by Dr. August Troendle, Medpace’s founder and CEO.

RBM will redevelop the remaining eight acres of the 22-acre former NuTone manufacturing property. The site will be home to a $60 million, 217-key hotel; two office buildings, with a total of 160,000 square feet, to be built at a cost of $39.75 million; and 75,000 square feet of retail space, at a cost of $23.75 million. Retail tenants could include banks, pharmacies and restaurants. The project also calls for various public improvements, such as roadways, parking facilities and a public plaza.

The cost of the private development is expected to be $95.5 million. Public investments are estimated at $30.5 million. RBM plans to finance the public improvements be entering into a separate agreement with the Port of Greater Cincinnati Development Authority, which will issue $38 million in bonds.

The project is expected to create approximately 220 construction jobs, with an estimated total payroll of $17.8 million. It will also create about 700 permanents jobs, with an estimated annual payroll of $25 million.