Study Shows Phase 1A of the Banks Has $91M Annual Economic Impact
- May 28, 2012
The Banks project is drawing more people to downtown Cincinnati, and the city is already cashing in, according to an economic impact study conducted by the University of Cincinnati Economics Center and released on May 22 by the Banks’ developers: Carter, The Dawson Co. and USAA Real Estate Co. The study shows that Phase 1A of the development has generated an ongoing annual economic impact of $91 million in Cincinnati and Hamilton County, an almost immediate payback on the city’s and county’s investments.
Work on The Banks, Cincinnati’s largest single mixed-use development, started in 2008. Spanning 18 acres, it is currently under construction on the Ohio River between Great American Ball Park and Paul Brown Stadium. When finished, it will include nearly 3 million square feet of street-level retail, restaurants, residential options, offices and hotel rooms. Carter, The Dawson Co. and USAA Real Estate Co. have worked together with the community to develop this important project meant to resurrect downtown Cincinnati and ultimately lead to regional economic growth.
Phase 1A, now complete, includes a revised street grid, a parking facility, 300 apartments and approximately 97,000 square feet of retail. In addition to the $91 million economic payoff, it generated a local construction impact of $556 million.
When finished, all of Phase 1 is expected to have a total economic impact of $276 million annually. The second and third portions of Phase 1 will include an office development with about 230,000 square feet of space, a 170- to 250-room hotel and another 27,000 square feet of residential development. When combined with investments made by the city, county and master development team, the total economic impact is expected to be more than $2.7 billion from 2011 to 2020.
Researchers estimate The Banks will create more than 1,400 direct jobs, as well as another 1,000 indirect jobs. Though it looks only at Phase 1 of the project, the study also estimates that future development of the remaining area between the Freedom Center and Paul Brown Stadium is expected to bring an additional $335 million a year.
For more information, you can find a copy of the study here.
Image courtesy of http://www.thebankscincy.com/.