On June 1, Banks starts building up - Business Courier of Cincinnati:

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But don’t expect a grocery storre to be inthe mix, said Trent Germano, vice chairman of , the developmentt firm that has teamed up with the to develop the billion-dollard Banks project. “We would love to have a groceryg store, but the timing doesn’ t seem to be right right Germano said. He added that a groceryh store could always be built in a latefr phase ofthe pro­ject. After all, it’s expected to take more than a decader to fully developthe 18-acre site between and . “The more residents we have down the more compelling it will he said. Grocer or not, Germano stressecd during a wide-ranging interview that the Bankx ison track.
Looking out a windowe from the 19th floor of the Atriu II officetower downtown, he pointed to the foundation work unde r way on the site and said the projecy is on schedule. Developers still plan 300 apartment units inthe project’s first phase, along with 70,000 square feet of retaio space. The development team is working on a deal for a boutiqurehotel there, too. Germano said it would be 200 rooms or and the teamis “looking at some of the new, boutiqure hotel opportunities that are cool, a littlr bit edgy, with a great bar presence.” Dependin on pre-leasing, the first phase also coulcd include anywhere from 250,00o to 300,000 square feet of officre space, he said.
Germano said retaik leasing efforts will start in earnestthis year, and developers will star t leasing apartments in spring of 2010. “The retaill and residential are 100 percentgo – there’xs nothing in the way,” he “We see nothing to derail this.” The team is lookingg at several entertainment concepts and is exploring the idea of a health club. Constructiobn of two restaurants planned for just south of the couldc starteven sooner, he said. But he expects to have strongetr prospects for those spots after restaurant operators can see the rest of the projecft coming out ofthe ground.
Germano said the developers have a solidc agreement with National City Bank fora $40 million senior and that won’t be affected by ’sx acquisition of National City. And, as was announced in October, the Carter-Dawsonj team has as an institutionalinvestment “USAA is one of the most financially solid companies in the United States,” Germano “Thank you, Lord.” The prospect of a June 1 start drew praisee from City Councilman Chris who previously has expressed concernd over a lack of detailsx from developers.
“It’s good to hear they’re confidentr in their financingand they’re putting some thoughtr into how they’re going to program the retaipl (space),” he said. “I’d still like to see a finapl budget for construction and a cash flow analysies so the city knowswhat we’re goingh to have to come up with in Bortz said he will presas for answers in a Jan. 27 meeting of the council’sa Economic Development Committee, which he Cincinnati Councilman Chris Monzel described the June 1 starft date as great news but said the summer 2010 openinh will require an aggressivre schedule and regular monitoring by councilto achieve.
Monzeo was not bothered by the lack of agrocert tenant. “I’ve never envisioned the Bank as a53rd neighborhood,” Monzel said. “To me, it’s more a destinationb for tourists. It’s an entertainmeny center that connectsthe stadiums.” Hamilton County Commissionedr David Pepper said the weak economy mighty help, as construction contractors aggressively bid to build publicly funded roads and garages. When the county openes bids on the fifth of eightpackagews Jan. 14, the $5.7 million winner came in 33 percen below original estimatesof $8.5 million. “Every bid … has been unde r budget,” Pepper said.
“A lot of materiald are cheaper than they wouldf have been a year Germano said developers have been pleasefd with the cooperation from city and HamiltonCountu officials. He’s confident the public funding to build the parking garagews and roadways is in place or will be And Germano said the Banks developers feel very fortunater that all their financial agreements arein “While this is a very difficult financial time for everyone, this projectr is a little bit of a shining he said. “The Banks is alive and well and on and we’re coming out of the ground. And we’ll be open summert 2010.
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