Study: Phase 1 of The Banks making $91M annually for Cincinnati

CINCINNATI - The Banks project is drawing more people to downtown Cincinnati, and the city is cashing in on the project, too, according to a new study.

The Phase 1 part of the The Banks has already generated an on-going $91 million economic impact in Cincinnati and Hamilton County, according to the study conducted by the University of Cincinnati Economic Center released Tuesday. Also, Phase 1 of The Banks has generated $556 million initial construction impact on the city.

Phase 1, which includes 300 apartments and about 97,000 square feet of retail, has made a nearly immediate pay back on the city and county’s investments since its completion, according to the study. Phase 1 of The Banks is expected to have a total economic impact of $276 million annually once a hotel and office are likely added on the property.

The city and county invested $12 million in grant funding for the residential portion of the project, according to The Banks website . Master developer companies with the project invested to help get the $74 million needed to fund Phase 1 with $40 million from National City Bank, $10 million from the Cincinnati Equity Fund and $12 million from Carter, Dawson and its investors.

While the study only looked at Phase 1’s economic impact, researchers estimate that future developments on the area between the Freedom Center and Paul Brown Stadium for The Banks will bring in an additional $335 million a year.

“These investments are helping create a vibrant riverfront — where people can live, work and play,” said Scott Stringer, executive vice president of Carter, in a news release. “The investments made by the public parties are starting to pay off and we’re happy to help the city and county complete the vision of the riverfront.”

When Phase 1 is combined with investments made by the city, county and development team, the total economic impact is estimated to be more than $2.7 billion from 2011 to 2020, according to the study.

The Banks is not only bringing jobs to downtown Cincinnati, but also creating a new community where people live, eat and shop.

The study estimates The Banks will create more than 1,400 direct jobs and another 1,000 indirect jobs.

Also, the new apartment, Current at The Banks, has moved people into downtown — including 20 percent of residents who came from outside the 15-county metropolitan area. The residents are expected to spend nearly $22 million annually — including $1.2 million on dining out — which will help support the local businesses and fuel the need for more food and retail in the area, according to the study.

To read the full study, go to http://dl.dropbox.com/u/5042696/Impact%20of%20The%20Banks-May10.pdf .