CINCINNATI – Nearly 300 more luxury apartments and a burst in retail space are coming to The Banks.
The Banks' Phase IIA celebrated its groundbreaking Tuesday morning with a ceremonial cement pouring by Cincinnati Mayor John Cranley and Hamilton County Commission President Chris Monzel.
"The Banks – people want to live here," Cranley said.
The new nine-story structure will stand in the block bounded by Rosa Parks to Race Street, between Freedom Way and 2nd Street, The Banks spokesperson Libby Korosec said.
Korosec said there will be about 290 apartments built, including one and two-bedroom units. The building will include about 20,000 square-feet of retail space.
In the first week of construction, workers will assemble fencing and demolish certain areas for the overbuild construction.
The first set of apartments, The Current at the Banks, was completed in April 2011. Those interested in renting these units next to Great American Ball Park must sit on a long waiting list.
Monzel said the nearby businesses are also doing well.
"(The Banks) are now yielding $91 million in annual economic impact to Hamilton County and created more than 1,500 jobs," Monzel said.
A spokesperson for The Banks developer Carter said they are not worried about oversaturation in the area.
"There's only about 3,000 or so apartments either existing or planned down here in the near future,” said Carter Vice Chairman Jim Shelton. “And so we think there's plenty of runway left for high-end and mid-range apartments."
Shelton said the apartments in this phase will cost renters between $1,200 and $1,800 a month.
"This is one of the most unique sites in the country,” Shelton said. “The major league ballpark, you have a river, you have a 45-acre park."
If all goes as planned, Shelton said Phase IIA should be completed in February 2016.