CINCINNATI — City and county leaders have unveiled a final vision for the future of The Banks, a long-awaited blueprint designed to transform Cincinnati's riverfront from an event-driven destination into a mixed-use neighborhood.
The updated urban design plan, presented Tuesday to Cincinnati City Council's Housing and Growth Committee, outlines how the undeveloped land in the riverfront district could be built out over the next decade with housing, hotels, retail, offices and expanded public spaces.
The proposal includes up to 1.5 million square feet of residential development, a second hotel, more than 140,000 square feet of retail and restaurant space, plus a network of new plazas, pedestrian connections and riverfront amenities.
Officials say the plan represents the next chapter of a development effort that began decades ago.
WATCH: Final vision for The Banks calls for 1,800 housing units, new retail and more connection
"This has been land that's been vacant for several, almost decades now," Council member Mark Jeffreys said. "We've anticipated development, people going down there, it's unfinished. I think the vision that was laid out today is really exciting."
The outline is the first comprehensive update to The Banks master plan since 2000.
Project leaders said the district has become one of the region's strongest economic engines, generating an estimated $2.5 billion in annual economic output and attracting millions of visitors each year. Yet five highly visible lots remain undeveloped between downtown and the Ohio River.
"We're 26 years into this," said Andrew Broderick, associate principal and senior urban designer with Perkins&Will. "What we have here today are five valuable lots."
Broderick said the planning team spent more than 14 months evaluating market conditions, gathering public feedback and studying ways to complete what many view as unfinished business along the riverfront.
"We're here today to build upon the strengths, address the weaknesses and chart a path toward the future," said Phil Beck, project executive for The Banks Public Partnership.
Residential becomes the priority
One of the biggest changes from previous visions for The Banks is a significant shift away from office development and toward housing.
The development program calls for approximately 1,800 residential units. Consultants said market conditions made the decision clear.
"We think there's an opportunity to take the assets you already have and build in residential density as a source of activation," said Mark Kubaczyk, a director with HR&A Advisors. "Regular activation to support the retail and other onsite amenities."
Kubaczyk said research showed population growth downtown has largely been driven by younger professionals and smaller households, while demand for new office space remains limited.
"There is an increasing demand to live downtown," Kubaczyk told council members. "The successful delivery of new residential properties and office-to-residential conversions suggests that residential presents the greatest opportunity today."
Jeffreys said the shift reflects economic realities.
"We have to follow the market," he said. "The vision is great, but the reality is investors invest their own money based on where the market is. We know there's not a huge appetite for a massive amount of office space. Hence the vision of much more residential."
Still, planners said the goal is not simply to attract young professionals.
Public engagement revealed many residents view The Banks primarily as a destination for sports, concerts and nightlife rather than a place for families or everyday activities.
Kubaczyk said future development should help broaden that appeal.
"We heard that people who visit Smale Riverfront Park don't feel as though there's anything at The Banks that is directly offered to them," Kubaczyk said. "Thinking about what type of retail and amenities speak to families and a broader range of users will be important."
A vision beyond game day
Renderings presented Tuesday show a dramatically built-out district featuring residential towers, ground-floor restaurants and retail, a civic plaza near the National Underground Railroad Freedom Center and expanded connections between downtown and the riverfront.
Broderick described the goal as creating a district that competes with successful waterfront developments across the country.
"It is a riverfront built not just for game day, but designed for every day," he said.
The vision also includes conceptual caps over Fort Washington Way, a long-discussed idea that would create new green space and strengthen connections between downtown and the riverfront.
While the caps are not included in the current development budget, planners said they could become one of the most transformative investments in the district.
Kubaczyk pointed to examples such as Clyde Warren Park in Dallas, where a highway cap helped spur millions of square feet of adjacent development.
"Making it easier, safer and more secure for people to move from downtown to The Banks can have a really catalytic effect," he said.
Council member Meeka Owens called the project one of the most consequential development opportunities facing the region.
"We go big or go home with this," Owens said. "That should be our mantra."
Asked what visitors might experience 15 years from now if the vision is realized, Broderick said the goal is for the area to be vibrant, safe and welcoming.
"Family friendly as well as appealing to multiple generations," Broderick said.
Finding the developer
Despite the ambitious vision, officials acknowledged the most difficult work may still lie ahead.
The city and county are now working toward issuing a national request for qualifications seeking a master developer to oversee the remaining five development sites.
Beck said city and county officials have already begun meeting every other week to coordinate funding strategies, legal agreements and development plans before launching the search.
"The goal is a request for qualifications for a master developer," Beck said.
The preferred approach would involve selecting one lead development team responsible for coordinating all remaining lots, although officials said individual projects could still move forward separately if necessary.
Officials said ideally, development would begin with Lot 24, a centrally located parcel near Freedom Way, the Roebling Bridge and the National Underground Railroad Freedom Center.
"It's a critical lot," Beck said. "It's right in the center of the development, and it needs to be done right. We need to get started on the right foot."
Consultants estimate vertical development alone will cost approximately $800 million.
That figure includes residential buildings, hotels, retail space and parking structures but excludes potential highway caps, open-space improvements and major infrastructure upgrades.
A financial analysis found an estimated $50 million feasibility gap that could require public participation alongside private investment.
Beck said the project will unfold over a decade or more, meaning costs will be spread across multiple phases rather than requiring immediate funding.
"This is a 10-to-15-year effort," he said. "We don't need to come up with these giant numbers right out of the gate, but we do need to come up with a plan."
Officials said they expect future financing to include a combination of private investment, public infrastructure funding and state and federal grants.
For Jeffreys, however, the biggest question remains execution.
"The biggest concern that I have is we've had plans before and never went anywhere," he said. "It's great that we have a plan, and that is the first step. But what keeps me up at night is, OK, who's going to actually do this work?"
Even so, he said city and county leaders appear more aligned than they have been in years.
"I think we're a lot closer to that today than we have been," Jeffreys said. "When we're all aligned on growing in the same direction and getting the tools to make that vision happen, that's when the city does well."
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