DEVELOPMENT / DESIGN NARRATIVE FINANCIAL NARRATIVE...A contemporary evolution of the traditional ......
Transcript of DEVELOPMENT / DESIGN NARRATIVE FINANCIAL NARRATIVE...A contemporary evolution of the traditional ......
Ascompetitiontosustainindustryandpopulationintensifiesintherapidlyevolvinglandscapeofthe21stcentury,urbancentersincreasinglyconsidertheirroleasbothdistinctentitiesandactorswithinlargermulti-regions.Likemanymid-sizedmidwesterncitiessharingapastshapedbymanufacturing,Cincinnatifacestheneedtopositionitselfregionally,nationally,andinternationallyaschallengespresentedbyglobalization,urbanization,anddigitizationunfold.TheBankshastheeconomic,historical,andinfrastructuralpotentialtosupportthisaspiration.Theprominentandhighpoweredsiteestablishesagatewayintothecity,afrontlawntodowntown,andhasthecapacitytoredefinethecitybyregeneratingtheeconomicvitalityonceshowcasedontheriverfront.Today,Cincinnatiranks65thinthenationinpopulation;however,thestrongpresenceofoverlappingindustriesandsharedinnovationhaspositioneditatnumber6inconcentrationofFortune500companies.Anewinnovationdistrict,The Exchange at The Banks,willbuildonthissynergybyleveragingthepromisingfutureofthesite.
InnovationpotentialwillbeutilizedtoattractacoreofnineFortune500companieswiththeobjectiveofpursuinglong-term,mutuallyattractiveprojects.Thedesignanddevelopmentstrategiesforthisinnovationcorewillnurtureandsupportcross-fertilizationandfacilitateinteractionsbetweenlike-mindedcompanies.Adeliberatelymixeduseandpedestrianfocusedenvironmentwillfosteracommunitybuiltoninnovation.The ExchangestrengthenstheexistingentertainmentfocusedidentityatTheBanks,andinsertsaninnovationbasedplanningstrategytoprovidestabilitybetweeninfluxesofeventsbasedenergy.GuidelinesforstreetandbuildingdesignwillenrichthehistoriccharacterofCincinnatiandcreateanexperienceorienteddevelopmenttoincreasefoottrafficandencouragecrossindustryconversations.
The Exchangewillattractindustryleadersforitslocationandamenities.Immediateadjacenciesencourageaccesstodowntown,renownedSmaleRiverfrontParkandbothstadiums.CappingthehighwayrepairstheseveredconnectionbetweentheDowntownCentralBusinessDistrictandTheBanksandestablishestheParcade.Acontemporaryevolutionofthetraditionalmedianmarketplace,itssupersizedscalerecognizesthevalueofbothcommerceandpublicspace.Itprovidesaframeworktoshowcasethediversityoflocalvendorsandstartups,anddirectaccesstoopengreenspace.WashingtonWayParksuppliesa“garden”forthedominantnewtoweralongCincinnati’sskyline.TheSportsPromenadestrengthensthecorridorbetweenthetwostadiumsbyredesigningtheintersectionattheentrytoPaulBrownStadium.Agraphicartwalkintegratesbothstadiumswiththestreetscapeandenergizesthepromenade,whileenhancingthedistinctivequalityofthespace.PedestrianconnectionstoSmaleRiverfrontParkarereinforcedandtheriverisseenasanopportunisticspaceforfuturedevelopment.
ByimprovingpublictransportationbetweentheburgeoningUptownInnovationDistrictandThe Exchange at The Banks,afoundationislaidforthefirsttwin-centeredrealestatedevelopmentbuiltasacrossroadsforinnovation.Thisstrategywillcementthelong-termcompetitiveadvantageoftheregionbypositioningCincinnatiasacriticalnexuswithinthemidwestandathrivingnodewithinaglobalnetwork.
DEVELOPMENT / DESIGN NARRATIVE FINANCIAL NARRATIVE
AthenaPropertieswilldevelopThe Exchange throughajointventurewiththecityofCincinnati.AthenawillpurchaseparcelsA,B,C,D,E,F,andG.AdditionallotswillbepurchasedonThirdStreettodevelopseveralmixed-useresidential,office,andretail.Thedevelopmententitywillacquirethelandinthreeseparateclosingsunderonelandacquisitionagreement,withoptionsforphaseIIandIIIlandexecutedimmediatelyprecedingtheirrespectivegroundbreakings.TheseacquisitionswillbebasedonafixedpriceofC$55persquarefootforPhaseI,C$56persquarefootforPhaseII,andC$57persquarefootforPhaseIII,withatotallandacquisitioncostofC$96.62million.
TheventurewillinvestC$322millioninprivateinfrastructureandpublicspacestoconnectwiththesurroundingcommunitiesandenhancetheexperienceforallwhovisittheBanksofCincinnati.Improvementsincludeanelevatedhalf-acrewalkingspaceoverFortWashingtonWay,threepublicgroundretaillocations,includingamarketspace,entertainmentvenues,andvariousinnovationspaces.Infrastructurecostswillbefront-loadedinthefirsttwophasesofdevelopment
Thesitewillbedevelopedinthreephasesovereightyears,withatotaldevelopmentcostofC$811million.PhaseIwillbeconstructedatthenorthernportionofthesitewhereinfrastructureisrequiredforthehighwayandwillredesigntheneighborhoodaroundthebanks.ThecornerstoneofPhaseIistheopen-areacommunityparkspace,whichwillbeaccessiblebythegeneralpublic.PhaseIIwillsupplementthisrecreatedneighborhoodwithcondominium,apartments,affordablehousing,andluxuryhotel.Throughavariancewiththecity,thelastphasewillfeatureexperientialretail,technologycentersandmeetingrooms,andco-living&co-workingspaces.
Throughastrategicalignmentofcondominiumpre-salesandpermanentrefinancingofearlierphaseswithconstructionofsubsequentphases,theentitywillminimizerequiredequitycontributionsforphasesIIandIII.Constructionwillbefinancedwithaseniorloanat65%loan-to-costcarryinga5.0%interestratewiththerestfundedbyequitysplitbetweenthepartnersinvolved,potentiallyincludingthecityofCincinnatiintheformofCRAinvestmentandTIFfinancing.Duetoequityreinvestment,thebulkoftheequityreturncomesinyears8,9and10andtheassumedsaleofthepropertyfollowingthe10-yearholdingperiod.Returnsbyphaseandthetotalprojectareasfollows:
EXPERIENCE CHANGE 197707