{"id":1004119857,"date":"2015-05-20T19:34:26","date_gmt":"2015-05-21T03:34:26","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=348287"},"modified":"2022-12-08T20:10:56","modified_gmt":"2022-12-09T04:10:56","slug":"city-council-approves-126m-redevelopment","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/city-council-approves-126m-redevelopment\/","title":{"rendered":"City Council Approves $126M Redevelopment"},"content":{"rendered":"

By Adrian Maties, Associate Editor<\/em><\/p>\n

Last week, the Cincinnati City Council unanimously approved a development agreement with RBM Development for a $126 million investment at the Madisonville campus of\u00a0Medpace Inc. RBM is owned by Dr. August Troendle, Medpace’s founder and CEO.<\/p>\n

RBM will redevelop the remaining eight acres of the 22-acre former NuTone manufacturing property. The site will be home to a $60 million, 217-key hotel; two office buildings, with a total of 160,000 square feet, to be built at a cost of $39.75 million; and 75,000 square feet of retail space, at a cost of $23.75 million. Retail tenants could include banks, pharmacies and restaurants. The project also calls for various public improvements, such as roadways, parking facilities and a public plaza.<\/p>\n

The cost of the private development is expected to be $95.5 million. Public investments are estimated at $30.5 million. RBM plans to finance the public improvements be entering into a separate agreement with the Port of Greater Cincinnati Development Authority, which will issue $38 million in bonds.<\/p>\n

The project is expected to create approximately 220 construction jobs, with an estimated total payroll of $17.8 million. It will also create about 700 permanents jobs, with an estimated annual payroll of $25 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Last week, the Cincinnati City Council unanimously approved a development agreement between the city and RBM Development, a company owned by Medpace Inc. founder and CEO Dr. August Troendle, that will result in a $126 million investment at the medical research company’s Madisonville campus.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1583,21742],"tags":[],"class_list":["post-1004119857","post","type-post","status-publish","format-standard","hentry","category-cincinnati","category-latest"],"acf":[],"yoast_head":"\nCity Council Approves $126M Redevelopment - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/city-council-approves-126m-redevelopment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"City Council Approves $126M Redevelopment\" \/>\n<meta property=\"og:description\" content=\"Last week, the Cincinnati City Council unanimously approved a development agreement between the city and RBM Development, a company owned by Medpace Inc. founder and CEO Dr. August Troendle, that will result in a $126 million investment at the medical research company’s Madisonville campus.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/city-council-approves-126m-redevelopment\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-05-21T03:34:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:10:56+00:00\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/city-council-approves-126m-redevelopment\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/city-council-approves-126m-redevelopment\/\",\"name\":\"City Council Approves $126M Redevelopment - 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