{"id":1004189052,"date":"2017-08-30T10:13:48","date_gmt":"2017-08-30T18:13:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004189052"},"modified":"2022-12-08T19:53:15","modified_gmt":"2022-12-09T03:53:15","slug":"from-deserted-to-dynamic-a-cincinnati-success-story","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/from-deserted-to-dynamic-a-cincinnati-success-story\/","title":{"rendered":"From Deserted to Dynamic: A Cincinnati Success Story"},"content":{"rendered":"

By Laura Calugar<\/p>\n

\"Travis<\/a>

Travis Likes, first vice president at CBRE Cincinnati<\/p><\/div>\n

Leaning on the power of businessmen, Cincinnati local officials managed to fuel the rebirth of a once unsafe area in the heart of the city. Over-the-Rhine is now a model for urban revitalization. CBRE\u2019s Cincinnati research found that the neighborhood has become the crown jewel for the urban core, gaining national attention. \u00a0 \u00a0 \u00a0 \u00a0<\/p>\n

Historically, Over-the-Rhine was a shelter for German-speaking immigrants in search of economic opportunity. During the second half of the 20th century, the neighborhood became a deserted area, with criminality at record levels and abandoned buildings almost everywhere. This state of decay even lured filmmakers to the area. Traffic, the 2000 box office hit which highlighted America\u2019s illegal drug trade, was mainly filmed in Over-the-Rhine.<\/p>\n

OTR\u2019s evolution<\/h2>\n

In July 2003, a system that increased the effectiveness and efficiency of development activities in the city of Cincinnati was created. The Cincinnati Center City Development Corp. (3CDC), a tax-exempt, private, non-profit corporation, began to support the rebirth of the downtown area by revitalizing and connecting the Fountain Square District, the Central Business District and Over-the-Rhine.<\/p>\n

Overseen by 3CDC, much of the revitalization has been funded by Cincinnati’s most financially influential businessmen. \u201c3CDC is the reason OTR looks the way it does today. It would have been very difficult for a for-profit developer to take on this situation. The work 3CDC has done and continues to do has paved the way for private developers to come in and contribute to the area,\u201d<\/em> Travis Likes, first vice president at CBRE Cincinnati, told Commercial Property Executive. <\/em><\/p>\n<\/p>\n

The $48 million renovation and expansion of the Washington Park back in 2012 was a major turning point for the area, because it provided eight acres of green space and a gathering venue. 3CDC added a 450-space underground parking garage, which increased accessibility to the area. \u201cWhile we\u2019ve completed dozens of projects in OTR, it\u2019s hard to pinpoint one that has had a more catalytic effect on revitalization efforts than Washington Park. The park\u2019s renovation and expansion to eight acres of green space in the urban core led to millions of dollars of investment in the surrounding area,\u201d<\/em> said 3CDC Senior Communications Manager Joe Rudemiller. <\/em><\/p>\n

Currently, one of Cincinnati\u2019s landmark buildings\u2014the 1878-built Music Hall\u2014is undergoing a $143 million renovation, its first major revamp in more than four decades.<\/p>\n

Office space demand<\/h2>\n

All the activity taking place in the district has helped spur development. According to CBRE, roughly 220,000 square feet of office space is under construction to fulfill demand. Here are some of the most important projects underway:<\/p>\n