Friday, October 01, 1999
Proposals for 'The Banks' as link to downtown
The Cincinnati Riverfront Advisory Commission's recommendations are designed to reconnect downtown and the waterfront and create a long-lasting development on the riverfront called The Banks.
1. The Banks should create a 24-hour, seven-day-a-week, diverse, pedestrian-friendly urban neighborhood with a mix of uses, including residential housing, specialty retail stores, restaurants and entertainment, office and boutique hotel space.
2. The Banks should fully integrate central riverfront and Third Street development to maximize economic potential, strengthen linkages with the central business district and build the critical mass to create a riverfront destination.
3. The Banks development should be enhanced and better-connected to the central business district by adding three infrastructure and amenity improvements:
• Pedestrian plazas covering most of Fort Washington Way.
• A major new anchor attraction — The Boardwalk at the Banks — on the west side of the development.
• Exciting, usable green spaces and amenities, particularly in the center of the development.
4. The design of The Banks neighborhood should foster a diverse, welcoming, pedestrian-friendly urban character and create a striking visual impression — a picture postcard for our community. Architectural guidelines including building heights, materials, setbacks, signage, use and design should be adopted and codified.
5. The county-funded above-ground parking garages planned for the central riverfront area should be shifted to sites north of Third Street to stimulate Third Street development and increase overall economic return. This creates the opportunity to nearly quadruple private investment and nearly quintuple the total annual new revenue from the development. To meet the county's total parking commitments, this plan also requires that the Crossett site west of Paul Brown Stadium be used for parking.
6. The city, county and private sector should collaborate to fund the public infrastructure and amenities required to attract and support private development including:
• Developer land-lease payments.
• Tax increment financing (TIF) from the city.
• Allocation of a small portion of unobligated county sales tax revenues.
• Subordinate bonds purchased by private leading institutions
7. The city, county and private sector (through Downtown Cincinnati Inc.) should jointly create an interim parking and shuttle program to address the near-term shortfall in downtown parking spaces created by moving above-ground parking north of Third Street.
8. The Banks development should stimulate economic inclusion among all ages, races and genders in all aspects, including design, construction, execution and operation. The Banks Entrepreneurial Equity Fund should be established to advance this goal.
9. The central riverfront area should be developed in phases to reflect market demand and stadium, Freedom Center and Riverfront Park development timetables, with Phase I completed in 2003 and Phase II completed in 2006.
10. The city and county should jointly create a Riverfront Development Commission to oversee development and ensure implementation of The Banks' vision.
Riverfront plan applauded, but funding needed
Proposals for 'The Banks' as link to downtown
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