Sunday, November 07, 1999
Put money in The Banks
BY TONY LANG
The Cincinnati Enquirer
Hamilton County commissioners blasted a $56 million hole in the financing strategy for Cincinnati's riverfront redevelopment called “The Banks.”
Nothing personal, but the commissioners said hands-off the stadiums sales tax. It's already spoken for — even though the Riverfront Advisory Commission came courting with a clever pitch.
Does that mean The Banks is dead in the water? Is this vision of a mixed-use neighborhood between the stadiums with housing, boutique hotels, specialty retail, offices, parks, pedestrian plazas over Fort Washington Way and a boardwalk pier for entertainment just a mirage?
Far from it.
The Riverfront Advisors insist they are thrilled at the way political leaders and the public raved about their vision of a born-again riverfront. They are confident that ways to pay for it will be found.
Yet it has stiff competition on our regional wish list. A proposed $400 million Cincinnati Convention Center expansion, a $1 billion light rail transit system and other projects are vying to be the Next Big Thing. A 51-acre waterfront park is priced at $71 million.
How can we pay for all this — plus another $56 million for The Banks?
We can't — not alone, not all at once. But this is no time to get weak-kneed and leave the riverfront half-done. We can do it one bite at a time. If the old riverfront teaches us anything, it is the cost of not doing it right the first time. This is our second chance to create something extraordinary.
The Advisors recommend phasing The Banks to be finished in 2003 and 2006. But too long a delay could kill momentum. Advisors Chairman Jack Rouse says the first phase is crucial: “Whatever comes first has to start delivering on the promise.”
Just as urgent is a quick city-coun ty commitment to the plan. The city administration glowingly endorsed The Banks and noted that $24 million for the riverfront street grid is reserved in the capital budget for council approval. Mayor-elect Charlie Luken told the Enquirer, “Of all the projects, I am most excited about The Banks. It has the most exciting potential.” Most of the rest of the new council expressed similar support.
Hamilton County Commissioner Tom Neyer said, “We need to quickly commit to a multi-phased implementation plan, then we can bite off as much as we can chew, but no more.”
Commissioner Bob Bedinghaus marvels at the way our region since 1995 has gone from a phobia of Thinking Big to brash willingness to take on big projects. “We may have created a monster,” he laughs.
He sees The Banks as no different from other big projects our community has done: “You figure out which should be done first, second, third and how to pay for it. We need to set priorities, but that doesn't mean we can't do them all.”
Great cities find a way. A week ago, I visited Louisville, which already has built its riverfront park. It's a brilliantly lighted space, but it doesn't have half the potential of Cincinnati's waterfront. Louisville has already received design concepts for housing to frame its park, including proposals from Cincinnati developers.
Louisville's convention center has expanded to 200,000 square feet of exhibit space. Columbus is expanding to 426,000 square feet. Indianapolis is at 430,000. Cincinnati trails at only 162,000 square feet of exhibit space.
The Banks could advance multiple objectives, including a bigger convention center, light rail and a city population increase. Conventions don't come to a city because it built a bigger box; they are drawn to exciting places. So are top corporate recruits and families who fled to the suburbs. And all that means more riders for light rail.
The Banks could make Cincinnati's waterfront a year-round destination again. Mark McKillip, the city's principal architect and liaison with the Riverfront Advisors, says the most popular cities create spaces that draw local residents: If they like it, so will tourists and developers. “The anchors are being put in place on both sides of the river,” Mr. McKillip said.
Once design guidelines are layed out, private developers will determine the final look of The Banks. But Mr. Rouse, who has designed attractions all over the world, warns that, “It doesn't work as a destination unless all the components are there.”
In a year's time, when we can see the football stadium and Fort Washington Way open, and the Reds ballpark and Underground Railroad Freedom Center taking shape, we will feel better about the riverfront, even if the Bengals are still bungling. We have come too far in four years to settle for second best again.
The public piece of this partnership is to put infrastructure in the flood plain to draw private developers. If financing The Banks and a convention center expansion hits a wall, it might be time to dust off the “other half-cent” sales tax killed during the bitter stadiums debate. This time it would have nothing to do with sports or jails or police radios. It would be used to bring people back to the riverfront — where Cincinnati started. Despite the grumbling, how many of us even notice the extra half-cent tax for stadiums?
A vibrant riverfront founded on residential living can help make Cincinnati an exciting city at the hub of our region. We just need the political will to make it happen.
Tony Lang is an Enquirer editorial writer and member of the Editorial Board. Call him at 768-8528 or E-mail tlang@enquirer.com.
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