After nearly two years of talking and planning, the designers of Cincinnati's 21st century riverfront neighborhood will take their first concrete step todaytoward developing The Banks.

        The Port Authority will unveil its request for qualifications, seeking interest and ability to build up to eight city blocks of stores, restaurants, apartments and parks between the Reds' and Bengals' stadiums.

        But with money running short to build $68 million worth of parking garages that will literally support the project, some developers said the financing could limit the bids. The garages are needed to raise the buildings out of the flood zone.

        “I think it's a can't-miss location and a potentially great opportunity,” said Ken Schuermann, head of Greater Cincinnati operations at Duke Realty, the Indianapolis developer that already has millions of square feet of office and retail space here. “But those parking garages are critical. Without the county garages, it will greatly deter everybody.”

        First unveiled in September 1999, The Banks is a signature project and the best chance yet to attract private investment to the site touted as Greater Cincinnati's “front door,” said Jack Rouse, chairman of the Port Authority.

        “There is a cynicism within the developer community that ... we have plans that have never gotten off the dime,” Mr. Rouse said. “Well, we're off the dime.”

        Port Authority officials will unveil the RFQ at a riverfront press conference this morning. Responses are due Aug. 31. They hope to issue a request for proposals this fall. Construction is scheduled to start in late 2002.

        The document sent out next week will ask developers to express interest in the project. They will indicate whether they can start quickly and outline their track records on including minority-owned contractors and ability to meet design criteria.

        It covers two main areas:

        • The eight city blocks south of Fort Washington Way between the two stadiums.

        • Several sites along Third Street, just north of Fort Washington Way, where county-built garages could support private development.

        Duke Realty, for example, has for years expressed interest in a new office tower at Third and Race streets, and probably will bid on some sites there, Mr. Schuermann said.

        Another local business leader, whose company wants to build an office tower on the eastern end of Third Street, said the project should be built in stages.

        “We're not in an all-fired hurry to do The Banks tomorrow,” said John Barrett, president of Western-Southern Life Insurance Co. and chairman of the influential Cincinnati Business Committee. “We'll do it as we fund it.”

        Blair Pogue, vice president of development for Phoenix Property Co., a Dallas-based residential developer, called The Banks “a great idea” that would draw a bid from his company.

        “The luxury apartment market in Cincinnati is well underserved, and we continue to go out and chase other deals there,” Mr. Pogue said. “The only thing that's going to hurt the riverfront development is if construction costs are so high that you can't get the thing financed.”

        The money to build the parking garages, which will act as pedestals for the buildings south of Fort Washington Way, is in question. The county has said it will pay for the garages, but only when and if the money is available.

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