The Port Authority commissioned a market study to analyze whether there is demand for the proposed $600 million riverfront development known as “The Banks.” The conclusion: a definite maybe.

        A report by the consulting firm, Property Advisors, says there is plenty of demand for rental and for-sale housing, less demand for retail stores and almost no demand for office space and a hotel.

        All are components of The Banks, along with a 71-acre park, to be built on eight blocks south of Third Street between the two stadiums.

        The report also promises an analysis of whether additional public dollars — beyond the $70 million in parking garages Hamilton County government must build and the new roads being built between the stadiums — will be needed to complete the project.

        That analysis, though, is not in the report.

        Still, Jack Rouse, port chairman, and Tom Humes, a board member who helped draw up the development plan, say there will be no additional public cash involved. They also say the report is confirmation that the development is needed and will be a success.

        “This is another independent source confirming this is the right thing to do,” said Mr. Rouse.

        Among the points made in the report:

        • Rental and for-sale housing demand is high. Vacancy rates in downtown housing are lower than surrounding areas, showing a need for more units. The report suggests that units in The Banks will rent and sell better than some surrounding downtown developments because they will feature excellent views and proximity to riverfront attractions, parks and shopping.

        “The Banks vision of housing as the primary component of the redevelopment plan is justified,” the report says.

        • Retail will be fueled by new residents living in The Banks and by people attending events and festivals in the area. The report concludes that total retail space should be about 125,000 square feet, not the 293,000 square feet envisioned in the original plan.

        In addition, developers will have to attract the right kind of shops to enhance The Banks' image, and the stores will need to be positioned on north/south street fronts — the primary direction people will walk, the report says.

        “Issues for success of retail include designing streets for pedestrian security and comfort while shopping, limiting the depth of the (stores) and attracting retailers of an image appropriate to the neighborhood concept,” the report says.

        • Office space downtown hasn't changed since 1990, and there's a reason for that. The report says the high cost of land in the city's central business district make it unlikely that a new office tower will be developed anytime soon, unless there is public cash involved.

        “With regard to the proposed boutique office component for The Banks, there is no clear indication of demand for additional office product anywhere in the central business district,” the report concludes.

        • Hotel space — up to 225 rooms — is being considered adjacent to Great American Ball Park. While the proposed expansion of the convention center provides “a glimmer of hope,” it is unlikely there will be a need for the hotel.

        “Overall, the current competitive market is weak, and the likelihood of a new hotel securing financing today is low,” the report says.

        Mr. Humes, the port member most heavily involved in financing the project, said there were no surprises in the report.

        “We've been approached by several parties who have expressed interest in locating down there,” Mr. Humes said.

        Other development stories:

        Deal could unlock Over-the-Rhine development
        City developer asks more time

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