By Patrick Crowley
The Cincinnati Enquirer

BELLEVUE - The banks of the Ohio River in tiny Bellevue will soon resemble a riverfront development in London. As the city of Cincinnati struggles to get funding for The Banks, its multimillion-dollar residential and retail project, Ohio-based developers are moving forward with the $40 million Harbor Greene project in this Northern Kentucky river city of about 7,000.

RETAIL, RESIDENTIAL ON THE WATERFRONT

• 63 condominiums, built in three five-story buildings, selling in the $300,000 range. • 16 three-story townhomes in the $300,000 range. • Two three-story office buildings, each with 45,000 square feet. • A 5,000-square-foot retail building. • 518 parking spaces in an underground garage and 113 in a surface lot. • Green space and trails.

The development, a few miles from other booming development in Newport, will offer office buildings, condos and retail space, to be built with $12.5 million in incentives from the city of Bellevue.

The Ackermann Group, an Anderson Township-based developer, sees the project as an extension of Northern Kentucky's 20-year plan and as part of the community.

Dobbs Ackermann, a partner in the Ackermann Group, said the inspiration for the project's design came from a riverfront development built in London in 1988. The deal came from the cooperation of Bellevue city officials.

"We started working with this concept of an old English green, with terraces along the river and a central green space, and we modeled that into this site," Mr. Ackermann said. "We just didn't want 50 condos, or 50,000 square feet of office space. We had a picture, a vision of what we wanted ... and that's a development very classic in nature that will fit in with the community."

Tougher than a cornfield

Before work begins on the 7.7-acre project, a dirty job must be completed.

To keep the project out of the Ohio River's flood plain, the developer will spend $1 million to truck in an estimated 80,000 cubic feet of dirt that will be used to elevate the project out of the river's occasionally damaging path.

"There are certainly a number of developers that would want to develop cornfields," said John Wendt, a partner in Anderson Township-based Ackermann Group. "And the reason why is because they're easy.

"Doing infill development work in cities that have been around a long time is certainly more complicated, more expensive work," Mr. Wendt said. "But we were able to find the right (development) combination working with the city. And as a developer, the city helped make this project worth our while with the (incentive) package they put together." The Harbor Greene project is another boost to the Northern Kentucky riverfront. The area from Covington east to Bellevue has grown steadily over the last 20 years with a combination of office buildings, hotels, restaurants, night spots, a convention center and attractions such as Newport on the Levee and the Newport Aquarium.

Meanwhile, Cincinnati's riverfront development has been buoyed by the construction for new sports stadiums for the Reds and Bengals. But the multimillion-dollar retail, residential and entertainment complex known as The Banks has stalled. Cincinnati and Hamilton County leaders have been unable to pay for parking garages that will serve as the base of the project.

Mr. Ackermann did not want to criticize Cincinnati or comment on the city's problems with downtown and riverfront development. But he did say Bellevue officials worked hard with the developer to make the project.

"The city of Bellevue is just wonderful," Mr. Ackermann said. "One of their big concerns was how this development works in with the rest of the city and how it will impact the existing community. That became a big focus on our planning."

Project's particulars

Work on the development site is expected to begin this summer with the project's completion set for early 2006. The project includes:

63 condominiums, 1,800 to 2,300 square feet each, built in three five-story buildings. Each unit will have a view of the Ohio River and sell in the $300,000 range.

16 three-story town homes, up to 3,000square feet each, that will offer river views and sell in the $300,000 range.

Two three-story office buildings, each with 45,000-square-feet of Class A office space. The buildings are located in the Campbell County enterprise zone, meaning tenants can get tax breaks by moving there.

A 5,000-square-foot retail building fronting Fairfield Avenue, the main east-west thoroughfare through Bellevue.

631 parking spaces, 518 in an underground garage and 113 in a surface lot.

A walking and bike trail along the river, benches along the riverfront and green spaces throughout the development.

The project will extend east along the river from Port Bellevue, the year-old development that includes Joe's Crab Shack, Buckhead Mountain Grill and a small office building.

Harbor Greene may sound new, but the project is actually a result of the development that started in Covington in the mid-1980s, Mr. Wendt said.

"This project is a natural extension of what's been happening in Northern Kentucky along the riverfront," he said. "Fifteen years ago Covington really started it going with RiverCenter. It's been moving up and down the river. It moved to Newport, and obviously they've been very successful ... with Newport on the Levee and the other things going on there."

20 years in the making

Bellevue, population 6,997 has been marketing the development site for more than 20 years. But a combination of factors - the economy, topography of the land, flooding concerns and the inability of other developers to be financed - has left the property largely dormant.

City leaders are so excited about Ackermann's involvement that last week City Council unanimously approved the company's plans for the project. The approval came after the city worked with the developer on the design for about two years.

"Over the years we have turned away several developments that we felt did not represent the vision we had established and hoped to achieve," said Bellevue Mayor Jack Meyer. "Ackermann Group realized the potential of this wonderful site, adopted the vision of the city as their own and has demonstrated the ability to complete this project."

Ackermann is working to accommodate the city's concerns, including installing a left turn lane into the project from Fairfield Avenue, which is frequently crowded during morning and evening rush hours.

The city is providing $12.5 million in tax breaks and other incentives. The incentives were important, Mr. Ackermann said, but so was the city's willingness to work with the company.

Views and free parking

The office space will compete for tenants with downtown Cincinnati, said Mr. Wendt. Ackermann will likely offer the space for $13.50 a square foot, about $2 less than the downtown average.

"And we'll have free parking, which is huge to companies because parking can add another $1.50 to $2 a square foot to a lease," he said.The site also offers quick access to downtown Cincinnati and Interstate 471 and prime views of the city's skyline, Mount Adams and the Ohio River.

Mr. Ackermann said he anticipates that "active adults" and "young professionals" will be attracted to the condos and town homes. "There will be some killer views for the (Riverfest) fireworks," Mr. Ackermann said.

Ackermann must buy out eight property owners to build the project. The city has said it will use eminent domain to acquire the property but developers don't expect to reach that point.

"We've never had to use eminent domain in our other projects, and we don't expect to use it in this circumstance," Mr. Wendt said. Other projects Ackermann is working on include The Overlook at Stewart Point, an office development along Interstate 71 in Silverton; and Cornerstone at Norwood, an office, retail and restaurant project across from Rookwood Commons and Rookwood Pavilion outdoor shopping malls.

E-mail pcrowley@enquirer.com