Consultants lay out 'finish line' for The Banks: 850–1,200 homes, festival plaza and phased public investment

Consultants for The Banks project told the Cincinnati City Council’s Equitable Growth & Housing committee that a coordinated plan and targeted public investment could complete the long‑running riverfront development and support between 850 and about 1,200 new residential units, hotel product and neighborhood retail.

Andrew Broderick, associate principal with Perkins and Will, described the briefing as an update rather than a request for council action and said the team’s goal is to get the project to a “finish line” with plan approvals expected in January–February 2026. Broderick said the study area runs from the Brent Spence bridge upstream to the Heritage Bank Center site and that five parcels under the city–county partnership (Lots 1, 4, 13, 24 and 25) are the immediate focus.

“The Banks is downtown’s front door,” Broderick said. He and his colleagues presented a preferred concept that emphasizes active street frontages, a multi‑programmable Freedom Plaza and improved pedestrian connections between cultural anchors including the National Underground Railroad Freedom Center and the ballparks.

Mark Wachick, director with HR & A Advisors, summarized the market and feasibility work and recommended a residential program in the range consultants modeled: roughly 850–1,200 units, 60,000–80,000 square feet of retail aimed at residents, and at least one hotel in a phased rollout. “From a demand standpoint, there’s a significant amount of demand for people to live downtown,” Wachick said; he and the team concluded speculative office is not a viable near‑term use.

The consultants estimated development costs for the proposed program at about $750–800 million (excluding additional infrastructure beyond parking) and warned that high construction costs and higher interest rates mean some public subsidy or infrastructure investment will likely be needed to make certain building types viable. They identified the Central Riverfront Garage (CRG) expansion and riverfront trail improvements as high‑priority public assets to unlock private development.

Council members pressed the consultants on specifics. Chair Mark Jeffries asked whether the housing number included 3rd Street; consultants confirmed the 850–1,200 units apply only to the five parcels under study and that 3rd Street remains a secondary, placeholder area pending a cap over Fort Washington Way. Jeffries also asked about net parking changes; consultants described a two‑part strategy — completing the CRG (adding two levels and increasing supply on remaining surface lots west of Lot 24) and developer‑funded parking plinths inside mid‑ and high‑rise buildings — and said an exact total parking count would be provided as a follow‑up.

Vice Chair Victoria Parks asked about minority participation in contracts for public projects. Phil Beck, The Banks project executive, said the advisory group includes property owners and institutional tenants and noted a track record on The Banks of engaging minority‑ and women‑owned businesses, adding “Yes, since day 01/2008.”

Council member Mika Owens asked about jobs and economic impact; consultants cited University of Cincinnati studies showing The Banks currently supports about 28,000 jobs and said updating cash‑flow and job estimates is part of the next work plan.

On the question of an arena, consultants said the current concept is not contingent on siting a new arena at the Heritage Bank Center site but that infrastructure changes (including a reported realignment of Mehring/Merring Way) could create additional developable area if an arena were to be pursued.

The administration and consultants emphasized next steps: continued district‑advisory and steering‑committee briefings, a final plan package and plan‑development approvals targeted for early 2026, and follow‑up work on exact parking counts, cost modeling and an updated economic impact estimate.

The committee filed the presentation (no final vote on policy was requested at the briefing).