Wednesday, December 16, 2009

Two ordinances could lead to 440-space Vernon Manor garage

Cincinnati City Council is considering two ordinances that would help developer Vernon Manor Offices, LLC (Al. Neyer, Inc.) turn the former Vernon Manor Hotel into a modern office space for 600 Cincinnati Children's Hospital Medical Center (CCHMC) back office employees.

The first ordinance would execute an installment agreement with the developer, allowing the City to expend funds from the Corryville tax increment financing (TIF) district to purchase property for a $10.4 million, 440-space public parking garage at the corner of Burnet and E University avenues.

A second ordinance would authorize a 25-year lease and management agreement with Al. Neyer for the parking garage. At the end of the lease, control of the garage and property would revert to the developer.

The developer plans to gut the interior of the former hotel, which closed at the end of March, and create 156,000 square feet of office space. An existing parking structure on the site would be demolished, and 133 surface parking spaces would be created.

The entire project is expected to cost more than $37 million.

CCHMC's move is expected to free up space on its main campus, allowing the hospital to hire up to 600 new employees over the next five years. A separate ordinance authorizing a 17-year lease on the building is expected soon.

According to project timelines, CCHMC is expected to move in by spring 2011.

Both the community councils of Avondale and Corryville support the project.