Monday, December 21, 2009

Vernon Manor parking agreements authorized

Two agreements that would help provide parking for the $37 million redevelopment of the former Vernon Manor Hotel have been authorized by Cincinnati City Council.

The agreements authorize the sale of property on the southeast corner of Burnet and E University avenues from developer Vernon Manor Offices, LLC (Al. Neyer, Inc.) to the City of Cincinnati for the construction of a 440-space public parking garage, then the lease and management of the garage and property by Al. Neyer for a period of 25 years.

At the end of the lease and management agreement, control of the garage and property would revert to the developer.

Revenues from the Corryville TIF (tax increment financing) District will help fund the $10.4 million garage, which will be built on the site of a soon-to-be-demolished parking structure.

Al. Neyer plans to gut the interior of the former hotel, which closed at the end of March, to create 156,000 square feet of modern office space.

Upon completion in spring 2011, the offices would house 600 back office employees of Cincinnati Children's Hospital Medical Center. A lease on the building has yet to be signed.

The hospital has said that the room freed up on its main campus could lead to the hiring of up to 600 new employees over the next five years.

Photo courtesy of Jake Mecklenborg/

Previous reading on BC:
Two ordinances could lead to 440-space Vernon Manor garage (12/16/09)