Friday, June 15, 2012

New Fifth and Race proposal could reach 30 stories in height

Development of the new Downtown headquarters of dunnhumbyUSA at Fifth and Race streets could reach 30 stories in height, contain up to 200 apartments, and include 40,000 square feet of retail and commercial space.

Cincinnati's City Planning Commission today recommended approval of a development agreement with Cincinnati Center City Development Corporation (3CDC) for the $100 million project, proposed for the long-underutilized two-acre site.

To make the project happen, the City would transfer four parcels to 3CDC. 3CDC would then transfer one parcel for a 1,000-space, three-story underground parking garage back to the City, which would lease the garage to 3CDC for its operation and maintenance.

DunnhumbyUSA would own the estimated 250,000 square feet of office space, and the residential developer would own and manage the apartment units.

In January, dunnhumbyUSA announced it would build its new headquarters Downtown, having outgrown its headquarters in The Offices at 444 West Third Street. The company projects it will grow from 450 employees to 1,000 by 2018.

It also could lose its current building, which it moved into in 2009 with 300 employees, to Brent Spence Bridge construction.

The development agreement will be considered by City Council's Budget and Finance Committee on June 25, and by the full Council on June 26. If approved, the project could begin this fall and be completed by summer 2014.

3CDC and dunnhumbyUSA have engaged New York-based Gensler to design the project. Local subcontractors KLH Engineers, Kleingers & Associates, THP Limited, and the Preview Group will work with Gensler, and Turner Construction Company will serve as the construction manager.

Financing for the project includes up to in $12 million Property Investment Reimbursement Agreement incentives approved by Council in March, a $7 million Jobs Ohio loan awarded on Monday, New Markets Tax Credits, tax increment financing (TIF), 3CDC corporate loan funds, and developer equity.

Previous reading on BC:
Amended agreement provides up to $12M for dunnhumbyUSA building, relocation (3/26/12)
dunnhumbyUSA unveils new Downtown HQ (9/30/09)
Lease would provide better access for dunnhumbyUSA parking (8/3/09)
Additional parking OK'd for dunnhumbyUSA expansion (6/25/09)
$300K approved for Fifth and Race (11/11/08)