Monday, December 22, 2008

Cincinnati budgets for expanded dunnhumbyUSA parking

Cincinnati City Council has passed unanimously an ordinance creating a new capital improvement program project account that will help provide additional parking spaces for dunnhumbyUSA's Downtown expansion.

The UK-based international consumer research and marketing firm announced last month that it was moving its headquarters from 302 W Third Street to a new 150,000-square-foot space at 444 W Third Street and would expand its operation from 260 to 500 employees.

The new capital account will be created with $700,000 in surplus funds from Parking Facilities Fund 102 and, to reimburse the City, revenues from the new parking spaces will be collected by the City's Parking Facilities Division.

The funding is expected to be repaid within five years.

In November, the City of Cincinnati awarded dunnhumbyUSA job creation tax credits, a 12-year, 75 percent tax exemption toward the $9.3 million renovation.

The total capital investment is expected to top $15 million.

Al Neyer, Inc. is the project developer, and BDHP Architecture has been retained for space planning and interior design.

DunnhumbyUSA has signed a 10-year lease on the property, and the renovation is scheduled for completion in the fall of 2009.

The 1920s-era building at 444 W Third Street, commonly known as the Hennegan Building, was built for the U.S. Postal Service and had been vacant for years.