Even as the coronavirus continues to hamper an economic recovery, Greater Cincinnati commercial real estate developers have shown they are bullish on the region.
Since the last Cincinnati Business Courier Crane Watch update in August, more than $492 million in new developments have been added to the Crane Watch map. That investment will be spread across seven different projects. The latest update only includes areas that are already included in Crane Watch.
On a total investment amount, that’s a much stronger period than the last Crane Watch update, which was a nearly six-month period. When Crane Watch was updated for the period between February and August, $502 million in projects were added to the map.
Plus, a number of projects were updated, with the expected investment amounts going up by tens of millions of dollars. Four major projects were updated since August, including the District at Clifton Heights, the University of Cincinnati’s redevelopment of Calhoun Hall, Tony Birkla’s plans for new apartments at 830 Main St. in downtown Cincinnati, and a new, larger vision for the mixed-use development at the corner of Liberty and Elm streets in Over-the-Rhine. Combined, the updates to these four projects totals an additional investment of $205 million. With the new projects added to the map, that takes total new planned investment to about $697 million.
One project was removed from the Crane Watch map. The long-planned redevelopment of Fourth & Walnut Centre from an office building to a dual-branded hotel is off, as owner NewcrestImage LLC is working to sell the property. But more than likely, the property will be back on the map once it is sold, as the most aggressive bidders for the building have been looking at converting it to apartments.
The total amount of construction activity across the region remains above $4.9 billion, spread across 68 different projects. Be sure to explore the map to see the latest updates on current projects and new projects that have been added since August.
Some of the recently completely projects on the map include the Approach, a $50 million mixed-use development next to Blue Ash’s Summit Park, and the new Delta Hotels by Marriott in Sharonville.
This latest update also removed a number of completed projects that have been finished for a year. Since we launched Crane Watch, 101 projects that were on the map have been completed. Those projects represent more than $2.6 billion in investment into Greater Cincinnati.
The largest project to be added to the map is Neyer Properties’ Three Oaks residential development in Oakley. This $200 million project will include more than 100 single-family homes, about 400 apartments and 180 senior housing units.
In addition to projects that are currently under construction, another 64 projects are proposed at this time. Those projects would add a total investment of just under $3 billion.
If you notice a project is missing from the map, please email me at tdemeropolis@bizjournals.com.
We’re also getting ready to expand the map again. Over time, Crane Watch will be updated to include development and construction projects across Greater Cincinnati.