Monday, May 19, 2008

Land conveyances needed for Queen City Square

The Office of the City Manager of the City of Cincinnati wants to affect a series of property conveyances that will aid in the development of the 41-story Great American Insurance Building at Queen City Square.

The properties, located on the western side of (BIRD'S EYE) - approximately the footprint of the current parking garage and vacant lot - would be transferred by quit-claim deed from the Western & Southern Life Financial Group to the City.

The City would then lease the property back to Western & Southern for operation of the parking garage until construction of the tower begins.

Following demolition of the garage in July, the City will deed the site to the Port of Greater Cincinnati Development Authority to begin the 660-foot skyscraper.

Should the deal fall through, the City will convey the land back to Western & Southern.

The project to build Cincinnati's new tallest building is expected to cost $322 million.

Western & Southern/Eagle Realty Group is providing $40 million in developer equity, $225 million in lease bond financing, coverage of $54 million in tax increment financing bonds.

The Port will facilitate the issuance of the bonds and will own the property until project completion.

The City is chipping in $3.75 million for infrastructure improvements such as sidewalks, streetscaping and utilities.

At buildout, Queen City Square will feature 800,000 square feet of office space, 20,000-25,000 square feet of street-level retail, a pedestrian promenade, an outdoor plaza, and a 1,700-car parking garage on eight above-ground levels and three below-ground.

The building shell is expected to be completed by December 2010, with tenants arriving in early 2011.

Previous reading on BC:
Urban Design Review Board to critique Queen City Square (3/18/08)


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