Cincinnati City Council has approved a series of land conveyances that will allow for the development of the 41-story Great American Insurance Building at Queen City Square.

Land in and around the current red brick parking garage (BIRD'S EYE) will be transferred by quit-claim deed to the City from Western & Southern Life Financial Group, who will then lease the land back from the City for their parking garage operations until construction is ready to begin.

Following demolition of the parking garage, which is scheduled for July, the City will sell the site to the Port of Greater Cincinnati Development Authority for construction of the 660-foot tower.

Still pending are the following agreements, which are currently being considered in council's Finance Committee:

* Cooperative Tax Increment Financing and Redevelopment Agreement
* Service Agreement
* Public Improvements Construction Agreement
* City Funding Agreement

Western & Southern will retain rights to the land if any of the development agreements fall through.

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 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 tower has been designed to achieve LEED certification from the U.S. Green Building Council, making it one of the first, largest, and tallest such projects in the nation.

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

Photo credit: Queen City Survey

Previous reading on BC:
Land conveyances needed for Queen City Square (5/19/08)
Urban Design Review Board to critique Queen City Square (3/18/08)