annual state of downtown report 2011
DESCRIPTION
State of downtown Cincinnati report.TRANSCRIPT
state of downtown report
2011
partnersDowntown Cincinnati Inc. thanks the following individuals and organizations for their assistance in compiling the 2011 annual State of Downtown Report:
4C for ChildrenApartment Realty AdvisorsCincinnati’s arts, culture, sports and entertainment venuesCincinnati Multiple Listing ServiceCincinnati USA Convention & Visitors BureauCincinnati USA Regional ChamberCity of CincinnatiColliers InternationalShertok Design, Inc.Smith Travel ResearchXceligent, Inc.
Photos courtesy of:5chw4r7zCraig BeachlerMark BowenCincinnati USA Convention & Visitors BureauCincinnati RedsCurrent at the Banks/Village GreenDan Ledbetter Photography Eagle Realty GroupThadd FialaJayson Gomes, cincyimages.comPhillip Groshong, Cincinnati OperaThe Public Library of Cincinnati and Hamilton County, Main LibraryMetroRyan Noga, Go VibrantErin O’BrienMichael Providenti, Queen City BikePhillip Ranley, Towne PropertiesDavid SidersRandy Simes, UrbanCincy.comCraig Weiglein, Taft Theatre
The data presented in this report is derived from many sources, including reports by the media and information collected directly from organizations where available. To provide us with more accurate data on any information contained in this report, to request information not contained in this report, or to place your name on our e-mail list for future report mailings, please send an email to [email protected].
Please visit DCI’s website for other publications at downtowncincinnati.com.
Also visit these websites for additional information on downtown Cincinnati:• choosecincy.com• cincinnati-oh.gov• cincinnatichamber.com• cincinnatiUSA.com• cincyusa.com• ilivedowntown.com• myfountainsquare.com
About Downtown Cincinnati Incorporated
DCI is a non-profit organization with a mission to build a dynamic metropolitan center valued as the heart of the region. DCI supports this mission by providing unique services in three areas: safe and clean, marketing and communications, and stakeholder services. The organization is funded by the property owners in the Downtown Cincinnati Improvement District, which includes all property within the boundaries of Eggleston Avenue, Central Parkway, Central Avenue, and the Ohio River.* DCI provides leadership and information regarding community and development issues, working together with public and private partners to ensure long-term downtown vitality.
*Excluding Great American Ballpark and Paul Brown Stadium.
1
contents 2 Introduction
4 Live
12 Work
20 Play
28 Destination: Downtown
33 On the Horizon
22
A business district, an entertainment hub, and a vibrant, livable neighborhood, downtown Cincinnati is where locals live, work and play. For out of town guests, downtown offers the experience of an historic city center with the modern, urban amenities that make Cincinnati a top destination for corporate and organizational meetings. With revitalizing development stretching from the Ohio River to Over-the-Rhine and new, sustainable modes of transit set to connect all points in between, downtown Cincinnati is abuzz with activity and excitement for a bright future.
2011 saw more downtown residents, new businesses bringing more daytime workers, and more people visiting downtown for fun. An evolving nightlife scene with restaurants, bars, and arts and cultural events serves diverse tastes. Street festivals in the Central Business District and Over-the-Rhine are attracting more pedestrian traffic, and retail is on the rise. Today, more than ever, public perception surveys, incoming businesses, lease renewals and expansions, and thriving retail and entertainment attendance reflect the reality that downtown is safe, clean and welcoming.
In 2011, as a result of strong community engagement, ongoing partnerships and increasing investment, stakeholders celebrated a successful downtown that is more accessible and inclusive than ever before. With the World Choir Games coming in July, downtown Cincinnati is staged to open its doors to visitors from around the world in 2012 and beyond.
introduction
33
About This Report
Downtown Cincinnati Inc. is pleased to present the eighth annual State of Downtown Report. This report serves as an annual “snapshot” with the goal to provide a comprehensive profile that assists stakeholders with their continued success in downtown Cincinnati. The 2011 State of Downtown Report is organized into sections which represent the key ways in which people interact with downtown: Live, Work, Play and Destination: Downtown (transportation). The report includes data on residential issues; safety and cleanliness; development; office and employment; retail and restaurants; conventions and hotels; arts, culture, and entertainment; and access and parking. This year we have added a special feature called On the Horizon, which highlights upcoming projects.
More people are choosing
to make downtown
Cincinnati their home. The
2011 estimated downtown
residential population
reached over 13,000
individuals, a 12% increase
over the previous year.
More than 600 residential
units were completed in
the downtown area,
from new apartments at
Current at The Banks to
rehabbed, historic condos
in Over-the-Rhine.
4
live
5
About This Map:
Residential data reported in the 2011 State of Downtown Report is focused on the growing neighborhoods of the Central Business District (CBD), Over-the-Rhine (OTR) and Pendleton (PEN).
OTR
CBD
PEN
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
20112010200920082007
OTR and PENCBD
year
popu
latio
n 8,154 8,375
9,026
11,848
13,214*
DownTown PoPulATIon esTIMATe
*2011 Downtown Population Estimate = 2011 total number of units x average residents per unit, based on the 2010 U.S. Census.
over 80% of respondents reported an overall positive impression of downtown in 2011, with key
indicators of perceptions of downtown as safe and clean on the rise.
6
80%
67%
73%
72%
69%
66%
48%
46%
63%
58%
70%
60%
0 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
2011 2010
Clean overall
Safe overall
Ambassadorsare visible
Policeare visible
Improvingevery year
Overallpositive
impression
PeRCePTIons AbouT DownTown
Source: 2011 Perceptions Survey conducted by LaVerdad Marketing & Media for Downtown Cincinnati Inc. For more detailed findings, visit downtowncincinnati.com.
7
safe, Clean and Green:
In 2011, the city welcomed Chief James E. Craig, and the Cincinnati Police Welcome Center at The Banks became the new home to the Cincinnati Police Department’s Special Events Department, the Downtown Services Unit (renamed the Central Business Section in 2012) and horse and bike patrols.
Crime in the Central Business District has been trending downward for the past ten years, with an overall reduction of over 25% in Part 1 and Part 2 crimes. In that time, Part 1 theft crimes, including shoplifting, have accounted for 58% of the crimes in the CBD.
Downtown was kept clean and green spaces were maintained in 2011, thanks in part to the efforts of the City of Cincinnati’s Public Services Department, Cincinnati Parks, and Downtown Cincinnati Inc. Ambassadors. Keep Cincinnati Beautiful awarded the Central Business District an average score of 1.1 on the litter index, on a scale of 1 to 4 with 1 being the cleanest. This average score has been consistent in the CBD for the past five years.
Source: Cincinnati Police Department. Note: Part 1 crimes are defined as more serious crimes, but include crimes such as shoplifting in which no use of force or violence occurs; Part 2 crimes are defined as “quality of life” crimes, which include aggressive panhandling and vandalism.
0
500
1,000
1,500
2,000
2,500
2011201020092008200720062005200420032002
year
1,310
474
Part 1 Crime Part 2 Crime
CbD CRIMe sTATIsTICs
8
Apartment Rentals: As of December 2011, the rental units at Current at The Banks had reached over 98% occupancy. Throughout the CBD, the average market rent per unit increased by 9%, from $923 in 2010 to $1,019 in 2011.
*Source for 2010 Total Units: 2010 U.S. Census
units
neig
hbor
hood
0 1,000 2,000 3,000 4,000 5,000 6,000
PEN
OTR
CBD
2010 Total Units* Completed in 2011 2011 Under Construction
3,738
4,650
653
ToTAl ResIDenTIAl unITs
APARTMenT suRvey - CenTRAl busIness DIsTRICT*Total Number of Properties Surveyed 15
Total Number of Units Surveyed 2,357
Average Number of units/property 157
Weighted Occupancy 96.4%
Average rent/unit $1,019.00
Average rent/sq. ft. $1.11
Source: Apartment Realty Advisors semiannual survey of the multifamily investment market, reported August 2011. *Central Business District includes five properties in NKY and Mt. Adams.
9
Condominiums Sold Single Family Homes Sold
year
num
ber
sold
0
10
20
30
40
50
60
70
20112010200920082007
54
42
60
27
18
0 0 0 1 0
CbD ResIDenTIAl unIT sAles
Source: Cincinnati Multiple Listing Service (MLS)
Condominiums Sold Single Family Homes Sold
year
0
10
20
30
40
50
20112010200920082007
num
ber
sold
21
46
39 37
39
12
4
7
10
4
oTR ResIDenTIAl unIT sAles
Condominiums Sold Single Family Homes Sold
year
num
ber
sold
0
1
2
3
4
5
6
7
20112010200920082007
1
4
5
3
1
3 3
0
6
3
Pen ResIDenTIAl unIT sAles
schools: Growing downtown families can select from diverse educational options for children. Within a two mile radius of downtown, there are over 130 child care options, including licensed centers, preschools, school-age programs, and family child care providers. For older students, there are over 30 public and private elementary, middle, and high schools within five miles.
10
year
aver
age
selli
ng p
rice
Condominiums Single Family Homes
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
20112010200920082007
$300,641 $297,699 $304,235 $311,491
$257,535
$0 $0 $0
$185,000
$0
CbD AveRAGe sellInG PRICes
year
aver
age
selli
ng p
rice
Condominiums Single Family Homes
201120102009200820070
$50,000
$100,000
$150,000
$200,000
$250,000
$168,458
$131,213
$193,980
$168,145 $164,173 $167,638$172,188
$105,925
$157,885
$103,500
oTR AveRAGe sellInG PRICes
Pets: Fido Field on Eggleston Avenue, the first officially sanctioned off-leash, dog recreation area in downtown, opened in 2011, an effort led by the Fido Field Committee and the Downtown Residents Council, and co-sponsored by Procter & Gamble.
year
aver
age
selli
ng p
rice
Condominiums Single Family Homes
201120102009200820070
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000$249,900
$272,477
$185,817
$282,500
$203,820
$118,407
$0
$126,150
$165,047$147,067
Pen AveRAGe sellInG PRICes
Source: Cincinnati Multiple Listing Service (MLS)
11
worship: There are over fifteen places of worship in downtown Cincinnati representing diverse faiths and denominations, including the St. Xavier Church shown here.
Community: Members of the Downtown Residents Council, as part of the Great American Cleanup and in cooperation with the Office of Councilmember Laure Quinlivan, dedicated more than 140 hours to help beautify and improve wayfinding on the ‘Path to the Taft’ in 2011.
12
workDowntown development is on the fast track. Over $577 million was invested in 2011, and more
than $700 million in projects are under construction and scheduled for completion by 2013. In the
Central Business District alone, over 830,000 square feet of gross leasing activity, with transactions
averaging 15,000 square feet, contributed to signs of recovery in commercial real estate. The arrival
of companies like Omnicare and Nielsen added 1,100 workers to a dynamic daytime population
in the CBD. Renewed and expanded commitments to downtown from fast growing businesses
like First Financial Bancorp and dunnhumbyUSA will continue to bring new jobs, adding to an
improving employment outlook both downtown and across the region.
13
2011 ReGIonAl offICe sTATs Inventory of Rentable sq. ft. vacancy Rate Average Rental Rate 2011 net Absorption
Blue Ash 4,553,708 17.2% $18.53 85,696
CbD 18,008,286 17.6% $19.21 (63,819)
CBD - Periphery 3,498,638 28.6% $17.41 (42,948)
East 2,454,545 18.5% $15.48 57,379
I-71 Corridor North (of I-275) 4,058,537 23.2% $18.73 130,533
I-75 Corridor North (of I-275) 2,247,624 11.4% $20.12 11,437
Kenwood/Montgomery 2,070,071 14.2% $22.36 (55,614)
Midtown 3,317,554 15.2% $17.40 34,784
Northern KY 7,366,882 19.5% $18.25 (47,509)
Tri-County 4,754,848 31.2% $15.75 (39,820)
West 774,742 22.8% $18.04 (19,956)
Source: Colliers International. 2011 data is from Q4 Cincinnati Office Report.
MAjoR 2011 leAse TRAnsACTIons: CInCInnATI CbD Company location sq. ft. Type
Omnicare Atrium I 165,000 Relocation
First Financial Bank First Financial Center 85,700 Relocation
Nielsen Chiquita Center 77,700 Relocation
Vorys, Sater, Seymour and Pease Great American Tower 60,000 Relocation
Weltman Weinberg & Reis Co. 525 Vine Street 37,400 Expansion
Strauss & Troy Federal Reserve Bank Building 37,000 Renewal
FRCH Design Worldwide 311 Elm Street 33,800 Renewal
Rendigs, Fry, Kiely & Dennis, LLP Center at 600 Vine 25,900 Relocation
Clark Schaefer & Hackett One East Fourth Street 22,000 Relocation
ToTAl 544,500
Source: Xceligent, Inc. Please note: This list comprises leases exceeding 20,000 sq. ft. that were signed in 2011. Start dates of occupancy vary.
2011 CInCInnATI CbD offICe sTATs Inventory of Rentable sq. ft. vacancy Rate Average Rental Rate 2011 net Absorption
Class A 8,815,068 18.9% $23.37 262,765
Class B 6,232,749 12.2% $15.83 (64,261)
Class C 2,960,469 25.7% $11.84 (262,323)
Source: Colliers International. 2011 data is from Q4 Cincinnati Office Report.
The CbD is now headquarters to
ten fortune 1000 companies—
seven of which are in the
fortune 500:
n Kroger (No. 25)
n Procter & Gamble (No. 26)
n Macy’s (No. 107)
n Fifth Third Bancorp (No. 326)
n Omnicare (No. 371)
n Western & Southern Financial (No. 456)
n American Financial Group (No. 489)
14
1 The Banks (Phase IA) Riverfront MIX $85.00 2011 2 The Banks (Phase II Public Infrastructure) Second Street ACC $24.00 2011
3 City Home (Phase I) 1406-1422 Pleasant Street RES $3.95 2011 4 City Home (Phase IB) 1401 Race Street MIX $1.60 2011 5 Friar’s Court 1623 Republic, 1616 Race, 1626 Race, 23 Green Street RES $4.30 2011 6 Great American Tower Corner of Fourth & at Queen City Square Sycamore Streets MIX $340.00 2011
7 McFarland Lofts 304 McFarland Street RES $1.80 2011 8 OTR Development (Phase I - IV) 1400 Race Block, 4 acres around Vine & Mercer MIX $86.70 2011
9 Residence Inn Cincinnati Downtown 506 East Fourth Street CEE $15.00 2011
10 Saengerhalle 1400-16 Race Street OFF $8.30 2011 11 Taft Theater 317 East Fifth Street CEE $3.20 2011 12 Westfalen Lofts 1418-1422 Race Street RES $3.38 2011 13 21c Museum Hotel 609 Walnut Street CEE $56.00 2012 14 The Banks (Phase II Private) Riverfront MIX $62.00 N/A 15 City Home (Phase II) Pleasant Street RES $2.16 2012 16 East Sixth Street Properties 114, 118, 122 East Sixth Street CEE $14.60 2012 17 The Edge 310 Culvert Street OFF $10.00 2012 18 Horseshoe Casino Broadway Commons CEE $400.00 2013 19 John Weld Peck Federal Building 550 Main Street OFF $34.00 2013 20 Moerlein Lager House 115 Joe Nuxhall Way CEE $10.00 2012 21 Park Haus Washington Park Area RES $5.18 2012 22 The Reserve at 4th and Race (Federal Reserve Building) Corner of Fourth & Race Streets MIX $16.50 2012
23 Rothenberg Preparatory Academy East McMicken Avenue & Main Street CEE $17.00 2013 24 Smale Riverfront Park (Phase 1) Riverfront CEE $30.00 2012 25 Washington Park (includes Garage) Washington Park CEE $48.00 2012 26 15th & Republic 1427,1428,1437 Republic Street & 13 West 15th Street RES $4.80 2013
27 Abington Flats 33 Green Street RES $3.80 2014 28 Anna Louise Inn 300 Lytle Street RES $12.40 2012 29 The Banks (Phase IB-Office) Riverfront OFF $50.00 N/A 30 The Banks (Phase IC-Hotel) Riverfront CEE $30.00 N/A 31 The Banks (Phase ID-Residential) Riverfront RES $10.00 N/A 32 Casino Area Public Infrastructure Improvements Broadway Commons & Pendleton Areas ACC $22.90 2013
33 Cincinnati Streetcar CBD/OTR ACC $110.00 2014 34 City Hall Events Atrium 801 Plum Street CEE $4.40 2014 35 City of Cincinnati Parking Garage Sycamore Street between Seventh & Eighth ACC $11.50 2013
36 Holiday Inn Hotel Corner of Broadway & Seventh Streets CEE $14.00 2013 37 Mercer Commons East 13th & 14th Streets, between Vine & Walnut Streets MIX $53.50 2013
38 Music Hall Revitalization 1243 Elm Street CEE $165.00 2014 39 Nicolay Corner of 14th & Republic Streets MIX $2.30 2013 40 Paint Building (Cincinnati Color Building) 1400 Vine Street MIX $4.20 2012
41 Parvis II 1400 Block Republic Street RES $2.60 2013 42 Smale Riverfront Park (Phase 2-5) Riverfront CEE $90.00 2018 43 Westfalen Lofts II 1400 Race Street MIX $6.20 2013
See map on next page.
Co
MPl
eTeD
un
DeR
Co
nsT
Ru
CTI
on
PRe-
Dev
elo
PMen
T/PR
oPo
seD
Completion/ Investment Anticipated Project name Address Type ($M) Completion
$897M
$658M
$102M
$54M
$168M
■ Access/Parking (ACC)
■ Cultural/Entertainment/Education (CEE)
■ Mixed Use (MIX)
■ Office (OFF)
■ Residential (RES)
$897M
$658M
$102M
$54M
$168M
■ Access/Parking (ACC)
■ Cultural/Entertainment/Education (CEE)
■ Mixed Use (MIX)
■ Office (OFF)
■ Residential (RES)
2011 CbD DeveloPMenT by PRojeCT TyPe
DownTown DeveloPMenT
Note: Includes projects with a disclosed amount of $1 million or more. Mixed Use (MIX) are developments with multiple uses, for instance a building with retail on the ground floor and office or residential above.
15
1
3
33
8
16
3925
22
24
23
28
37
27
38
9
12
19 17
26
18
20
21
32
142
4 10
5
67
13
15
2930 31
42
11
34
35 36
40
4143
DownTown DeveloPMenT
Development Highlights:
The Horseshoe Casino Cincinnati at Broadway Commons broke ground on February 4, 2011. The 354,000 sq. ft. casino will employ 1,700 workers and will feature 2,300 slot machines, 72 table games, 3 street-side restaurants, and a 33,000 sq. ft. second level meeting space.
The Great American Tower at Queen City Square opened on January 1, 2011. The 41-story, 800,000 square foot skyscraper has been precertified as Gold by the U.S. Green Building Council under the acclaimed LEED (Leadership in Energy and Environmental Design) program. The building is currently 90% leased.
16
ClAss A - CInCInnATI CbD offICe InvenToRy % vacant yTD Absorption weighted Rate
2007 18.0% 153,957 $21.79
2008 16.7% 120,250 $21.61
2009 18.2% (125,860) $21.77
2010 19.0% (50,447) $21.89
2011 18.9% 262,765 $23.37
ClAss b - CInCInnATI CbD offICe InvenToRy % vacant yTD Absorption weighted Rate
2007 14.1% 56,487 $14.66
2008 18.2% (146,618) $14.58
2009 19.7% 35,557 $15.00
2010 15.3% (29,545) $15.80
2011 12.2% (64,261) $15.83
Source: Colliers International. 2011 data is from Q4 Cincinnati Office Report.
office Market net Absorption: Although the total net absorption for the year fluctuated, the office market did see positive net absorption during the fourth quarter. Average Class A and Class B rental rates rose slightly over 2010.
financial Institutions Transactions:
First Financial Bancorp doubled its office space, moving its headquarters from Atrium One to 255 East Fifth Street—renamed First Financial Center. The bank will also open its first downtown branch on the ground floor of the building in 2012.
Bank of Kentucky opened its first Ohio branch in 2011 at the high profile corner of Fourth and Walnut.
17
2011 u.s. RenTAl RATes: CbD ClAss AWashington DC $52.85
New York City (Downtown Manhattan) $48.17
Boston $47.75
Los Angeles $38.52
Houston $35.29
Chicago $35.00
Denver $28.04
Philadelphia $26.41
Portland $25.20
Dallas/Ft. Worth $25.00
Cincinnati $23.37
Atlanta $22.73
Nashville $22.57
Raleigh/Durham $22.56
Detroit $22.46
Cleveland $20.68
Kansas City $19.57
Indianapolis $19.27
Columbus $18.80
St. Louis $17.78
Memphis $16.65
2011 u.s. vACAnCy: CbD ClAss A & b Dallas/Ft. Worth 23.7%
Nashville 22.7%
Detroit 19.4%
St. Louis 19.1%
Cincinnati 19.0%
Cleveland 18.5%
Los Angeles 18.0%
Atlanta 17.9%
Memphis 17.9%
Houston 16.6%
New York City (Downtown Manhattan) 15.9%
Boston 15.8%
Chicago 14.1%
Kansas City 13.0%
Denver 12.7%
Philadelphia 11.7%
Washington, DC 10.5%
Indianapolis 9.8%
Portland 8.4%
Raleigh/Durham 5.8%
Columbus 2.9%
Downtown small business in the news:
Downtown-based Libertas Technologies LLC was among three Cincinnati businesses to receive the “Blue Ribbon Small Business Award” from the U.S. Chamber of Commerce. The software development and consulting firm was recognized for the third consecutive year for its role in creating jobs, growing the economy and improving the lives of employees, customers and the community.
The Cincinnati USA Regional Chamber named Traction LLC, a brand-design firm in Over-the-Rhine, Emerging Business of the Year in 2011. Pep, a promotion and management firm located in the Central Business District, won Minority Business of the Year. Pep was also recognized with a 2011 Silver ADDY Award from the Cincinnati American Advertising Federation.
Source: Colliers International Q4 2011 North America Highlights
18
work
year
0
5%
10%
15%
20%
25%
20112010200920082007
vaca
ncy
rate
Cincinnati CBD U.S. CBD Cincinnati Sub U.S. Suburban
16.6
%
11.2
%
19.8
%
14.0
%
17.7
%
14.7
%
21.8
%
15.4
%
19.4
%
14.5
%
23.3
%
17.4
%
21.9
%
14.8
%
24.3
%
16.7
%
19.0
%
13.7
%
20.7
%
15.6
%
u.s. AnD CInCInnATI offICe vACAnCy RATes
0
$5
$10
$15
$20
$25
20112010200920082007
rent
al r
ate
year
$23.
02
$15.
87
$11.
79
$23.
20
$15.
93
$11.
72
$21.
77
$15.
00
$11.
74
$21.
90
$15.
80
$11.
72
$23.
37
$15.
83
$11.
84
CBD Class A CBD Class B CBD Class C
Average CBD All Classes Average Regional Rental All Classes
CInCInnATI CbD offICe RenTAl RATes
Source: Colliers International. 2011 data is from Q4 Cincinnati Office Report.
19
Versatex LLC, a staffing firm with offices across
the nation and its corporate headquarters on
Ninth Street, won a nine-figure contract from
consumer products giant Procter & Gamble,
the largest contract P&G has ever awarded to a minority-owned firm.
CInCInnATI DownTown woRkeRs CBD 55,266
CBD, OTR and PEN 60,218
Source: OntheMap, an application from the U.S. Census Bureau Longitudinal Employer-Household Dynamics (LEHD) program, in partnership with state labor market information agencies.
Note: Employment numbers fluctuate from year to year. Employment data available in this application is about 18 months in arrears. Includes workers with primary jobs in the defined area. Approximately 21% of workers live more than 25 miles from downtown.
In 2011, visitation increased with
more people choosing downtown
as a gathering place for conducting
business and having fun. People
filled the streets, from Sawyer
Point to Fountain Square, to the
Brewery District, for festivals and
events which attracted more than
1,632,800 visitors. Twenty eight
new establishments opened in the
Central Business District offering
additional retail, dining, nightlife
and services such as fitness and
personal training. The Cincinnati
USA Convention & Visitors Bureau
estimated an economic impact,
based on room nights booked
in 2011, of $61 million.
20
play
21
Retail leasing: Tiffany & Co. renewed its lease in 2011 at its 7,500-square-foot retail space at Fountain Place.
Dining51%
Shopping29%
Services21%
DownTown ReTAIl MIX
DInInGBars/Nightclubs 31
Coffee/Bakeries/Ice Cream 21
Lunch Restaurants 65
Fast Casual Dining 19
Full Fare Restaurants 44
Private Membership Clubs 2
Banquet Rooms 6
ToTAl 188
sHoPPInGAntiques/Auction Houses 3
Apparel/Shoes/Accessories 27
Department Stores 4
Gifts/Books/Novelty 28
Home Furnishings/Art 10
Jewelry/Furs 10
Food Convenience Markets 19
Pharmacies/Newsstands 6
ToTAl 107
seRvICesBeauty 26
Fitness/Health 12
Eyewear 5
Auto Care/Home Repair 6
Car/Bike Rentals 3
Florists/Wedding 4
Libraries 3
Pets 2
Tickets/Travel 4
Wireless/Electronics 6
Cleaners/Tailors/Shoe Repair 6
ToTAl 77
DownTown ReTAIl AvAIlAbIlITy base sf Available sf % Available
2011 3,011,603 136,269 4.52%
2010 2,988,441 137,529 4.60%
2009 2,403,000 278,923 11.61%
2008 2,403,035 208,338 8.67%
2007 3,098,350 213,289 6.88%
Source: CBRE
22
2011 new DownTown esTAblIsHMenTs name Address
Al-Amir Cafe 410 Vine Street
Bar 5.0.6 506 E. Fourth Street
Blush Boutique 613 Race Street
Cincy by the Slice 825 Main Street
Court & Main Market 139 E. Court Street
Everyone Massage 602 Main Street
Face It Spa 229 W. Ninth Street
Gallery in the Sky 310 Culvert Street
Greek to Me 125 E. Court Street
Holy Grail Tavern & Grille 161 Joe Nuxhall Way
Humler & Nolan 28 W. Fourth Street
Hustler Hollywood 18 E. Seventh Street
Istanbul Grill (formerly Turquoise) 628 Vine Street
Jimmy G’s 435 Elm Street
Johnny Rockets 191 E. Freedom Way
Luxe 601 Main Street
Over Vine 21 E. Fifth Street
Play 35 E. Seventh Street
Queen City CrossFit 18 W. Seventh Street
Servatii Cafe 511 Walnut Street
Slammin’ Burger 28 W. Fourth Street
Snap Fitness 24-7 15 E. Seventh Street
Sparkling Wireless 608 Main Street
Subway 250 E. Fifth Street
Sungarden Lounge 151 W. Fifth Street
The Center 115 E. Fifth Street
Walnut Street Grill 631 Walnut Street
What If Gift Solutions 580 Walnut Street
ToTAl 28 opened
CbD DAyTIMe PeDesTRIAn CounTs
pedestrians
inte
rsec
tions
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000
4th & Plum
8th & Elm
7th & Main
4th & Race
9th & Main
Vine & Court
6th & Walnut
7th & Vine
Fountain Square
5th & Vine
4th & Walnut
6,012
7,200
5,804
5,013
5,175
4,412
4,530
5,184
3,583
3,949
3,133
2,627
2,482
2,871
2,382
2,686
2,206
3,062
1,127
1,022
935
1,256
2010
2008
Source: Brandstetter Carroll. Note: As of 2010, pedestrian studies are conducted by Downtown Cincinnati Inc. on a biennial basis.
23
ToP 10 ConvenTIons HosTeD In 2011 (by Total Hotel Room nights)
Group Room nights economic Impact
Educational Testing Service 22,856 $6,811,088
Prince Hall Shriners 19,515 $5,815,470
State Wars Hockey 9,360 $2,789,280
GovEnergy 6,759 $2,014,182
IBPO Elks of the World 6,723 $2,003,454
V-Twin Expo 6,244 $1,860,712
LULAC 5,857 $1,745,386
North American Christian Convention 5,760 $1,716,480
American Jail Association 4,585 $1,366,330
National Society for Histotechnology 4,545 $1,354,410
ToTAl 92,204 $27,476,792
Conventions: Downtown Cincinnati hosted the League of United Latin American Citizens (LULAC), which held its annual convention in downtown Cincinnati June 27–July 2. The six day event drew total attendees of up to 20,000, according to LULAC, including U.S. government officials and the former president of Mexico, Vicente Fox.
Hotels: The first new downtown hotel in nearly thirty years, the Residence Inn by Marriott Cincinnati Downtown, opened in March 2011. A renovation of the former Phelps Apartments, built in 1926, the hotel features 134 extended stay suites and views of Lytle Park and the Ohio River.
yeAR-enD HoTel CoMPARIson Avg. occupancy Avg. Rate/night RevPAR* 2010 2011 2010 2011 2010 2011
Downtown 62.2% 62.9% $117.98 $122.56 $73.41 $77.04
Gr. Cincinnati 53.1% 55.5% $83.61 $86.39 $44.44 $47.92
Cincinnati USA (OH-KY-IN)
52.3% 55.6% $84.54 $84.71 $44.24 $47.11
National 57.8% 60.1% $98.08 $101.64 $56.47 $61.06
*RevPAR: Revenue per available room Source: All hotel and convention data provided by Cincinnati USA Convention & Visitors Bureau.
DownTown HoTels Hotel Rooms
Millennium Hotel Cincinnati 872
Hilton Cincinnati Netherland Plaza 561
Hyatt Regency Cincinnati 486
Westin Hotel Cincinnati 456
Garfield Suites Hotel 152
The Cincinnatian Hotel 146
The Residence Inn by Marriott Cincinnati Downtown 134
Source: All hotel and convention data provided by Cincinnati USA Convention & Visitors Bureau.
24
eConoMIC IMPACT of ToTAl CbD RooM nIGHTs bookeD
0 $10 $20 $30 $40 $50 $60 $70
2007
2008
2009
2010
2011
year
millions of dollars
$52
$56
$59
$60
$61
ToTAl Cvb RooM nIGHTs AnD GRouPs bookeD
Total Room Nights
Groups Booked
room
nig
hts
year
room
s bo
oked
0
50,000
100,000
150,000
200,000
250,000
201120102009200820070
50
100
150
200
250
160
141
130
138 141
176,
061
187,
887
198,
219
200,
317
205,
586
HoTel oCCuPAnCy RATes
0
10%
20%
30%
40%
50%
60%
70%
20112010200820082007
DowntownGr CinciCinci USANational*
63%
56%
53%
58%
60%
55%
55%
60%
55%
51%
52%
57%
58%
52%
53%
62%
60%
56%
56%
63%
year
occu
panc
y ra
te
*PricewaterhouseCoopers Hospitality Directions Report January 2012
DownTown HoTel PeRfoRMAnCe
20112010200920082007$50
$55
$60
$65
$70
$75
$80
Avg. RoomRate/Night
RevPAR*
year
rate
/nig
ht
revP
AR
$100
$105
$110
$115
$120
$125
$130
$73.62 $73.89
$66.25
$73.41
$77.04
$126
.97
$124
.14
$115
.32
$117
.98
$122
.56
25
Arts & Culture HIghlights:
The Main Library of the Public Library of Cincinnati and Hamilton County had a total circulation of 5,966,955 books and other materials, up 15% from 2010. Visits were also higher in 2011— up 4%, program attendance was up by 7% and sales at the Library Friends’ Shop increased by 8.6%.
Attendance at the Cincinnati Reds set a new single-season record with 12 sellouts, totaling 2,213,498 fans in 2011. Great American Ball Park also hosted Paul McCartney’s On the Run Tour in early August, where more than 40,000 enjoyed the first major concert held at the ballpark.
The Taft Theatre renovation was completed in September 2011, at a cost of $3.2 million, including the installation of new seating and the expansion of restrooms. With the planned revitalization of Music Hall, the Taft Theatre will be temporary home to the Cincinnati Symphony Orchestra.
With visitation at Findlay Market steadily rising over the past five years, the historic market saw an increase in attendees in 2011 of 10% over the previous year. Shoppers spent an estimated $30 million at Findlay Market during 2011 with 35 full-time, year round merchants, 58 local farmers and cottage food producers, and more than 70 seasonal and part-time vendors.
The Betts House, located at 416 Clark Street in the oldest surviving brick building in Cincinnati, hosted The Big Shake – How the 1811–1812 New Madrid Earthquakes Rocked the Ohio River Valley. The Big Shake was the best attended exhibit at The Betts House to date, resulting in an increase in paid attendance, up 36% from 2010.
26
THeATeRsorganization 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011
Children’s Theatre of Cincinnati 91,663 105,230 97,654 80,000 86,000
Cincinnati Arts Association* 223,737 239,203 205,000 172,164 225,000
Cincinnati Ballet 55,687 40,739 45,516 54,576 53,676
Cincinnati May Festival 15,944 15,663 14,563 11,123 11,325
Cincinnati Opera 30,435 25,072 25,907 21,410 22,675
Cincinnati Playhouse in the Park 214,069 207,614 188,336 188,327 194,512
Cincinnati Shakespeare Company 14,632 16,069 16,765 17,800 22,681
Cincinnati Symphony Orchestra/ Cincinnati POPS 171,000 229,368 192,000 190,875 185,255
Ensemble Theatre Cincinnati N/A 24,145 30,270 30,020 27,539
Fifth Third Bank Broadway Across America – Cincinnati 332,000 296,157 212,800 194,698 144,935
Know Theatre of Cincinnati 6,100 5,154 5,615 5,808 3,523
School for Creative & Performing Arts 13,903 10,324 8,699 10,200 14,150
Showboat Majestic 20,401 17,905 15,127 14,886 15,331
TOTAL 975,502 1,232,643 1,058,252 991,887 1,006,602
CulTuRAl ATTRACTIonsorganization 2007 2008 2009 2010 2011
Cincinnati Art Museum 232,937 245,247 228,745 203,212 272,352
Fire Museum of Greater Cincinnati 7,453 9,041 8,990 8,998 9,632
Cincinnati Museum Center 1,200,000 1,310,000 1,484,607 1,308,658 1,572,554
Contemporary Arts Center 61,283 54,364 44,167 57,848 55,388
National Underground Railroad Freedom Center 162,427 138,016 113,873 113,213 109,500
Taft Museum of Art 54,017 59,139 54,263 52,625 56,107
The Betts House N/A 969 1,363 1,234 1,390
Krohn Conservatory 162,091 273,903 294,890 336,572 283,169
Main Library/Public Library of Cincinnati & Hamilton County 1,137,533 1,344,302 1,408,323 1,363,971 1,419,754
Mercantile Library 4,358 4,411 3,591 5,517 4,288
TOTAL 3,022,099 3,439,392 3,642,812 3,451,848 3,784,134
*Does not include Cincinnati Symphony Orchestra/Cincinnati Pops, Cincinnati Ballet, Cincinnati Opera, Cincinnati May Festival or Broadway in Cincinnati.
ARTs AnD CulTuRe ATTenDAnCe
27
sPoRTs AnD ReCReATIon venuesorganization 2007 2008 2009 2010 2011
Cincinnati Bengals 656,790 645,583 684,557 589,897 475,541
Cincinnati Reds 2,058,593 2,058,632 1,747,919 2,060,550 2,213,498
Findlay Market 580,873 612,230 760,421 802,862 881,409
Riverfront Events/Cincinnati Park Board* 573,083 545,255 527,087 739,911 900,000
Riverfront Daily Park Users 150,000 150,000 175,000 175,000 200,000
US Bank Arena 472,635 564,909 524,792 539,397 516,970
TOTAL* 4,491,974 4,576,609 4,419,776 4,907,617 5,187,418
fesTIvAlsorganization 2007 2008 2009 2010 2011
Black Family Reunion 85,000 75,000 50,000 42,000 47,000
Cincinnati Brew Ha-Ha N/A 8,000 13,000 15,000 17,500
Fine Arts Sampler Weekend** 9,470 13,794 14,260 14,000 9,579
Cincinnati Fringe Festival 6,500 6,610 7,541 6,734 7,500
MidPoint Music Festival*** 40,000 13,000 15,000 20,000 22,800
Oktoberfest Zinzinnati 500,000 500,000 500,000 500,000 500,000
Riverfest 300,000 250,000 250,000 250,000 250,000
Bluesfest 11,000 11,000 11,000 15,000 16,500
Taste of Cincinnati 500,000 500,000 500,000 500,000 500,000
TOTAL 1,451,970 1,377,404 1,360,801 1,362,734 1,370,879
fountain square - 3CDC 2010–2011
PNC Summer Music Series 148,000
U.S. Bank Ice Rink 50,000
Macy’s Light Up the Square 25,000
Toyota’s New Year’s Eve 15,000
Downtown Dazzle 15,000
TOTAL**** 253,000
over the Rhine neighborhood festivals 2011
Second Sundays on Main 7,000
Go OTR 5K Summer Celebration 1,000
Bockfest 1,000
TOTAL 9,000
*Events included but not limited to philanthropic walks, music festivals and cultural festivals not otherwise listed.**Only includes downtown venues/events. ***2007 attendance included year-round promotional events (in addition to September music series).****Including these series, there were a total of 430 events on Fountain Square in July 2010–June 2011. In all, over 2 million people were estimated to be in attendance throughout the year.
ARTs AnD CulTuRe ATTenDAnCe (continued)
28
destination: downtown
Getting to and around
downtown became easier
and greener in 2011 with
expanded parking options and
innovations in transportation.
Monthly parking spaces in
the Central Business District
totaled over 36,000 by year
end, with the opening of
new facilities at The Banks
and Queen City Square. An
attractive $25 monthly parking
rate from the OKI Regional
Council of Governments
and Hamilton County
Commissioners incentivized
carpooling. And Metro
introduced the first of 14 new
hybrid buses, which helped
to reduce greenhouse gas
emissions by an estimated
823 tons.
29
The average monthly parking rate in garages
and surface lots downtown increased this
year, on par with the national average.
CBD parking inventory totaled over 36,000
parking spaces, with new facilities at The
Banks and Queen City Square increasing
options for monthly parkers.
For short term parkers, the City of Cincinnati added 1,400 new “card and coin” parking meters, accepting both credit/debit cards and coins.
The first ten minutes are FREE.
nATIonAl MonTHly AnD DAIly PARkInG suRvey: unReseRveD PARkInG RATes MonTHly DAIly Market Median % Change from 2010 Median % Change from 2010
Atlanta $95.00 2.2% $12.00 0.0%
Boston $438.00 3.1% $34.00 6.3%
Chicago $289.00 -9.7% $32.00 3.2%
Cincinnati $160.00 6.7% $10.00 2.6%
Cleveland $140.00 -9.7% $8.50 1.4%
Columbus $110.00 -12.0% $10.00 0.0%
Dallas $85.00 0.0% $10.25 2.5%
Denver $175.00 0.0% $16.00 0.0%
Houston $153.00 4.8% $14.50 20.8%
Indianapolis $120.00 4.3% $12.00 -7.7%
Los Angeles $209.00 -0.2% $30.00 1.2%
Memphis $57.00 0.0% $4.00 0.0%
New York $533.00 0.8% $30.00 -3.2%
Philadelphia $303.63 1.2% $26.00 0.0%
San Diego $170.00 0.0% $26.00 0.0%
San Francisco $375.00 0.0% $26.00 4.0%
Washington, DC $260.00 6.1% $18.00 20.0%
National Average $155.22 -0.2% $16.12 0.8%
Source: Colliers International Note: This list is a sampling of the cities included in the national average. Survey only includes covered and underground parking garages located in CBDs.
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
20112010200920082007
year
park
ing
spac
es
aver
age
pric
e
0
$20
$40
$60
$80
$100
$120
$69
$62
$64
$67
$103
Available Spaces CBD Average PriceTotal Spaces
35,091
31,170
31,618
30,203
36,473
CInCInnnATI CbD MonTHly PARkInG AnD PRICes
Note: Reflects average price and availability for monthly contract parking in surface lots and garages as of January 2012. 2011 price increase due in part to the inclusion of new facilities at Great American Tower and The Banks.
30
0
$5
$10
$15
$20
20112010200920082007year
rate
CincinnatiNational
$15.
38
$8.0
0
$15.
42
$9.5
0
$15.
96
$9.5
0
$16.
36
$9.7
5
$16.
12
$10.
00
CbD DAIly PARkInG RATes
CbD MonTHly PARkInG RATes (MeDIAn)
0
$50
$100
$150
$200
20112010200920082007
$152
.38
$100
.00
$153
.79
$125
.00
$154
.23
$127
.50
$161
.56
$150
.00
$155
.22
$160
.00
year
rate
CincinnatiNational
Source: Colliers International
The Banks Public Partnership celebrated the opening of a new parking facility at Freedom Way and Race Street,
adding 729 parking spaces to the Central
Riverfront Garage system. Now completed,
Freedom Way runs east and west from Great
American Ball Park at Main Street (Joe Nuxhall
Way) to Paul Brown Stadium at Elm Street,
creating greater accessibility for Riverfront
residents and visitors.
31
Metro and TANK worked together to provide a comprehensive map of public transit routes supporting travel to, from and throughout
downtown. Metro also improved service to riders by
adding new fareboxes to allow for smartcards and is
introducing new technology that will provide real-time
information for downtown routes in 2012.
32
A study released by The Atlantic Cities showed a 200% increase in bike commuting in Cincinnati over the last decade. Among 22 cities recognized nationwide in 2011, Cincinnati received “Honorable Mention” at the 2011 Bicycle Friendly Community awards held in Washington D.C. To better serve downtown Cincinnati bike commuters and visitors, the Cincinnati Bike Center at Smale Riverfront Park, an indoor, two level facility with showers, lockers, and hundreds of bicycles for rent, opened in April 2012.
Not just for getting from point A to point B, walking got a push from Go Vibrant, a health-focused public awareness campaign that encouraged downtown workers to take a break and hit the sidewalks.
33
With new projects springing up across downtown, new corporate tenants, more modern modes of transit on the way, and more options for entertainment than ever before, 2012 is shaping up to be the biggest year yet for downtown.
n 2012 world Choir Games – CVB expects 45,000 room nights and an economic impact of $73.5 million. (July 4–14, 2012)
n bunbury Music festival – 100 live performances of local indie bands and national acts performing throughout Sawyer Point and Yeatman’s Cove. Upwards of 30,000 people per day are expected to attend the three-day inaugural event. (July 13–15, 2012)
n kAo usA Inc. – Headquarters of KAO USA, part of Tokyo-based KAO Corp., will move its headquarters to 55,000 sq. ft. on three floors of the 312 Plum Street Buildings. 200 employees will move and 50 additional jobs will be created. (Summer 2012)
n Reserve at 4th and Race – 88 luxury apartments on 13 floors to rent for $800 to $2,100 per month. (Summer 2012)
n east sixth street Properties – Redevelopment of the historic Maisonette restaurant, soon to be home to the new Boca and a 16,000-square-foot, four-story lounge and nightclub, by Four Entertainment Group (4EG). (2012)
n 21C Museum Hotel – 156 rooms, 8,000 sq. ft. of art exhibition space, restaurant and spa. (Late 2012)
n bus Rapid Transit (bRT) – Regional plan by Metro in cooperation with the City of Cincinnati, OKI Regional Council of Governments, Cincinnati USA Regional Chamber, Agenda 360 and Vision 2015, and TANK. To provide faster connections and more customer amenities along major corridors. (First corridor to open 2012)
n Horseshoe Casino Cincinnati – $400 million investment. 354,000 total sq. ft. Caesar’s Entertainment expects 6 million visitors per year.
n Cincinnati streetcar – 3.6 mile route will include The Banks, 18 stops between downtown and OTR, and level floor boarding for accessibility. (2014)
n dunnhumbyusA – New building at Fifth and Race, to include a public parking garage, street-level commercial space, and potential residential. (Late 2014)
n Music Hall Revitalization – Renovation of 144-year performance venue including infrastructure repairs. Expected to take five years for completion. (To begin 2014)
on the horizon
35 East Seventh Street, Suite 202Cincinnati, OH 45202
513.421.4440www.downtowncincinnati.com