development site for sale 601 e pete rose way › download › file?path... · for an unmatched...

601 E Pete Rose WayOUTSTANDING CINCINNATI RIVERFRONT DEVELOPMENT OPPORTUNITY2.77 ACRES

DEVELOPMENT SITE FOR SALE

2 | 601 E PETE ROSE WAY

CONFIDENTIALITY AGREEMENTTHIS IS A CONFIDENTIAL MEMORANDUM intended solely for your limited use

to determine whether you wish to express an interest in the 601 E Pete Rose

Way property located in Cincinnati, OH, as more particularly described herein

(“Property”). This confidential memorandum and its contents (“Memorandum”)

contain brief, selected information pertaining to the business affairs of the

Property’s owner (“Owner”) and it has been prepared by Cushman & Wakefield

as Owner’s exclusive agent. This Memorandum does not purport to be all-

inclusive or contain all of the information that a prospective purchaser or

investor may need or desire. Neither Owner nor Cushman & Wakefield, nor

any of their respective officers, directors, principals, shareholders, agents, or

employees has made or will make any representations or warranties, expressed

or implied, as to the accuracy or completeness of the information contained

herein. Owner and Cushman & Wakefield each expressly disclaim any and all

liability that may be based on the information contained herein, errors therein,

or omissions therefrom. All financial data contained herein is unaudited. The

projections and pro-forma information contained herein represent estimates

based on assumptions considered reasonable under the circumstances.

No representations or warranties, expressed or implied, are made that the

actual results will conform to such projections and you should make your

own projections and reach your own conclusions. All due diligence, analysis,

and verification of the information contained in this Memorandum is solely

your responsibility without any representations as to the Property’s physical,

environmental, or financial condition being imputed to Owner or Cushman &

Wakefield.

By your receipt of this Memorandum, you agree that this Memorandum is

of a confidential nature and that you will hold and treat it in the strictest

of confidence, and that you will not, directly or indirectly, disclose this

Memorandum, or any part thereof, to any other person or entity without the

prior written authorization of Owner and Cushman & Wakefield, and that you

will not use this Memorandum in any manner detrimental to the interest of

Owner or Cushman & Wakefield. Upon request, you will promptly return this

Memorandum, and any other material received from Owner or Cushman &

Wakefield, without retaining any copies thereof.

This Memorandum shall not be deemed an indication of the state of affairs of

Owner or constitute a representation that there has been no change in the

business or affairs of the Property or Owner since the date of preparation of

this Memorandum. Neither Owner nor Cushman & Wakefield undertakes any

obligation to provide additional information or to correct or update any of

the information contained in this Memorandum. No legal duty, obligation, or

commitment shall arise by reason of this Memorandum. Owner reserves the

right, in its sole discretion, to reject any offer or terminate negotiations with

any party.

For more information please contact one of the following individuals:

Don Murphy, CCIMSenior [email protected]+1 513 763 3008

Jordan [email protected]+1 513 763 3026

Cushman & Wakefield

201 E. Fourth St, Suite 1800

Cincinnati, OH 45202

www.cushmanwakefield.com

MAIN +1 513 421 4884

FAX +1 513 421 1215


EXECUTIVESUMMARY

01


PROPERTY SUMMARYSite 601 E Pete Rose Way

Acreage 2.77 Acres

Zoning “DD” Downtown Development

Land Use Approved for Multi-Family

Current Use Surface Parking Lot

Offering Price $6,500,000

THEOFFERING

cushmanwakefield.com | 7

• This site is arguably the top development site in the Midwest, with its premier location near The Banks development, at the base of the Cincinnati Business District and a pedestrian bridge over the Ohio River at its front door.

• This 2.7 acre site is the last developable property on the riverfront in the downtown area.

• The site was previously approved for a 25-story high-rise with 352 apartment units.

• The visibility and prominence of this site and the potential structure allow for an unmatched branding opportunity.

• With a convenient location on Pete Rose Way, the access to major interstates (I-71 and I-75) is less than 1/2 mile and accessing the CBD is only a short walk.

• The Midwest’s premier urban mixed-use development (“Cincinnati’s Front Door”). The perfect blend of residential, office space, dining, shopping, entertainment and green space.

• GE Global Operations Center – 330,000 SF Office Development that opened in 2016, and houses over 2,000 workers.

• AC Marriott Hotel – Full service hotel will be opening by end of 2017.

• Hugely successful Multi-Family development with additional upscale residential units planned (592 units completed).

• Casual to fine dining throughout the development.

• The Cincinnati Bell Connector Streetcar – This 3.4 mile loop through the Cincinnati CBD makes two stops at The Banks, including one directly in front of the subject site.

• The Banks is framed by:

- Great American Ballpark – Home of the Cincinnati Reds

- Paul Brown Stadium – Home of the Cincinnati Bengals

- Smale Riverfront Park – Beautifully manicured park along the Ohio riverbank, with features that attract families from all over the region

- Freedom Center Museum – Honoring Cincinnati’s pivotal role in the Underground Railroad.

THE BANKS – 601 E PETE ROSE WAY SITS ON THE EDGE OF THIS “TROPHY” PROJECT:601 E PETE ROSE WAY:

MARKET HIGHLIGHTS: • Cincinnati is home to nine Fortune 500 and thirteen Fortune 1000 companies

• Over $3.9 billion of infrastructure and development projects have been completed in the city’s urban core since 2000

• One of the most active office and residential renaissances in the country. In June 2017, Travel and Leisure named Cincinnati one of the 50 Best Places to Travel in 2017, siting the city’s amazing transformation as the key contributor.


SITEOVERVIEW

601 E Pete Rose Way is located on the eastern edge of the Downtown Cincinnati riverfront at the foot of the “Purple People Bridge”. This heavily traveled pedestrian bridge is the only bride that connects Cincinnati and Newport, KY at the entertainment venue, Newport on the Levee and the Newport Aquarium. The site is located along the riverfront trail, which connects Great American Ballpark, Paul Brown Stadium, The Banks Entertainment District and Smale Riverfront Park.

LOCATION:

601 E Pete Rose Way Cincinnati, OH 45202

ADDRESS:

Acreage 2.77 Acres

County Hamilton


PROPERTY SUMMARY:

601 E Pete Rose Way is currently leased to a local parking lot operator at an annual rent of $165,000.

CURRENT USE:

SITE

cushmanwakefield.com | 11

COVINGTON

Smale Riverfront Park

Great AmericanBall Park

G.E. GlobalOperations

CenterPaul BrownStadium

The BanksEntertainment

District

Ohio River

Newporton theLevee

SITE

Purple PeoplePedestrian Bridge


DEVELOPMENTOVERVIEW

02


DEVELOPMENT OVERVIEW SURROUNDING PROPERTY

THEDEVELOPMENT

Ownership 601 E Pete Rose Way is owned by members of Gregory Western Row, LLC

Site 601 E Pete Rose Way

Acreage 2.7735 Acres


Potential Building Size The site can support a 25-story building with floor plates of approximately 15,000 SF

Initial Design Drawings Preliminary design drawings depicting a 25-level building containing one level of retail and three levels of parking

Utilities All utilities are available to the site

Freedom Center

Museum

Paul Brown Stadium

Great American Ballpark

Smale Riverfront Park

Cincinnati Streetcar R

oute

Duke Convention Center

Queen City Square

P&G

G.E. GlobalOperations

Center

The BanksEntertainment

District

Newporton theLevee

The current owner has reports from the following experts that over the past year have completed a substantial amount of due diligence related to the development of the site.

- The Kleingers Group: Traffic analysis, water & sewer capacity study

- HC Nutting: Environmental

- Terracon: Geotechnical

- Old Republic National Title: Title commitment


CUSHMAN & WAKEFIELD201 East Fourth Street, Suite 1800 Cincinnati, Ohio 45202 +1 513 421 4884 www.cushmanwakefield.com

DON MURPHY, CCIMSenior [email protected]+1 513 763 3008

JORDAN [email protected]+1 513 763 3026

INVESTMENTCONTACTS

development site for sale 601 e pete rose way › download › file?path... · for an unmatched...

Documents