The amount of private and public capital investment in the city of Cincinnati during the last 10 years has been unprecedented.
Cincinnati has experienced a resurgence unlike any time in the city’s recent history given an incredible amount of capital invested during the last 10 years. Cincinnati is one of the top cities in the country for millennial migration and ranked in the top 10 by fDi Magazine as an “American City for the Future.” CNBC’s Disruptor 50 List ranked Cincinnati in the top eight cities in the country for business startups.
With a 3.7 percent unemployment rate, strong supply and demand fundamentals in all real estate sectors, Cincinnati is poised to be one of the top cities in the Midwest for investment and remains competitive for companies to expanding or relocating. However, with long a strong unemployment rate along comes the challenge of companies to hire and fill positions with qualified people.
Today, the Cincinnati story is not unlike that in other cities. Class-B downtown office space is converting to apartments while retail is in part becoming industrial. The pro-business focus, collaborative work and economic commitment to the region has never been stronger. Helping with this effort are government-sponsored entities and non-profits such as 3CDC, The Greater Cincinnati Redevelopment Authority, REDI Cincinnati, Northern Kentucky Tri-Ed and the Greater Cincinnati Chamber of Commerce.
Some of the following major developments have recently been completed or in the planning phases:
Amazon is expanding its Global Prime Air Hub in Northern Kentucky and announced a $1.5 billion investment at the Cincinnati/Northern Kentucky International Airport (CVG) to include 3 million square feet of buildings and office space. The projections include the addition of 15,000 jobs over the course of 30 years. DHL has invested more than $280 million in the last year and employs 3,500 people, contributing to CVG’s ranking as the eighth largest cargo airport in the country.
Currently being developed by a joint venture between North American Properties, Kroger Co., 3CDC, City of Cincinnati, Northpointe and Rookwood Properties is a $91 million project in the CBD at Court and Walnut Streets. The project will include the first true downtown Cincinnati Kroger grocery store, a 550-space parking garage, and 139 luxury residential housing units. Cincinnati Children’s Hospital began development of a $650 million expansion to the Avondale campus, which will add 600 jobs.
The recently opened MLK/I-71 interchange has allowed much better access to 670 underutilized properties near the UC Medical Center and the University of Cincinnati in an area known as Uptown. The expectation is to create an additional 7,000 jobs with the investment by local developers.