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CINCINNATI-A significant wedge of space between two professional stadiums may soon be home to up to $906 million in multifamily residential, retail, hotel, office and garage space, as a joint venture has received city and county approval to move forward on the Cincinnati Banks Project. Riverbanks Renaissance LLC, formed by Carter & Associates Commercial Services LLC and The Dawson Co., both of Atlanta, have unveiled specific plans 2.8 million sf of development from Second Street on the north to the riverfront on the south, between the Great American Ball Park on the east and Paul Brown Stadium on the west.

City officials said in a statement that the project will be the largest mixed-use development in the city. The plans call for up to 1.8 million sf of apartments and condominiums for about 3,000 people, up to one million sf of office space, 200,000 sf to 400,000 sf of retail, another 200,000 sf to 400,000 sf of hotel space, a 40-acre riverfront park and numerous parking garages. None of the buildings will exceed 24 stories, and the project will not exceed 2.8 million sf, according to city documents. Private investment will ring in at between $600 million to $800 million, and the public infrastructure improvement, including a new road called Freedom Way, will cost up to $109 million.

“The Banks development is a landmark opportunity to create an economic and cultural center in one of the Midwest’s thriving urban environments,” said Harold Dawson Jr. president and CEO of the self-named firm, in a statement Monday. Company officials could not be reached for comment by press time.

The project will start small, in the blocks between Walnut and Main streets, with at least 300 apartments in 300,000 sf, at least 70,000 sf and about 1,700 parking spaces. An added possible plan includes another 100 condos in almost 100,000 sf, and an office building with at least 200,000 sf. City plans indicate the work could start later this year or early 2008, with the first phase complete by 2010. The entire project could last until 2017, the plans indicate.

Both companies have some experience with downtown projects. Carter has developed more than 62 million sf of product, and Dawson’s mixed-use, transit-orientated real estate developments that are completed or presently underway are valued at more than $700 million.

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