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eBay Plans $52M Expansion in Boone County

8 Jun 2014, 2:49 am

By Adrian Maties, Associate Editor

eBay Enterprise is expanding its operations in Northern Kentucky. Gov. Steve Beshear announced on May 29 that the global provider of retail-optimized commerce solutions plans to invest nearly $52 million in a new fulfillment center in Boone County.

Scheduled to open this summer, the 630,000-square-foot facility will be located on Transport Drive in Walton. The project will create more than 300 full-time jobs, eBay said. Joining fulfillment centers in Louisville and Shepherdsville, the Walton facility will expand the company’s distribution space in northern Kentucky to more than 1.4 million square feet.

The company is expanding in order to meet rising customer demand. It invested $45 million last year to expand its Louisville facility, adding 150 new jobs.

“This is a remarkable investment in the Commonwealth, with eBay Enterprise spending $52 million to expand its footprint in northern Kentucky,” Beshear said in a statement. “This announcement is further proof Kentucky provides a strategic location for companies to ship their products around the world.”

The Kentucky Economic Development Finance Authority gave preliminary approval for up to $2.3 million in tax incentives through the Kentucky Business Investment program. The incentives, which are performance-based, will allow eBay to  keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.

Port Authority Names Cassidy Turley To Market MidPointe Crossing

30 May 2014, 3:25 pm

By Adrian Maties, Associate Editor

The Port of Greater Cincinnati Development Authority has started planning and site development of the MidPointe Crossing project in Cincinnati’s Bond Hill neighborhood, and has named Cassidy Turley to market the $80 million project.

MidPointe Crossing will rise on 25 acres at the intersection of Seymour Avenue and Reading Road. The site was once the home of Swifton Commons, the region’s first shopping mall, which was demolished last December to make way for the new development.

Plans call for the construction of office, retail, residencies, parking spaces and a hotel. During the first phase, the Port Authority plans to develop up to 500,000 square feet of office and retail space.

Cassidy Turley Senior Vice President Scott Abernethy and Associate Joshua Smitherman will lead office land sales. Vice President Andrew Sellet and Associate Terry Ohnmeis will handle retail land sales.

“MidPointe Crossing is Cincinnati’s next great office and retail location,” said Port Authority President & CEO Laura Brunner in a statement. “The Port Authority and City of Cincinnati have teamed on making significant investment in this location that complements all of the other momentum nearby. We now expect the market will respond favorably, because there are only a handful of development-ready city sites of this caliber.”

Over the past decade, the Seymour/Reading corridor has attracted more than $270 million in investment, including 300 new homes, new schools, recreational facilities, and religious institutions. That investment has created more than 1,900 jobs.

Photo illustration credit: The Port of Greater Cincinnati Development Authority

Celanese Breaks Ground on $20M Expansion of Florence Facility

24 May 2014, 1:39 am

By Adrian Maties, Associate Editor

Celanese Corp. broke ground May 15 on a $20 million expansion of its manufacturing  facility in Florence, Kent. The expansion will help Celanese keep pace with demand for its advanced engineered materials products.

Celanese’s facility is home to 350 employees  and the company’s research and development center. The project will create a 25,000-square-foot manufacturing and technology innovation hub. It will add compounding process lines to the existing site and create 10 new jobs. The new unit is expected to be operational in the first quarter of 2015.

“Celanese has been producing high-performance engineering thermoplastics at its Florence facility since 1984, providing hundreds of jobs and millions of dollars in capital investment in northern Kentucky,” Gov. Steve Beshear said in a statement. “We’re excited that Celanese chose to build this new and innovative manufacturing facility in Boone County. We welcome this investment and thank the company for providing more jobs for Kentuckians.”

“Our manufacturing facility in northern Kentucky is a center for innovation that drives research and development and the advancement of high performance engineered materials,” said Phil McDivitt, vice president and general manager of the Celanese engineered materials business. “In addition to critical design and engineering support, we provide our customers with technical expertise throughout the product development cycle. This expansion and investment in new prototyping and full-scale production lines will help us better serve our customers around the world, align our manufacturing capability and improve operational efficiency.”

The Kentucky Economic Development Finance Authority has approved Celanese for tax incentives up to $300,000 in tax incentives through the Kentucky Business Investment program. The company will also receive up to $100,000 in tax benefits through the Kentucky Enterprise Initiative Act.

U Square @ The Loop Takes NAA’s Best Student Housing Award

15 May 2014, 2:25 am

By Adrian Maties, Associate Editor

A Cincinnati student housing development is among this year’s winners in the National Apartment Association’s annual PARAGON awards. U Square @ The Loop won the award for best student housing community in the annual awards program, which recognizes the multifamily housing industry’s top communities, executives, employees and affiliate programs.

A joint venture between Al Neyer and Towne Properties started work on the development in 2012. At a cost of $78 million, the project was the second largest besides The Banks to break ground in Cincinnati since the recession.

The LEED certified community opened last August on a 4.2-acre site between McMillan Avenue and Calhoun Street, just south of the University of Cincinnati. U Square @ The Loop features 80,000 square feet of retail space, 40,000 square feet of office space, 161 studio units, one- and two-bedroom apartments, a community green and two structured parking garages with more than 700 spaces. According to the community’s website, apartments rent for between $820 and $2,500 per month. Amenities include a club room, a fitness center and outdoor terraces.

This year’s winners will be recognized on June 21 during the 2014 NAA Education Conference & Exposition in Denver. U Square @ The Loop is also a candidate for the NAA Community of the Year award. The winner will be selected from the winners in other categories.

In addition to U Square @ The Loop’s award, the NAA also named Access Property Management’s Michael Markus of Cincinnati the Certified Apartment Maintenance Technician of the Year.


Photo credits: U Square @ The Loop

Historic Crosley Building Could Get New Life as Apartments

9 May 2014, 10:08 pm

By Adrian Maties, Associate Editor

Throughout its long history, the Crosley Building in Cincinnati’s Camp Washington neighborhood, has witnessed the rise and fall of major American companies and has  itself experienced that cycle. But its story is not yet over. Indianapolis-based Core Redevelopment plans to bring new life to the ten-story, light industrial facility and turn it into apartments.

Upon its completion in 1928, the Crosley Building was a state-of-the-art facility. It was also the headquarters of the Crosley Corp. once nation’s largest manufacturer of table-top radios. The renowned Samuel Hannaford and Sons architectural firm created the building’s Art Deco-flavored design.

Over the years, the Crosley Building served as a manufacturing and production facility, where Crosley built cars, radios, refrigerators and many other products. It also served as home to WLW, as well as other broadcasting stations. However, when the Crosley Corp. started its decline, the 290,000-square-foot facility was sold to AVCO Electronics, along with other company assets. AVCO held on to it until the late 1970s, when the Crosley Building was sold to a succession of owners. For the past 20 years, the Crosley Building has been sitting vacant, turning into an eyesore.

But the property’s luck might finally be turning. According to FOX19, Core Redevelopment plans to turn the Crosley Building into 238 market rate apartments. The company will invest between $25 million and $35 million in the project. The project’s backers say that it has the potential to boost the local economy, help revitalize the neighborhood, lower crime rates and increase property values.

At the moment, the project is in its early stages and no construction start date has been announced. Core Redevelopment hopes to receive some help from the city of Cincinnati and the state of Ohio in the form of tax incentives.

Photo credits: Google Maps.

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