NEXTEK PHASE I

Former Cincinnati Gardens Site, Cincinnati OH

SPECIFICATIONS:

  • Spec advanced manufacturing building for lease
  • 74,613 SF new construction, divisible to 38,000 SF
  • Concrete Pre-Cast Construction with 28′ clear height
  • 5.27 acre urban site
NEXTEK PHASE I

Former Cincinnati Gardens Site, Cincinnati OH

SPECIFICATIONS:

  • Spec advanced manufacturing building for lease
  • 74,613 SF new construction, divisible to 38,000 SF
  • Concrete Pre-Cast Construction with 28′ clear height
  • 5.27 acre urban site

New Development at 2249 Seymour Avenue, Former Cincinnati Gardens Site, Will Bring Jobs to Bond Hill Neighborhood

The Port joined Messer Construction, Terrex Development, City of Cincinnati Mayor John Cranley, Hamilton County Board of Commissioners President Denise Driehaus, REDI Cincinnati and the Bond Hill Community Council in breaking ground for the construction of an advanced manufacturing facility at 2249 Seymour Avenue, formerly a parking lot for the Cincinnati Gardens complex.

The Port purchased the 19-acre Gardens property in 2016 as part of its industrial revitalization strategy to create new, development-ready sites to attract advanced manufacturers and good-paying jobs to Hamilton County. In a development partnership with Terrex Development and Construction, Messer will construct a 73,000-square-foot building designed specifically to accommodate the requirements of advanced manufacturing companies – filling a market gap for readily available industrial properties for lease or sale. The building will be ready for occupancy in early 2020. Some building details will remain unfinished, allowing it to be completed to the tenant’s exact specifications.

The project represents a $6.5 million investment, and further anchors Terrex and Messer into the industrial sector of development and construction. The project team for the development also includes BHDP Architecture, Colliers International and Fifth Third Bank.

A Strategy to Reposition for Highest & Best Use

There is strong interest in locating in Hamilton County by regional and national manufacturers – but the region often cannot respond to these projects because it lacks an inventory of qualifying sites. As a response, The Port Board of Directors in 2015 unveiled a bold plan to drive economic growth through a strategy to redevelop 500 acres of underperforming industrial real estate to attract advanced manufacturing and create higher-wage jobs.

In July 2016, The Port purchased the 19-acre former Cincinnati Gardens property located on Seymour Avenue. The Port demolished the Cincinnati Gardens, remediated and prepared the site for new investment, completing the work and creating three parcels at the site in 2018. The two additional development-ready parcels at 2275 Seymour (7.5 acres) and 2250 Seymour (5.9 acres) are listed with Colliers International for advanced manufacturing operations. The City of Cincinnati and JobsOhio helped fund the redevelopment of the 19-acre site.

Project Summary:

  • 12 year tax abatement at 60% real estate tax saving
  • Office size: Built-to-Suit
  • 4 dock doors (more can be added)
  • 2 drive-in doors (more can be added)
  • Bay Size: 10,240 SF
  • Column spacing: 40’ x 40’, with 40’x56’ speed-bay
  • Zoning: CGA – Commercial General “A” = Light Manf / Flex Uses
  • Parking: 81, expandable to 100+ spaces
  • Truck Court: 120’ (60’ dock apron)
  • Lighting: LED
  • Truck Loading: Rear loaded
  • ESFR sprinkler system
  • Excellent central location to Greater Cincinnati, Downtown, hospitals, I-75, I-71 and Norwood Lateral
  • Building can be purchased or leased
  • Pad ready
  • $5.75/SF NNN – Base Lease Rate – shell condition with all utilities, LED lighting, vents.
  • Operating Expenses: $1.20 estimated
  • Production and office tenant-improvement packages available

Terrex Services:
market research, site selection, due diligence, financial viability analysis, capital structuring (debt and equity), program development, design management, entitlement, incentive negotiation, site/building acquisition, construction oversight, marketing and leasing

Development Team:

  • Developer: Terrex Development & Messer
  • Contractor: Messer Construction Co.
  • Project Marketing/Leasing: Chuck Ackerman, Bill Keefer, Jeff Kroeger / Colliers International
  • Architecture: BHDP Architecture
  • Lending: Fifth Third Bank