Another 710 parking spaces are coming to the Cincinnati riverfront with the completion of another piece of the infrastructure for The Banks project. Also included is a one city block extension of Race Street.
Cincinnati and Hamilton County officials gathered Thursday morning to officially cut the ribbon on Phase IIIA. The project cost $29.3 million and was funded with tax increment financing from phases one and two of The Banks. JobsOhio also contributed funds.
"Every phase of The Banks to date has been delivered on time and on budget," said Banks project executive Phil Beck. "Including the infrastructure we are standing on today."
The additional parking spots are expected to open to the public in time for Oktoberfest.
Eventually the private developer working on The Banks will use the two-level parking garage as the podium for a mixed-used project that could include additional housing units and retail space.
"If you look at it with the steel beams coming up, the sky's the limit," said Hamilton County Commission President Chris Monzel. "We can do whatever we want down here and we are re-inventing our front door of Cincinnati and Hamilton County."
The Banks development is a partnership between the city and the county. It began back in 1996 when county voters increased the sales tax to pay for new stadiums for the Reds and Bengals. Elected leaders promised, at the time, the area between the new stadiums would include other developments and a riverfront park.