Atlanta developer Carter is stepping down from its 10-year role as the lead developer in a massive project in Cincinnati, a move that comes as the group gears up for a pair of high-profile projects in its hometown.
Carter said Thursday it will not serve as the master developer in future phases of The Banks in Cincinnati, an ambitious riverfront development it has led since 2007 outside stadiums for the Cincinnati Bengals and Reds. The company will, however, retain its interests in the first two phases of the project, which includes apartments, condos, office buildings, retail and restaurants.
The move was described in a news release as a mutual decision by Carter, local leaders and a government-backed steering committee for the project. The Banks, which traces its roots to the late 1990s, started last decade as the global economy went into melt down.
The Banks also includes the Global Operations Center for General Electric and the National Underground Railroad Freedom Center. Carter and its partners have built more than 1 million square feet of total development.
Credit: HANDOUT
Credit: HANDOUT
Carter is the lead development partner of Georgia State University in the rebirth of Turner Field into a football stadium for the Panthers and a mix of retail, office space, student apartments and instructional space on the stadium site and surrounding parking lots.
“We are extremely honored to have been involved at the Banks for the last ten years; it’s been a great run. We will always be big fans of Cincinnati,” Carter Chairman Bob Peterson said in a statement. “We are incredibly focused on executing our current business plan with major projects in Atlanta such as Turner Field and the hotel/office at Hartsfield-Jackson Atlanta International Airport.”
A news release stated that Cincinnati officials will seek a request for proposals for a new master developer. The Cincinnati Enquirer reporter the change in developer at The Banks comes less than a year before the expected start of a third phase.
The first two phases of the project have been backed by $100 million in public financing, and developers have produced more than $260 million in private sector funds, the paper reported. The Enquirer reported that the development encountered some bumps in the road with the economy and a number of early tenants struggled.
The development, however landed one of the city's largest economic development projects in a decade in the new GE office complex, the Enquirer noted.
“Once a dustbowl between the stadiums, The Banks is now a place where people want to live, work and play,” Bob Castellini, Reds president and Joint Banks Steering Committee chairman, said in the release. “We thank Carter for their 10 years of service and dedication to the project. Without Carter as a member of the team, The Banks would not be where it is today.”
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