$24M Corryville Crossings pushing full steam ahead

Published June 2, 2009 at 12:00 a.m.
Ifyou have been past the intersection of Martin Luther King Drive andVine Street recently you may have noticed the bevy of constructionactivity at the Corryville Crossings site.

Thecleared site has sat somewhat lifeless for the past several monthswhile financing was being worked out and delivered for a new parkinggarage and hotel, says Franz Stansbury, director of real estatedevelopment with the Uptown Consortium.

The Uptown Consortiumis one of the entities providing financing for what will become a 200+space parking garage and a 132-room Hampton Inn hotel, built by Messer Construction.  The hotel will be located on the southern and western end of therectangular site, with two additional commercial retail pads availableon the northern end along Martin Luther King Drive.

A Starbucks,IHOP and a bank were originally envisioned for the retail portions ofthis development until the economy began to shift.  “The economy hiteverybody, so they’re waiting to see what happens and are looking forother tenants,” states Stansbury.

Stansbury says that arestaurant would make a lot of sense for at least one of the spaces asit would benefit the neighborhood and provide a service to the hotelpatrons as well.

The parking garage is currently progressing atthe Corryville Crossings site with pilings going in now.  Stansburyexpects that the garage will be finished by the end of the year, withthe hotel potentially opening within 18 months.

TheUptown Consortium sees the Corryville Crossings development as a keycomponent of their Short Vine revitalization plans.  “We see twoanchors on Short Vine; the Kroger area and this,” says Stansbury.

Onceall is said and done the entire investment throughout the Short Vinearea could reach as high as $100 million, with Corryville Crossingsaccounting for roughly one-fourth of that at $24 million.

“We’reworking with major stakeholders in the area including the University ofCincinnati, and have completed a number of development potentialanalyses,” says Stansbury about the larger Short Vine revitalizationefforts.

Writer: Randy Simes
Source: Franz Stansbury, director of real estate development, Uptown Consortium
Photography by Randy Simes

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