CINCINNATI - Cassidy Turley, a leading commercial real estate services provider in the U. S., announced today that the Port of Greater Cincinnati Development Authority has commenced planning and site development of the $80 million MidPointe Crossing, located at the intersection of Seymour Avenue and Reading Road in Cincinnati’s Bond Hill neighborhood.
Cassidy Turley Senior Vice President Scott Abernethy and Associate Joshua Smitherman have been selected to lead office land sales efforts for the development. Vice President Andrew Sellet and Associate Terry Ohnmeis will handle retail land sales.
Named one of the “Top 10 Commercial Projects to Watch in 2014” by the Cincinnati Enquirer, the 25-acre urban development site includes a potential mix of institutional, office, retail, grocery, hotel and residential with ample parking. Located in Bond Hill, one of the city's most established neighborhoods, the area features distinct communities, landmarks, civic and green space and architecture as well as key businesses and civic organizations. The site formerly housed Swifton Commons, the region's first shopping mall. The mid-century mall structure was demolished in December 2013 to make way for MidPointe Crossing.
“We are pleased that the Port Authority selected Cassidy Turley to market this significant project,” said Mr. Abernethy. “The momentum of the Seymour/Reading corridor continues to build due to more than $270 million in public and private investments, including new homes and schools, recreational facilities and religious institutions.”
The Port Authority is master developer of MidPointe Crossing, directing all efforts to market the site and facilitate development of up to 500,000 square feet of mixed-use office and retail in the first phase.
“MidPointe Crossing is Cincinnati’s next great office and retail location,” said Laura N. Brunner, Port Authority President and CEO. “The Port Authority and City of Cincinnati have teamed on making a 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.”
University of Cincinnati Economics Center last year completed a comprehensive market analysis of the area surrounding MidPointe Crossing. The analysis reveals sustainable demand for a variety of retail and indicates strong buying power, high traffic counts and accessibility to the location, which is five miles north of the downtown CBD. The study also cites the region’s strength as an employment center. The market analysis can be found at www.midpointecrossing.com.
“Cassidy Turley’s market knowledge and expertise are invaluable to us,” said Ms. Brunner. “We look forward to this partnership.”
About the Port Authority:
The Port of Greater Cincinnati Development Authority was formed in 2000 to stimulate growth of the regional economy. The Port Authority is an economic development force, partnering with the City of Cincinnati and Hamilton County, focusing on reutilization and redevelopment of property through catalytic investment. The Port Authority works in GO Cincinnati priority redevelopment areas with the City of Cincinnati, per a development services agreement. For additional information, please visit http://www.cincinnatiport.org or follow us on Twitter @PGCDA.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 4,000 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $25.8 billion in 2013, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 24,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information.
Lisa York, Westcomm