“Good morning, FC Cincinnati fans! The wait is finally over for the Queen City’s beloved soccer team. Yesterday, The Cincinnati Enquirer broke the news that FC Cincinnati is set to break ground on its highly-anticipated entertainment district, thanks in large part to a $26 million investment from the state of Ohio. This game-changing development is expected to elevate the stadium experience, bring in new businesses, and cement Cincinnati’s position as a top destination for sports enthusiasts. Get the inside scoop on what this means for FC Cincinnati and the city’s future in sports, entertainment, and beyond – read on to find out!”
FC Cincinnati’s Entertainment District Breakthrough
State Funding Secured
After months of anticipation, FC Cincinnati has finally secured the necessary state funding to move forward with its ambitious $332 million entertainment district project adjacent to TQL Stadium. The Ohio Department of Development has awarded the Major League Soccer team a $26 million tax credit from its Transformational Mixed-Use Development Program, a pool of credits given to large-scale projects that could be considered catalytic for development in the communities around them.
The Transformational Mixed-Use Development Program is designed to support projects that have the potential to drive economic growth and revitalization in their respective communities. To be eligible, developers must prove that the taxes produced from their completed project will exceed 10% of the total cost. In this latest round, the state gave out $100 million in credits to projects representing $2 billion in development across Ohio.
The $26 million tax credit will be subtracted from the amount of money the developer would owe in taxes during the pre-development and construction period. This tax credit can also be sold or transferred to an insurance company, for example, to raise funds for the overall development. According to FC Cincinnati president and co-CEO Jeff Berding, “The tax credits provided by this exceptional program are critical to moving forward with our mixed-use district project adjacent to TQL Stadium in the West End; one of the most unique and complicated projects in Cincinnati over the last 10+ years that will help revitalize this historic area and catalyze continued investment in our city.”
Project Overview
The $332 million entertainment district will be developed on an 8.5-acre site adjacent to TQL Stadium in the West End. The project will be split into multiple phases of development over the coming years, with the first phase expected to be completed by summer 2027.
The first phase of development will feature two 13-story mixed-use towers containing apartments and a hotel built out on the eastern half of the site. A public plaza will connect Central Parkway and the West End with TQL Stadium and serve as a place for fan gatherings. FC Cincinnati will move its offices into the north tower, which will house 167 residential units and feature a below-ground parking garage.
The south tower with the hotel will also have commercial space for a restaurant, coffee shop, and retail, as well as a subterranean black-box entertainment venue seating between 1,200 and 1,300 people. This phase of construction also includes renovations to TQL Stadium.
Job Creation and Economic Impact
According to the team’s tax credit application, the project is expected to create 2,102 construction jobs and 1,699 permanent jobs on the site. This is a significant boost to the local economy and will help revitalize the West End, which has historically been underserved.
The project’s potential to drive economic growth and revitalization in the community is significant. By creating new jobs, stimulating local businesses, and increasing foot traffic in the area, the entertainment district will help to revitalize the West End and make it a more attractive area for residents and visitors alike.
Construction and Timeline
Phased Development
The $332 million entertainment district will be developed in multiple phases over the coming years. The first phase, which is expected to be completed by summer 2027, will feature two 13-story mixed-use towers containing apartments and a hotel built out on the eastern half of the site.
The first phase of development will also include a public plaza that will connect Central Parkway and the West End with TQL Stadium and serve as a place for fan gatherings. FC Cincinnati will move its offices into the north tower, which will house 167 residential units and feature a below-ground parking garage.
The second phase of development will focus on the western half of the site, with details to be announced in the coming months.
Approvals and Permitting
Final design plan approvals are pending Cincinnati’s planning commission, which is expected to review the plans in the spring. While the permitting process can be lengthy and complex, FC Cincinnati is confident that it will be able to navigate the process successfully.
According to Chad Munitz, “Approvals for the final design plan will have to go through Cincinnati’s planning commission first sometime this spring. We are working closely with the city to ensure that the permitting process goes as smoothly as possible.”
Summer 2027 Completion
FC Cincinnati is confident that it will be able to meet the estimated completion date of summer 2027 for the first phase of development. With the necessary state funding now in hand, the team can move forward with the project, which is expected to take approximately two years to complete.
While there are always potential challenges and controversies that can arise during the development process, FC Cincinnati is committed to engaging with the community and addressing concerns throughout the development process.
Community Engagement and Benefits
Community Involvement
FC Cincinnati is committed to engaging with the community throughout the development process. The team has already begun meeting with local residents, businesses, and stakeholders to discuss the project and address any concerns.
According to Jeff Berding, “We are so excited for the people of the West End who, after decades of disinvestment, can see this state grant as an affirmation and belief in their future. We are committed to working with the community to ensure that this project benefits everyone involved.”
Revitalization and Growth
The project’s potential to revitalize the West End and drive economic growth is significant. By creating new jobs, stimulating local businesses, and increasing foot traffic in the area, the entertainment district will help to make the West End a more attractive area for residents and visitors alike.
The project’s alignment with the city’s goals for revitalization and development is also significant. By working together with the city, FC Cincinnati can help to drive economic growth and revitalization in the community.
FC Cincinnati’s Commitment
FC Cincinnati is committed to the project and its benefits for the community. The team is dedicated to engaging with the community and addressing concerns throughout the development process.
According to Jeff Berding, “We are thrilled to have our TMUD application approved. The tax credits provided by this exceptional program are critical to moving forward with our mixed-use district project adjacent to TQL Stadium in the West End; one of the most unique and complicated projects in Cincinnati over the last 10+ years that will help revitalize this historic area and catalyze continued investment in our city.”
Conclusion
In conclusion, the recent announcement that FC Cincinnati is set to greenlight construction on a new entertainment district, bolstered by a $26 million state boost, marks a significant milestone for the city’s development. As discussed in the article, this project is expected to bring a surge of economic growth, job creation, and community engagement to the area. The main arguments presented highlight the importance of public-private partnerships, the role of state funding in catalyzing large-scale projects, and the potential for this entertainment district to become a vibrant hub of activity in Cincinnati. With a projected investment of over $200 million, this development is poised to have a profound impact on the local economy, attracting new businesses, residents, and visitors to the region.
The significance of this project extends beyond the economic benefits, as it also promises to enhance the city’s cultural and recreational offerings. The entertainment district is envisioned to feature a mix of restaurants, bars, retail shops, and entertainment venues, creating a dynamic and vibrant atmosphere that will appeal to a diverse range of audiences. As the project moves forward, it will be important to monitor its progress and assess its impact on the surrounding community. Looking ahead, this development has the potential to serve as a model for future urban renewal initiatives, demonstrating the power of collaborative efforts between government, private investors, and community stakeholders. As the city continues to evolve and grow, it is likely that this entertainment district will play a key role in shaping Cincinnati’s identity and reputation as a thriving and attractive destination.
As the construction on the entertainment district gets underway, it is clear that this project represents a major turning point for Cincinnati’s future. With its potential to drive economic growth, foster community engagement, and enhance the city’s cultural landscape, this development is poised to leave a lasting legacy. As we look to the future, it is essential to recognize the importance of continued investment in urban development initiatives, prioritizing projects that promote sustainability, inclusivity, and community benefit. In the words of FC Cincinnati’s leadership, this project is not just about building a new entertainment district, but about creating a vibrant and thriving community that will benefit generations to come. As the city embarks on this exciting new chapter, one thing is certain: the future of Cincinnati has never looked brighter, and the impact of this entertainment district will be felt for years to come.