Plans To Build an Entertainment Venue at the Banks
There are 3 groups looking to build an entertainment venue at the Banks!
Three groups submitted plans to develop an entertainment venue and event center at the Banks in downtown Cincinnati.
The three teams that responded to a request for qualifications from the Joint Banks Steering Committee were a partnership between Live Nation Entertainment Inc. and Ark Group, the Cincinnati Symphony Orchestra and Promowest Productions Inc. The submissions range in capacity from 2,500 to 6,000 and in scope from about $17 million to more than $66 million.
Hamilton County Commissioner Todd Portune said the entertainment venue will be a “signature project” at the Banks. He is looking forward to the city and the county making a selection, which is expected to come by mid-May.
The addition of a music venue will bring more foot traffic to the Banks on a regular basis, something current restaurants have been clamoring for, Portune said.
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Here’s a look at each of the three teams that submitted for the project:
The PromoWest team would include PromoWest Productions as the developer, Continental Building Co. as its construction manager/contractor and cost estimator, WD Partners Inc. as architect/urban designer-planner, civil engineer and landscape architect, and First Financial Bank as lender.
The CSO/Music Event Management Inc. team would include CSO/MEMI as the development entity, GBBN Architects as the lead architect, Messer Construction Co. as the construction manager and inclusion consultant, CMTA Engineers Inc. as the mechanical and electrical engineer, Kleingers Group as the civil engineer and landscape architect, THP Limited as the structural engineer, Cini-Little providing food service, HBMA as the theater and acoustical consultants, WA Architects providing architectural support and Dynamix Engineering providing plumbing and fire protection.
The Live Nation and Ark Group development team would include Ark Group as the developer, Live Nation and Ark Group as the equity partners, Gensler as architect, urban designer and planner, Kimley-Horn as civil engineer, its construction manager/contractor/cost estimator to be determined with plans to interview and select one with a strong presence in Cincinnati, and the landscape architect also is to be determined with plans to select one with a presence in the region.
Promowest Productions is the largest full-service independently owned and operated entertainment company in the Midwest. Its plan has the venue hosting 180 events per year. It would have capacity for more than 2,500 people for the interior plus an exterior lawn seating area. Promowest’s submission includes the amount of debt and equity that would be required for the project. The anticipated equity is $3.9 million, which would be supplied by the owners of Promowest, Scott Stienecker and Kent Bowen. The anticipated debt required, which would be provided by First Financial Bank, is $13 million.
MEMI is the wholly owned subsidiary of the Cincinnati Symphony Orchestra. It manages Riverbend Music Center, PNC Pavilion and the Taft Theater as well as the new Rose Music Center at the Heights, a 4,200-seat outdoor amphitheater in Huber Heights, Ohio. The MEMI proposal would build an entertainment venue with flexible capability to seat between 600 to 4,000 attendees. It is anticipated to host 150 events per year. The venue is expects to attract more than 225,000 guests annually to the Banks. The construction budget for MEMI’s submission is $19.25 million.
Live Nation, based in Beverly Hills, Calif., is the largest live entertainment company with 29,500 concerts across 40 countries. Ark Group has 30 years of experience owning and operating more than 40 food/beverage and entertainment venues. The company has had a relationship with Live Nation for more than 20 years. For the Live Nation/Ark Group submission, Noah Lazesof Ark Group and Kathy Willard, CFO of Live Nation, will be jointly responsible for the funding of the project. Ark Group states in its submission that it is capable of funding the venue development budget without outside financing. Live Nation also can finance the development of the venue without outside financing. Its submission anticipates the project being financed by a combination of funding from Ark Group/Live Nation as the developer and the city/county, the public portion “will need to be discussed in more detail.”
The total cost for the venue Live Nation/Ark Group plans to develop is more than $66 million.
The Live Nation/Ark Group proposal would have moveable interior capacity for up to 2,400 standing plus 1,250 in fixed seating and space for 3,000 on a lawn. Total capacity would be about 6,000, according to the submission. The group is anticipating 152 events per year with more than 361,000 attendees.
Read Article Written By The Cincinnati Business Courier HERE