Owner puts The Banks’ largest mixed-use projects up for sale

CINCINNATI (Enquirer) – Much of The Banks, Cincinnati’s riverfront development, just went up for sale, according to our media partners at the Banks.

Nicol Investment Co. announced Wednesday that it was selling the two luxury apartment complexes at the center of The Banks development on the Ohio River between Paul Brown Stadium and Great American Ball Park.

The package includes the Current at the Banks and Radius at the Banks and about 100,000 square feet of ground-floor retail space in each building.

The Nashville-based real estate investment firm acquired the Current in 2014 and co-developed Radius in 2017.

The firm did not disclose an asking price but cited “market demand for institutional quality, mixed-use projects’’ as the impetus for the sale.

“Current and Radius are some of the only multifamily communities situated between two professional sports stadiums. The surrounding area, including the Ohio River, the Icon Music Center and the Smale Riverfront Park, is unmatched not just in the region, but in the country,’’ Nicol said in a press release.

MORE

The Current has 300 units with high-end amenities, including a roof-top pool, clubhouse with a complimentary coffee bar and a 24-hour fitness studio.

In addition the building, which opened in 2013, has more than 77,000 square feet of ground-floor retail space, including The Holy Grail, Jefferson Social, Fishbowl and Ruth’s Chris bars and restaurants.

Radius opened in 2017 with 292 units and features a yoga-and-spin studio, fitness center and an expansive pool and sundeck.

E+O Kitchen and Taste of Belgium anchor the more than 19,000 square feet of ground-floor retail at the Radius, which also includes The Escape Game Cincinnati.

The sale does not include Filson Queen City Kitchen & Bar – a new upscale bar and restaurant featuring Cincinnati-themed craft cocktails expected to open this spring on an undeveloped parcel at The Banks at 25 E. Freedom Way.

Nicol said the sale is consistent with its timeline for selling properties it develops in about five years.

Once the sale is complete, Nicol said it would redeploy the proceeds in growing markets, which may include Cincinnati.

See a spelling or grammar error in our story? Please include the title when you click here to report it.

Copyright 2022 Enquirer. All rights reserved.