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Newport, KY: Ovation

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If I wanted that, I'd go to the Party Source.


"You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers

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There is no way we can support Ovation, Banks, and Manhattan Harbor ... something is going to give. Imagine if we could though, we'd have one of the sickest riverfronts in the country, if not the sickest.

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Well, it is now certain that Manhattan Habour is happening now that they have nearly $200 million in TIF. The Banks is under construction, although they are only constructing a fraction of the units that they will contain in a full build-out (which isn't going to happen for quite a while). And the Ovation project won't be happening for at least several more years.

 

These projects are all coming online at different times, and each cater to different demographics. Some will prefer apartments over condos. Some will prefer downtown Cincinnati to Dayton to Newport. I don't think it will be overkill if these projects come to fruition over the next 10 years.

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I'm thinking 20 years.The Banks is 1,800 units. Ovation is only 970. Manhattan Harbour reports up to 2,000.

 

That's about 4,800 units. I think Cincinnati could pump out 250 new riverfront households a year, but not 500.

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^What if they were to keep it affordable?    Their seems to be an even stronger demand for 100 - 150k residencies  (Maybe even something under 100k).  IF anyone can pull that off, they will start selling em like crazy.  I believe the desire for vertical living within the basin is going to be there well in the 21st.  Not everyone needs 3200 sqft. 

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Each unit requires a $20-30K parking space in the garage.  That makes a sub-$100K unit very difficult to build.  Not sure there'd be much of a market for 20x10ft. units on the back of the buildings facing Newport's liquor stores. 

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If they want to get loans from banks, yes, they need close to 2 parking spaces per unit since most units will be sold to couples and you don't want a situation where in the future couples buy units that were formerly occupied by one person and suddenly there aren't enough spaces and no way to expand the garage. 

 

If you were a bank and someone wants to borrow $50 million to build something like this, are you going to give them the money if they don't have enough parking to sell the units?  Again, if you're single and will only use one parking space in the time you live there, your unit's resale value is stunted if you can't sell to 2-car couples. 

 

 

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^He is correct, although fixed transit will lower lender's parking thresholds. Refer to examples in Dallas, Charlotte, Bay Area, etc.

 

For example, if you could somehow get a streetcar line going down Route 8 from Newport into Dayton, you could put a TOD overlay onto both Ovation and Manhattan Harbour, and probably get some lenders to accept a lower parking ratio. This would allow for smaller, cheaper units.

 

 

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^PS I think they are actually surface-parking a lot of Manhattan Harbour. They could push their pricepoints down, which I think they should, since it's kind of isolated and they have competition with better riverfront locations.

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He is apparently quite the character. I have heard him compared to the main character of the book "A Man in Full." I suppose you have to have some sense of self-importance when you're making multi-million dollar real estate bets.

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Butler has concocted various schemes to connect NK with downtown Cincinnati via transit, most famously his monorail scheme back in the 1980's, and more recently the SKYLOOP in the 1990's.  Unfortunately the Taylor-SG bridge tails away from Ovation, otherwise it would make a pretty good streetcar link. 

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^Yeah, but it's just the bridge approach that does that.  Looking at it on Google Earth, it seems like it would be relatively easy to alter the ramp to have southbound traffic exit on Columbia instead of the current configuration where traffic exits onto either 3rd or York.  I don't think they'll do that, but since the entire street grid in that section of Newport is about to be reworked via Ovation and/or the RT8/RT9 realignments, it's not totally outside the realm of possibility.

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A lot of big "ifs"..........

 

Ovation could break ground in a year

Wednesday, May 5, 2010, 6:07am EDT  |  Modified: Wednesday, May 5, 2010, 8:33am

 

 

The biggest real estate development to hit Northern Kentucky – the $1 billion Ovation project in Newport – could break ground in a year, its developer says.

 

“To break ground in a year, that’s realistic,” said Covington-born developer William Butler, chairman of Corporex Cos. Inc., speaking March 4 to United Way of Greater Cincinnati’s biggest givers.

 

 

http://cincinnati.bizjournals.com/cincinnati/blog/2010/05/ovations_could_break_ground_in_a_year.html

 

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To break ground in a year, thats realistic, said Covington-born developer William Butler, chairman of Corporex Cos. Inc., speaking March 4 to United Way of Greater Cincinnatis biggest givers.

 

 

I thought he said the same thing two years ago.

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From what I've heard via people at Corporex it's mostly funding at this point - if they had enough money committed I'm sure they could push the RT8 fixes through.

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This is beyond financing for the project.  They don't have the market.  The Banks is being constructed and Manhattan Harbour has received lots of public and private money to fund that massive project.  As much as I like Cincinnati, it can not sustain 3 multi-billion mixed-use projects in the same small geographic region all at once.

 

The Banks will create new demand based on its high profile, and Manhattan Harbour will suck what is left from the empty nesters and grab some young families from the 'burbs.  Ovation will be left as the odd man out with no real market to make it viable.

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I'd agree except for it has a great spot eventually. I think the question will be to see how long Newport can be patient with the project before they start pushing something (though this was mostly public housing so it wasn't taxable anyway).

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Most definitely a great location. Outside of The Banks, there is no better real estate in the region.

 

Run a streetcar over Talyor Southgate, connect the two

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Bill could buy time for Ovation

 

By Scott Wartman • swartman@nky.com • February 7, 2011

 

 

NEWPORT - The site for the planned $1 billion Ovation project in Newport has sat vacant for four years and could get more time for the developer to take advantage of a state tax incentive before it has to break ground.

 

http://nky.cincinnati.com/apps/pbcs.dll/article?AID=/AB/20110207/NEWS0103/102080320

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kinda sad to see that the developer gets more time.

 

I would like to see the area split among a few developers with the city guiding a master plan.  IMO the Ovation master plan is horrid, as are the example street-scapes...

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I've been told for the past 2 years that they are waiting for the Rt. 9 rebuild coming from the AA Highway. Not sure when this is happening.


“All truly great thoughts are conceived while walking.”
-Friedrich Nietzsche

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ugh- Ovation needs to be scrapped entirely and replaced with a walkable neighborhood.

 

Has anyone seen those plans for something like: Newport West or a name like that? It was a plan that had City West style buildings filling in the entire Ovation area and everything was market rate.  It also included a bit of work with 4th and 5th st's as well.  It was awesome looking. Saw it a few years ago and haven't been able to find it since....

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Not to get anyone's hopes up as I'm sure it means nothing, but I was in the area this afternoon and drove by the site of Ovation. Now I haven't been over there in a long time so I have no idea how long it has been there, but the billboard that is advertising the project shows a rendering that is completely different than anything I've ever seen released for the project. How long has this been there? From the short glimpse I got of it as I drove by the rendering showed a site development that would be far better than that displayed in past renderings and on the website. Thanks for any information.

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Not to get anyone's hopes up as I'm sure it means nothing, but I was in the area this afternoon and drove by the site of Ovation. Now I haven't been over there in a long time so I have no idea how long it has been there, but the billboard that is advertising the project shows a rendering that is completely different than anything I've ever seen released for the project. How long has this been there? From the short glimpse I got of it as I drove by the rendering showed a site development that would be far better than that displayed in past renderings and on the website. Thanks for any information.

 

I'm guessing when you drove by the sign that you didn't take a picture with your phone of the new site development so you could post it on here?

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Haha, I did actually snap a picture, but my phone is super low end and requires a special Windows based program it came with to upload photos to my computer which just so happens to be a Mac. So unfortunately I'm not a very useful member of Urbanohio. That and my camera called it quits recently...sadface.

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I was last over there 2-3 weeks ago and no change. Will try to make another pass this week.


"It's just fate, as usual, keeping its bargain and screwing us in the fine print..." - John Crichton

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