development site for sale 601 e pete rose way › download › file?path... · for an unmatched...
TRANSCRIPT
601 E Pete Rose WayOUTSTANDING CINCINNATI RIVERFRONT DEVELOPMENT OPPORTUNITY2.77 ACRES
DEVELOPMENT SITE FOR SALE
2 | 601 E PETE ROSE WAY
CONFIDENTIALITY AGREEMENTTHIS IS A CONFIDENTIAL MEMORANDUM intended solely for your limited use
to determine whether you wish to express an interest in the 601 E Pete Rose
Way property located in Cincinnati, OH, as more particularly described herein
(“Property”). This confidential memorandum and its contents (“Memorandum”)
contain brief, selected information pertaining to the business affairs of the
Property’s owner (“Owner”) and it has been prepared by Cushman & Wakefield
as Owner’s exclusive agent. This Memorandum does not purport to be all-
inclusive or contain all of the information that a prospective purchaser or
investor may need or desire. Neither Owner nor Cushman & Wakefield, nor
any of their respective officers, directors, principals, shareholders, agents, or
employees has made or will make any representations or warranties, expressed
or implied, as to the accuracy or completeness of the information contained
herein. Owner and Cushman & Wakefield each expressly disclaim any and all
liability that may be based on the information contained herein, errors therein,
or omissions therefrom. All financial data contained herein is unaudited. The
projections and pro-forma information contained herein represent estimates
based on assumptions considered reasonable under the circumstances.
No representations or warranties, expressed or implied, are made that the
actual results will conform to such projections and you should make your
own projections and reach your own conclusions. All due diligence, analysis,
and verification of the information contained in this Memorandum is solely
your responsibility without any representations as to the Property’s physical,
environmental, or financial condition being imputed to Owner or Cushman &
Wakefield.
By your receipt of this Memorandum, you agree that this Memorandum is
of a confidential nature and that you will hold and treat it in the strictest
of confidence, and that you will not, directly or indirectly, disclose this
Memorandum, or any part thereof, to any other person or entity without the
prior written authorization of Owner and Cushman & Wakefield, and that you
will not use this Memorandum in any manner detrimental to the interest of
Owner or Cushman & Wakefield. Upon request, you will promptly return this
Memorandum, and any other material received from Owner or Cushman &
Wakefield, without retaining any copies thereof.
This Memorandum shall not be deemed an indication of the state of affairs of
Owner or constitute a representation that there has been no change in the
business or affairs of the Property or Owner since the date of preparation of
this Memorandum. Neither Owner nor Cushman & Wakefield undertakes any
obligation to provide additional information or to correct or update any of
the information contained in this Memorandum. No legal duty, obligation, or
commitment shall arise by reason of this Memorandum. Owner reserves the
right, in its sole discretion, to reject any offer or terminate negotiations with
any party.
For more information please contact one of the following individuals:
Don Murphy, CCIMSenior [email protected]+1 513 763 3008
Jordan [email protected]+1 513 763 3026
Cushman & Wakefield
201 E. Fourth St, Suite 1800
Cincinnati, OH 45202
www.cushmanwakefield.com
MAIN +1 513 421 4884
FAX +1 513 421 1215
4 | 601 E PETE ROSE WAY
EXECUTIVESUMMARY
01
6 | 601 E PETE ROSE WAY
PROPERTY SUMMARYSite 601 E Pete Rose Way
Acreage 2.77 Acres
Zoning “DD” Downtown Development
Land Use Approved for Multi-Family
Current Use Surface Parking Lot
Offering Price $6,500,000
THEOFFERING
cushmanwakefield.com | 7
• This site is arguably the top development site in the Midwest, with its premier location near The Banks development, at the base of the Cincinnati Business District and a pedestrian bridge over the Ohio River at its front door.
• This 2.7 acre site is the last developable property on the riverfront in the downtown area.
• The site was previously approved for a 25-story high-rise with 352 apartment units.
• The visibility and prominence of this site and the potential structure allow for an unmatched branding opportunity.
• With a convenient location on Pete Rose Way, the access to major interstates (I-71 and I-75) is less than 1/2 mile and accessing the CBD is only a short walk.
• The Midwest’s premier urban mixed-use development (“Cincinnati’s Front Door”). The perfect blend of residential, office space, dining, shopping, entertainment and green space.
• GE Global Operations Center – 330,000 SF Office Development that opened in 2016, and houses over 2,000 workers.
• AC Marriott Hotel – Full service hotel will be opening by end of 2017.
• Hugely successful Multi-Family development with additional upscale residential units planned (592 units completed).
• Casual to fine dining throughout the development.
• The Cincinnati Bell Connector Streetcar – This 3.4 mile loop through the Cincinnati CBD makes two stops at The Banks, including one directly in front of the subject site.
• The Banks is framed by:
- Great American Ballpark – Home of the Cincinnati Reds
- Paul Brown Stadium – Home of the Cincinnati Bengals
- Smale Riverfront Park – Beautifully manicured park along the Ohio riverbank, with features that attract families from all over the region
- Freedom Center Museum – Honoring Cincinnati’s pivotal role in the Underground Railroad.
THE BANKS – 601 E PETE ROSE WAY SITS ON THE EDGE OF THIS “TROPHY” PROJECT:601 E PETE ROSE WAY:
MARKET HIGHLIGHTS: • Cincinnati is home to nine Fortune 500 and thirteen Fortune 1000 companies
• Over $3.9 billion of infrastructure and development projects have been completed in the city’s urban core since 2000
• One of the most active office and residential renaissances in the country. In June 2017, Travel and Leisure named Cincinnati one of the 50 Best Places to Travel in 2017, siting the city’s amazing transformation as the key contributor.
8 | 601 E PETE ROSE WAY
SITEOVERVIEW
601 E Pete Rose Way is located on the eastern edge of the Downtown Cincinnati riverfront at the foot of the “Purple People Bridge”. This heavily traveled pedestrian bridge is the only bride that connects Cincinnati and Newport, KY at the entertainment venue, Newport on the Levee and the Newport Aquarium. The site is located along the riverfront trail, which connects Great American Ballpark, Paul Brown Stadium, The Banks Entertainment District and Smale Riverfront Park.
LOCATION:
601 E Pete Rose Way Cincinnati, OH 45202
ADDRESS:
Acreage 2.77 Acres
County Hamilton
Zoning “DD” Downtown Development
PROPERTY SUMMARY:
601 E Pete Rose Way is currently leased to a local parking lot operator at an annual rent of $165,000.
CURRENT USE:
SITE
cushmanwakefield.com | 11
COVINGTON
Smale Riverfront Park
Great AmericanBall Park
G.E. GlobalOperations
CenterPaul BrownStadium
The BanksEntertainment
District
Ohio River
Newporton theLevee
SITE
Purple PeoplePedestrian Bridge
12 | 601 E PETE ROSE WAY
DEVELOPMENTOVERVIEW
02
14 | 601 E PETE ROSE WAY
DEVELOPMENT OVERVIEW SURROUNDING PROPERTY
THEDEVELOPMENT
Ownership 601 E Pete Rose Way is owned by members of Gregory Western Row, LLC
Site 601 E Pete Rose Way
Acreage 2.7735 Acres
Zoning “DD” Downtown Development
Potential Building Size The site can support a 25-story building with floor plates of approximately 15,000 SF
Initial Design Drawings Preliminary design drawings depicting a 25-level building containing one level of retail and three levels of parking
Utilities All utilities are available to the site
Freedom Center
Museum
Paul Brown Stadium
Great American Ballpark
Smale Riverfront Park
Cincinnati Streetcar R
oute
Duke Convention Center
Queen City Square
P&G
G.E. GlobalOperations
Center
The BanksEntertainment
District
Newporton theLevee
The current owner has reports from the following experts that over the past year have completed a substantial amount of due diligence related to the development of the site.
- The Kleingers Group: Traffic analysis, water & sewer capacity study
- HC Nutting: Environmental
- Terracon: Geotechnical
- Old Republic National Title: Title commitment
42 | 601 E PETE ROSE WAY
CUSHMAN & WAKEFIELD201 East Fourth Street, Suite 1800 Cincinnati, Ohio 45202 +1 513 421 4884 www.cushmanwakefield.com
DON MURPHY, CCIMSenior [email protected]+1 513 763 3008
JORDAN [email protected]+1 513 763 3026
INVESTMENTCONTACTS