For Immediate Release
12/14/11

U Square @ The Loop groundbreaking set for early 2012:
 
Project team unveiling plans, timetable for long-awaited 4-acre redevelopment in Uptown near University of Cincinnati campus gateway 

U Square will add parking garages and 161 new apartments over shops, restaurants and office space to Cincinnati’s Uptown neighborhood  

CINCINNATI – This 4.2 acre strip of land along the McMillan Avenue business district near the University of Cincinnati –is now set to be “U Square @ The Loop,” a new destination for eating out, shopping, working and living.

The project development team is scheduling a groundbreaking for this prime site located between McMillian and Calhoun streets for early 2012, according to Arn Bortz, a partner with Towne Properties, project co-developer. “It will be a celebration,” Bortz says. “We have closed on the key project milestones that now allow the start of construction.” 

Bortz said these recent project accomplishments include the completion of project financing, closing on the land, and confirming several significant lease transactions for retail and office space. “Many thousands of hours have been poured into this project’s design, financing and marketing and ownership structure, to make sure U Square will deliver an excellent and unique experience to this community for decades to come.”  

Among the first retail tenants to commit to U Square @ The Loop are DiBella’s Old Fashioned submarines, a premium submarine sandwich shop with locations primarily in Rochester, Pittsburgh and Cleveland; Firehouse Subs, known for hot submarine sandwiches on toasted sub rolls; Great Clips salon and a restaurant concept to be developed by Cincinnati-based Four Entertainment Group. Together, these initial tenants represent 12,700 square feet leased of the approximately 80,000 square feet of retail space planned. 

Most of the new restaurants, retailers and service providers will open in March 2013, according to Mr. Bortz.  

“Breaking ground on U Square, a few weeks from now, will be the culmination of years of committed and collaborative efforts by many who have worked diligently and tirelessly to envision this project and to see it through to fruition,” according to Dan Deering, president of the Board of Trustees of the Clifton Heights Community Urban Redevelopment Corporation (CHCURC).  

CHCURC is a 50% equity partner of U Square LLC, and has been a significant catalyst for community involvement and direction.  

“U Square @ The Loop represents an exciting investment in Uptown for Al. Neyer, Inc. and extends our long-standing commitment to involved community redevelopment,” according to James T. Neyer, executive vice president, real estate development of Al. Neyer, Inc., project co-developer. Mr. Neyer said the total capital investment to develop U Square will exceed $78 million. In addition to development services, Al. Neyer is providing design-build construction services to the project, and architectural design services through Neyer Architects, Inc., working with CR Architecture locally.  

The project will use funds from the Clifton Heights – University Heights – Fairview Tax Increment Financing (TIF) District to help finance the public improvements required. The net benefit of TIF funds to U Square will be $19.3 million. Two parking garages, providing 716 spaces, will be owned by the City of Cincinnati.

This project’s public investment is critical, according to Mr. Bortz, not only to help fund public improvements, but also because it leverages about $59 million in private investment. “This project is being completed truly in the spirit of public-private cooperation,” Mr. Bortz said.  

"The U Square project is going to add to the energy and momentum in Uptown," Cincinnati Mayor Mark Mallory said. “The project is part of the City’s continued commitment growing our second largest employment center. It will give UC students and Uptown workers access to many new dining and shopping opportunities.”  

The project is being financed through an allocation of New Market Tax Credits (NMTC) from the Uptown Consortium, the Cincinnati Development Fund and PNC Bank, the lead lender of the project. NMTC provided a total net benefit of $12 million to the project.  

“U Square is a high-impact project that will stimulate community and economic revitalization in Uptown,” said Kay Geiger, regional president for PNC Bank in Cincinnati. “The project’s focus on community development and housing is closely aligned with PNC’s corporate values and commitment to supporting the communities where our employees and our customers live and work.”  

University of Cincinnati trustees in October 2011 approved an agreement to lease 40,000 square feet of U Square office space. 

 “U Square will be a welcome and exciting addition to the Uptown area and the University of Cincinnati community. Our students, faculty and staff eagerly await the opening of new retail and residential developments along this corridor,” said President Gregory H. Williams. “This project will do great things for the area that sits at our southwestern gateway.”  

UC’s 2011 enrollment stands at a record-breaking 42,400 students.  

Al. Neyer, Inc., Towne Properties and Castellini Management Company own 50% of U Square LLC.  

U Square retail leasing agent Jeffrey R. Anderson Real Estate is recruiting national brand restaurants and shops and local, individually owned merchants as additional project tenants, with a focus on fashion and accessories brands.  

CONTACTS:

Jennifer Sebranek
Al. Neyer, Inc.
(513) 527-1871