Thursday January 28, 2016

Vernon Place Project Offers Another Minority Inclusion Effort

 

Cincinnati developer and design-builder Al. Neyer has begun building the Offices @ Vernon Place, a 146,000 SF office building for Cincinnati Children’s Hospital Medical Center. The real estate development represents an expansion of this established major minority investment partnership.

“The Offices at Vernon Place project will enable us to bring together employees currently working in multiple locations across Avondale, improving collaboration and achieving greater efficiencies to ultimately benefit our patients and families,” says Michael Fisher, president and CEO, Cincinnati Children’s Hospital Medical Center. “It also allows us to continue our investment in and commitment to the Avondale neighborhood.”

Al. Neyer worked with two investment groups, REEAAL and Jade IV LLC, to create a unique investment opportunity for minorities who are traditionally not included in commercial real estate ventures. The Offices @ Vernon Place project is 67 percent minority managed/owned. Participating minority investors have previously invested in real estate projects with Al. Neyer involving the Vernon Manor Hotel office conversion and the redevelopment of 237 Taft Offices.

“This project is remarkable in that it represents bringing together a significant number of minority investors and creating an opportunity for people who normally don’t get a seat at the table,” says Molly North, president and CEO, Al. Neyer. “Minority investors are not heavily engaged in commercial real estate dealings, and this is one example of a way we can take advantage of a project to develop new wealth and raise up our entire community.”

The City of Cincinnati approved $7.5 million to fund the public infrastructure associated with the project’s development. PNC Bank provided additional financing support. The entire Offices @ Vernon Place development represents a total investment of more than $41 million.

The four-story Offices @ Vernon Place will be home to nearly 700 CCHMC workers. Crews are expected to complete the office building and four-tier parking garage sometime in the third quarter of 2017.

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