Plans to convert the “historic, vacant, 121-year-old Traction Building” in downtown Cincinnati into the city’s first Kimpton Hotel are moving forward with help from the Port of Greater Cincinnati Development Authority, the Cincinnati Business Courier reports. The $93 million project “has been struggling to get off the ground for nearly a decade,” but the Port “will provide key assistance to the developer,” Parkes Development Group, in the form of a structured lease, according to the article. “Traction lost some traction. But they are ready to go. It’s a historic beautiful building that needs help to bring it back to life,” said Todd Castellini, Port Authority senior vice president for public finance and capital strategy.
The Port will have formal ownership of the project, but “will lease it back on a long–term basis to Parkes,” which will allow the developer to “purchase construction materials without paying sales taxes.” Parkes also “secured a construction loan” and tax credits for the project. The Kimpton, expected to open in 2026, will feature “three food and beverage venues, including a rooftop bar, as well as a grand ballroom and meeting rooms.” The hotel is ”just north of Model Group’s newly renovated Mercantile Library building and Mercantile Center, which is being converted into a mixed-use residential project.” The three projects, once completed, “will inject new vibrancy into a key corner of downtown near Fountain Square and Fourth Street’s business center.” For more, read the full article (subscription may be required).
