|
|
| |
|
|
| |
Owners pumped $6M into 525 Vine building improvements, removing skywalk to improve access and 'street identity'
Former Cincinnati Mayor Charlie Luken at 11:30 a.m. ribbon-cutting ceremony today.
Grand new entrance to office, retail facilities features Mankato limestone, black granite.
[CINCINNATI, Ohio - Sept. 6, 2006] One of the first pieces of the new and improved Fountain Square District will be revealed today when the re-crafted 525 Vine building is officially unveiled at a ribbon-cutting ceremony, hosted by former Cincinnati Mayor Charlie Luken.
McKnight Development Co. of Pittsburgh, Pa., has invested $6 million over a two-year span since it purchased the 23-story, 394,000-square-foot office building with street-level retail. The changes have completely updated the 22-year-old building, inside and out, and "really make this a fantastic place to work," according to longtime tenant Frank Veneziano, managing partner of Weltman, Weinberg & Reis. The law firm with 160 employees has been a tenant since 1992.
Since it opened in 1984, the "street identity" of 525 Vine was defined by the city's skywalk system and an escalator that led to a second-floor, plaza-style entrance. The skywalk and escalator are long gone. The new look at 525 Vine embraces the pedestrian-friendly design at next-door Fountain Square, which recently welcomed "The Genius of Water" fountain back to Cincinnati's living room, and is expected to host its own grand re-opening in October.
The vision of 525 Vine: Leveraging Fountain Square
Officials from the public and private sector hailed the new owners of the 525 Vine for their vision.
"There are three areas of significance. One, they have created a beautiful front door to Vine Street, which embraces the tenants, visitors and shoppers alike," said Mr. David Ginsburg, president and chief executive officer of Downtown Cincinnati Inc. (DCI). "Secondly, they have taken a building that was designed for the style of the '70s and '80s, and done a phenomenal job of renovating that is now attracting first-rate retail.
"Thirdly, and this may perhaps be the most important point, this is the first building whose opening is really geared towards leveraging the investments being made in Fountain Square. Once Fountain Square is re-opened, there will be thousands of people walking by 525 Vine every day. It's important for building owners to reinvest, and redesign, and recreate, so they can take advantage of that. I congratulate McKnight Development for their vision in doing so," Mr. Ginsburg added.
The massive project has had its starts and stops, but the overwhelming opinion of the new owners was the building needed to be opened up.
"It was always our intent, from the day we bought the building, that we would create a new street-level entrance," said Mr. John Markey, a principal with The Huntley Group, the building's asset manager. "The biggest challenge we faced was how to design the new entrance without concrete evidence that the skywalk would be demolished."
Collaborative approach
Six months after purchase, and well into the design phase of reconstruction, work began. The entrance has been recast in Mankato limestone and black granite, with an iconic oculus as the crowning touch. Principal Tom Fernandez with Cincinnati architectural firm SFA characterized the project as "essentially giving 525 Vine a face to the public that can be recognized.
"525 Vine has always been known as a 'background building,' to the point where some people did not even know where the front door was," Mr. Fernandez said. "Our challenge was to create some clarity and appeal to the building. Whether the skywalk was going to stay or go was always a moving target, but the new owners knew they needed a better front door. We came up with a redesign while they were in the middle of that process. The final solution is slightly different from the original plans, but equally as successful."
The building was 60 percent occupied when McKnight Development took over. It has since been leased up to 92 percent, courtesy of the Hartmann-Ryan team at Colliers Turley Martin Tucker (CTMT), a leading commercial real estate firm in Greater Cincinnati. The construction manager was Duke Construction.
"This building had an owner that was willing to do what it takes to do deals," said Mr. Mike Hartmann, a CTMT principal. His partner is Mr. Bob Ryan, also a principal.
Specifically, McKnight Development has spent $6 million on upgrades such as:
Recreating a ground-level lobby and entrance to Vine Street;
Building a grand staircase and twin escalators that replaced the old escalator and stairs;
Providing significant interior upgrades to common areas, corridors, ceilings and washrooms.
Mr. Markey praised the "collaborative approach" taken by the multiple stakeholders in the 525 Vine rebirth such as the City of Cincinnati, DCI, and the Cincinnati City Center Development Corp. (3CDC). The top official from 3CDC, President and CEO Steve Leeper, expects continued success from the McKnight Group.
"The McKnight Group has a proven track record of transforming underperforming real estate into high-quality assets," Mr. Leeper said. "We are fortunate to have them invest in the revitalized Fountain Square District."
"I think it looks great. We've been here 10 years, and we just signed on for another 10 years," added Mr. Bernie Calogne, managing director of Marsh USA, a company with about 100 employees in 525 Vine. "It was a lot of work, but it looks like everything is going to be worthwhile."
The 525 Vine building boasts the first retailer to open near the revamping Fountain Square with Joseph A. Bank, located in the rebuilt street-level retail space. Key Bank remains, though reconfigured to better suit the tenant's needs.
Interviews with the building owners are available at the 11:30 a.m. ribbon-cutting ceremony today, and can be arranged in advance. For more information about McKnight Development Co., please visit www.McKnightDevelopment.com.
# 30 #
Contacts:
Mr. John F. Markey
Principal, The Huntley Group (Asset Manager for 525 Vine)
Heinz 57 Center
339 Sixth Avenue, Suite 720
Pittsburgh, Pa. 15222
Office: (412) 281-3520
Cell: (412) 951-4881
markey3@earthlink.net
Ms. Kathy Wilkinson
Property Manager, McKnight Development Co.
525 Vine Street
Cincinnati, Ohio 45202
(513) 241-2424
kwilkinson@mcknightproperty.com
Top of Page
|
|
| |
|
