rbc-bldg-for-webTen years ago, a little pallet business sat on 12.5 neglected acres along Red Bank Expressway in the Cincinnati suburb of Madisonville. Smoke spewed from the chimney of a shack 24 hours a day. Commercial real estate investor and developer Dan Neyer used to drive past the site periodically and wonder why nothing was done to increase its value.

Today, thanks to an economic development partnership between the city of Cincinnati and Neyer Properties, that weed-filled lot valued at $100,000 is now the $25 million Red Bank Crossing.
Perhaps best of all for the surrounding community, 400 new jobs have been created.

The city hosted a ribbon-cutting Aug. 28 to celebrate completion of Red Bank Crossing II, the latest building onsite to be completed. Children from the Goddard School Huntington Bank, and Red Bank Crossing tenants assisted.

The city acquired the property in 1997, and re-zoned it. Cincinnati chose Neyer as a strategic partner and Neyer Properties purchased the site from the city in 2002.

The city then invested $2 million to improve Red Bank Crossing Expressway. The first building constructed on the site was the $8.5 million Gorilla Glue Company headquarters in 2003.
Red Bank Crossing I, a $6 million, 40,000 square foot space, was completed in 2005 and is fully leased to medical office tenants.

Red Bank Crossing II is a 30,000 square foot, two-story office building on 2.5 acres. It was completed in July, 2008. Trinity Family Medicine opened its offices there August 1.

Red Bank Crossing II is the second commercial building in the city of Cincinnati to be approved for Leadership in Energy and Environmental Design (LEED) tax abatements. The first LEED-certified office campus in the tri-state is Neyer Properties’ $100 million Keystone Parke headquarters in Evanston.

“A few years ago this property was only a shell and to see this development move forward and see a return on our investment is the kind of partnership we like to see,” said Y. Laketa Cole, city council member. “Development, jobs and growth are not only a win-win for Madisonville, but our entire city.”
Milton Dohoney, Cincinnati city manager, said Red Bank Crossing adds to the vitality of the city—it’s green, stimulates economic development and creates jobs.

“GO Cincinnati is a vital economic development strategy for growing opportunities in our city,” he said. “In order for it to be successful we need strong partnerships like this one with Neyer Properties, which is creating jobs and investment in Madisonville. Red Bank Crossing is a wonderful project.”
Neyer Properties continues to thrive despite soft market conditions in the commercial real estate development sector. It is slated to acquire $75 million in real estate assets this year.

“I’m proud of the value this project gives to the community,” said Neyer. “This is a great example of how a public-private partnership can help transform an area by combining vision and commitment to provide economically viable businesses which create jobs and opportunities.”