The City of Cincinnati and Neyer Properties announced today that Cincinnati’s newest and one of the areas largest office developments, The Keystone, is proceeding forward with the start of demolition as you can see along I-71 at Dana Avenue. The Keystone project consists of 3 Class A office buildings totaling approximately 460,000 square feet on top of a three story parking structure located at the I-71 and Dana Avenue. The total project investment will be $70,000,000 and will bring nearly 2,000 office related jobs to the Evanston and Cincinnati community per Dan Neyer, President of Neyer Properties, Inc. We have always liked the location of this development since it is located within the City of Cincinnati and is adjacent to a community park which gives an overall campus feel to it; there is no other location that offers the excellent visibility, access and adjacencies to the park within this region states Neyer.
Neyer Properties involvement goes back five years as they began acquiring properties one at a time, including five commercial buildings and twenty two homes. “Although it has taken a tremendous amount of time and has been difficult at times, I am pleased with the approach we used with the acquisitions and the residents are appreciative of both our approach and the result,” says Dan Neyer.
Sharon Muyaya of Evanston Community Council states that the partnership approach with Neyer Properties sets a fine example of how developments can proceed forward in the best interest of the neighborhood and the business community. The Keystone is located adjacent to the 6.5 acre Evanston Park. Evanston Community Council and the Cincinnati Recreation Commission adopted a new Master Plan for the neighboring Park on 1.19.06 which includes a walking path, basketball courts, new pool and playground area, and a full size football and baseball field. The City of Cincinnati Economic Development Community approved the expansion of the Urban Renewal District on February 21, 2006.
The mid-town office market has historically outperformed every other office market in Cincinnati and is currently sought after by numerous companies. The nearby Cornerstone office development of 250,000 square feet in Norwood, one half mile away from the Keystone Project, is now about 95% leased as the second building is just being completed. The lack of available land in the vicinity together with its proximity to the many amenities, universities, highways and thriving suburban neighborhoods make The Keystone an ideal location for businesses. This project will improve the economic vitality of the surrounding area through the creation of new jobs and the addition to the daytime workforce.
Neyer will appear before the City Planning and Zoning Commission in March and is finalizing the development agreement with the City of Cincinnati. We have spoken with some very interested companies who are looking at this property and hope to make a tenant announcement soon in order for The Keystone to proceed forward quickly. Vollmer Realty is marketing the development for Neyer Properties.