Construction on dunnhumby Centre has reached grade
Work at the corner of Fifth and Race Streets will now be visible above ground
CINCINNATI (Friday, November 15, 2013) – dunnhumby Centre, the new development at the corner of Fifth and Race streets in downtown Cincinnati, received its first concrete pour at street level yesterday, reaching one of the key milestones in building construction. The project consists of a 1,000-space parking garage over six levels, three below grade and three above grade. A floor of commercial space at street level will split the parking decks, and the five-and-a-half-story headquarters building for dunnhumbyUSA will top the parking garage. Concrete work on the below-grade parking levels is complete and construction of the street-level commercial space will now be visible to passersby.
3CDC and dunnhumby broke ground in January 2013, removing existing parking lot structures and excavated 100,000 cubic yards of dirt over the next several months to prepare for the below-grade parking decks. Concrete work began in June 2013 and is now 40% complete. The project is on target to meet its early 2015 completion date, with the garage likely opening to the public before dunnhumbyUSA moves its office over from West Third Street.
The City of Cincinnati signed an agreement with 3CDC to create the three-parcel development. Upon project completion, 3CDC will operate the parking facility in a “Class A” manner through a long-term lease agreement with the City. 3CDC will own, lease and manage the retail/commercial space, and dunnhumbyUSA will own its own headquarters building. The financing plan includes New Markets Tax Credits (NMTC), Tax Increment Financing, 3CDC-managed corporate loan funds, a JobsOhio loan, and conventional debt and equity through PNC Bank, Fifth Third Bank, First Financial Bank and the Port of Greater Cincinnati Development Authority.