The Banks Lite

The Banks decade-plus-long struggle to get off the ground is well-documented. But what gets less press is the almost-decade-long struggle to build something - anything - at the northwest corner of 5th & Race downtown a.k.a. "The Banks Lite."

Photo from http://www.cincinnati-transit.net/downtown.html
Today is yet another deadline for Eagle Realty Group to make progress on the site. They have held development rights on the site for almost a decade, and have nothing to show for it but a lot of renderings. Ideas ranging from a condominium tower to a movie theater to a new home for Playhouse in the Park have been put forward, with nothing to show for it but PowerPoint slides.

CityBeat summed up the situation nicely in a blog post last November, which I'll quote one passage from:

"Later, the city spent more than $1 million to fill in the parcel and use it as a parking lot until another project was found. Including $10 million spent to raze the site and move several businesses and another $3.7 million to help settle a lawsuit involving Eagle’s relocating a Walgreen’s across the street, the city has spent about $15 million on the canceled projects during the past seven years."

It's time to piss or get off the pot.

But I don't blame Eagle Realty so much for this mess. I blame the city, which has given them extension after extension. I understand that the city is busy, and will give the benefit of the doubt to developers like this, but - especially considering the momentum created by Fountain Square in the blocks north of it - this area one block west of Fountain Square is as important as ever and needs to move forward.