Terraces One Of 20 Transformative Projects In Cincinnati
- January 6, 2023
Article originally appeared in the Cincinnati Business Courier.
Record inflation, continued supply chain issues and the specter of a recession have slowed the pace of new development in Greater Cincinnati. But the region still has plenty of projects that will reshape the Tri-State.
The Business Courier identified dozens of projects that will alter the landscape over the coming years. For our annual Projects to Watch, we selected not by size or dollar amount, but by the amount of change they will bring to different corners of the Tri-State.
Of those, we highlighted five that could yield the greatest impact in 2023 and beyond. We believe these marquee projects, spread around the region, are indicative of developers’ belief that Greater Cincinnati remains a place in which to invest and build.
(1) The Terraces
15 W. Sixth St. downtown
It’s been a longtime coming, but downtown Cincinnati’s former Terrace Plaza Hotel is finally entering a new era as redevelopment kicks off.
The Terrace Plaza, hailed as the “most important modernist building in Cincinnati” was purchased by Indianapolis developer Tony Birkla in September 2022. Birkla has been interested in acquiring and redeveloping the property for years, and he wasted no time in starting plans and stabilizing the building.
The renderings for the project, called the Terraces, differ greatly from those presented in 2017. The vision includes terraces off the Gourmet Room, residential units and rooftop event space. A new scalloped facade wrapping around much of the building’s lower half pays homage to the building’s bricks while giving a more modern feel.
“We’re creating a new brand for Terrace Plaza,” Birkla said.
As the Terraces, the development at 15 W. Sixth St. will include a mix of retail, residential, parking and restaurant spaces – and the reintroduction of the former hotel’s Gourmet Room.
The make-safe plan, designed to prime the building for redevelopment, has been wrapped up, with about $5 million being spent on the building’s stabilization. Birkla hopes to start demolition work during the summer. The entire project will take about 18 to 24 months.
See all 20 projects on in Cincinnati Business Courier.