Cincinnati added $419 million in projects in the second quarter 2023
Even with increasing interest rates, high inflation and continued whispers of a recession, announcements for Greater Cincinnati development projects continued in the second quarter.
The second quarter saw several completed projects, with many more still nearing completion before the year’s end. In the second quarter of 2023, four projects totaling more than $266 million were completed. The two largest projects were the first phase of Factory 52, a $100 million project, and University of Cincinnati’s Clifton Court Hall, which ended up being a total investment of $93 million.
As for proposed projects, those announced but yet to start construction, that number declined by a hair from 68 during the fourth quarter of 2023 and first of 2024 to 67, with a total development cost of over $5.3 billion.
The largest project added to the map is Medpace’s office expansion. This latest building at the southeast corner of Madison Road and Red Bank Expressway will add more than 428,600 square feet of space. Site work is scheduled to begin in late 2023, with foundations in before the end of the year.
Medpace is not the only new office project in the region. Construction started at the end of August on OneNKY Center, a $26 million building at the base of the Roebling Suspension Bridge in Covington. It will house at least seven Northern Kentucky growth organizations, including OneNKY Alliance, Northern Kentucky Chamber of Commerce, MeetNKY, BE NKY Growth Partnership, the Catalytic Fund of Northern Kentucky, Horizon Community Funds of Northern Kentucky and the Northern Kentucky Bar Association.
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