Macy’s former headquarters renovation lands $60M in bonds from the Port

Macy’s former headquarters renovation lands $60M in bonds from the Port for Residential use

The Port’s board on Wednesday, Sept. 13, authorized the revenue bonds, backed by future lease payments, as part of a financing agreement with New York City-based Victrix Investments. Victrix is expected to invest $72.8 million of its own money into the project.

Victrix plans to convert the building to 341 residential units across 225,100 square feet on floors 8-21 with common space area comprising of 109,300 square feet, including the ground-floor lobby, the eighth-floor rooftop terrace and a top-floor amenity space. HGC Construction will serve as the general contractor.

The Port expects ground-floor retail to be included as well.

Victrix CEO Anoop Dave is also redeveloping nearby Carew Tower. He previously worked for the Bernstein Cos., which is redeveloping the Textile Building at 205 W. Fourth St.

Todd Castellini, the Port’s senior vice president of public finance and capital strategy, addressed residential demand for the project amid multiple other residential conversions in progress, including the Central Trust tower as well as the Mercantile Building and the former Garfield Suites.

“They keep filling up,” Castellini said. “I don’t think we’re overbuilt yet. The key is financing. The banks are either going to lend the money or not, and they’re going to look very hard at that issue, so they’re the best litmus test. Occupancy is good.”

Port President and CEO Laura Brunner said the Port and the city of Cincinnati got a jump on the trend of office-to-residential reuse.

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