Cincinnati added $515 million in projects in first quarter of 2022

Cincinnati added $515 million in projects in first quarter of 2022

Even with rising material costs and labor shortages, Greater Cincinnati development and construction activity remained strong to start 2022.

Since the last time the Business Courier updated the Crane Watch map in early January, 15 projects have been added, with a total estimated development cost of more than $515 million. (The total development cost is much higher, as the costs for five of the 15 projects have been reported as this time.) The previous update, which included projects announced between July 2021 and January 2022, included 27 projects with an estimated total development cost of more than $1.7 billion, including the $1 billion redevelopment of Tri-County Mall.

The latest update only includes areas already included in Crane Watch. The projects added to the map range from an indoor practice facility and renovated athletic complex for the University of Cincinnati to the demolition of one of the region’s largest shopping malls to build 1.5 million square feet of industrial space.

The total amount of construction activity across the region rose from the beginning of the year, with a number of developments starting last quarter. There are now 82 projects on the Crane Watch map under construction. That’s up from 68 as of early January. The total cost of the projects under construction currently is more than $5.15 billion, also up from about $4.8 billion at the start of the year.

Be sure to explore the map to see the latest updates on current projects and new projects that have been added since January.

The largest project added to the map in the first quarter is the planned demolition and redevelopment of the Forest Fair Village, originally known as Forest Fair Mall, which straddles Forest Park and Fairfield. Hillwood has the property under contract and plans to build 1.5 million square feet of industrial space there, a project with a total estimated investment of $150 million.

The largest addition to the map under construction is FEAM’s expansion of its facility at Cincinnati/Northern Kentucky International Airport.

In addition to projects under construction, 64 additional projects are proposed at this time, up from 63 at the beginning of January. These projects would add a total investment of more than $3.8 billion. The total proposed projects figure is up from $3.6 billion at the beginning of the year.

Only two major projects wrapped up construction in the first quarter of 2022. Both the $85 million expansion of Sam Adams brewery and the Jameson apartment project in Madisonville were essentially completed in the previous quarter.

The latest update also removed two projects that have been completed for a year. Since we launched Crane Watch, 153 projects on the map have been completed. Those projects represent nearly $4 billion in investment into Greater Cincinnati.

If you notice a project is missing from the map, please email me at tdemeropolis@bizjournals.com.

We’re also getting ready to expand the map again. Over time, Crane Watch will be updated to include development and construction projects across the entire Greater Cincinnati region.

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