The Banks apartments sold for $90 million to developer with ties to Reds - FOX19

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CINCINNATI (WXIX) - The sale of a luxury apartment complex that anchors The Banks finalized Friday.

Crawford Hoying purchased The Current at The Banks for $89.7 million.

Radius at The Banks is part of the sale as well and will be closed as a separate transaction in the near future.

Crawford Hoying is a Dublin, based is a real estate development, management, construction and sales firm based in Dublin, Ohio.

“We couldn’t be more excited to acquire this property, a trophy asset in an irreplaceable location between Paycor Stadium and Great American Ballpark,” said Brent Crawford, principal and founder of Crawford Hoying. “We have strong personal ties to the city and have been looking for the right opportunity for a long time. I was born and raised in Batavia, and Bob [Hoying] is the oldest grandson of Reds hall-of-famer Wally Post. Our extensive background in multifamily and mixed-use neighborhoods will allow us to build on the incredible vibrancy of The Banks, and we look forward to what’s to come next.”

Crawford Hoying’s portfolio features more than $2 billion in Ohio projects, including Water Street District in downtown Dayton and Bridge Park in Dublin.

It is also the developer behind The District at Clifton Heights, a $640 million mixed-use project whose second phase is currently under construction.

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The Current, opened in 2011, was the first residential building at The Banks. It’s a 300-unit apartment complex with high-end amenities including a roof-top pool, clubhouse with a complimentary coffee bar and a 24-hour fitness studio.

The building has more than 77,000 sq. ft. of ground-floor retail space, with occupants including The Holy Grail, Jefferson Social, Fishbowl and Ruth’s Chris.

Nashville-based Nicol Investment Co. purchased The Current in 2014. The firm put it up for sale this May along with Radius, a 292-unit luxury apartment complex, citing “market demand for institutional quality, mixed-use projects.”

Nicol told our media partners at the Enquirer the sale is consistent with its timeline for selling properties it develops in about five years. Once the sale is complete, Nicol said it would redeploy the proceeds in growing markets, which may include Cincinnati.

Jeffrey Anderson Real Estate is currently in charge of retail leasing at The Banks. Asked whether they would remain in that role for The Current and Radius, a Crawford Hoying spokesperson replied, “We will be reviewing our leasing strategy over the coming month to determine the best long-term outcome for The Banks, the surrounding neighborhood and stakeholders.”

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More than half The Banks is developed, but the build-out of the remaining lots has proceeded slowly since Radius and GE’s global operations center opened five years ago.

The highlights since then include the Andrew J. Brady Music Center, the Black Music Walk of Fame and the aforementioned Filson restaurant.

Five lots remain undeveloped. A 2018 proposal for a $75 million apartment complex on lot 24 south of Radius and GE appears not to have progressed. A proposal for a $93 million office tower on lot 18 north of Ruth’s Chris seemingly remains in the pipeline, though there’s been no updates since the pandemic.

A $15 million pedestrian plaza was proposed last year on the premise that The Banks’ two bookend tenants, Great American Ball Park and Paycor Stadium, haven’t been shown capable of supporting the entire development.

“The bars and restaurants continue to struggle in the off-sports-season, and so a lot of this vision is how to keep this ecosystem healthy,” said Cincinnati Reds COO and Banks Steering Committee Chairman Phil Castellini.

MORE | Cranley, Portune come to agreement about future of Banks development

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