(CelebrityAccess) — Hamilton County has reached an agreement with the Cincinnati Bengals and Cincinnati-based real estate developer The Hilltop Companies to pave the way for the construction of a new music venue at The Banks.
The deal comes a week after the Cincinnati City Council voted against a county plan to relocate Hilltop to Queensgate, due to objections from local residents.
Under the terms of the newly struck deal, Hilltop has agreed to sell its riverfront property to Hamilton County, allowing for 17 acres of the central riverfront to be recast to accommodate parking for Banks visitors, downtown workers, and Bengals patrons on game days.
For Phase I, the County will acquire approximately one half of Hilltop’s riverfront property by January 2020, a full year ahead of schedule. The property, which is approximately 7 acres along the west side of the Clay Wade Bailey Bridge will be repurposed into a green parking system by June 2020.
The balance of the Hilltop property will be developed in 2021, subject to the relocation of Hilltop’s current plant operations.
“This a good deal for the taxpayers,” said Denise Driehaus, President of the Hamilton County Board of County Commissioners. “The Music Venue moves forward without delay. We have taken steps to resolve the parking challenges at The Banks, and all of it is made possible by the Bengals’ forgoing $30 million in game day payments.”
The 4,500 capacity Music Venue and the 8,500 capacity Smale Park Event Lawn/Greenspace are scheduled to open in the Fall of 2020.