The Offices at Vernon Manor

A New Chapter For A Significant Neighborhood Landmark

Cincinnati Children’s Hospital Medical Center committed to a 2010 expansion in Avondale that is a visible community anchor for the world-class pediatric healthcare delivery and research organization. Cincinnati Children’s now occupies an historic 1920s hotel that Al. Neyer renovated for its adaptive reuse into modern office space. Al. Neyer purchased the Vernon Manor property and several key sites adjoining it, resulting in a $37 million transformation including construction of a separate structured parking facility.

The garage was built to provide 440 spaces of public parking, It includes two entrance lanes, two exit lanes, one swing lane and a hydraulic elevator for public accessibility. Design features include structural brick material, and extensive use of living wall trellises to provide a natural look for this garage that is embedded in a neighborhood. The garage is constructed adjacent to The Offices at Vernon Manor, which is occupied by Cincinnati Children’s Hospital Medical Center, and was developed to allow ready access to the building despite a site with significant grade changes. Street improvements including road widening, sidewalks, striping, signage, and signal modification were performed by Al. Neyer to assure safety and minimal disruption to traffic.

Minority inclusion and community outreach were a critical priority in this project. A majority interest of the Vernon Manor redevelopment is owned by Real Estate Enterprises for African-American Leaders, LLC (REEAAL), committed to the imperative of meaningful investment in commercial real estate opportunities.

DEAL HIGHLIGHTS

• $7.1 million in financing for public parking garage from City of Cincinnati/State of Ohio
• New Market Tax Credit allocations, net benefit of $9.9 million Federal Historic Tax Credits, net benefit of $1.3 million
• 17-year lease from Cincinnati Children’s Hospital Medical Center for 100 percent of property

Dig into the details further by reading this in-depth case study published in NAIOP Development Magazine.