Ruth's Chris signs Banks lease

Written by
Lisa Bernard-Kuhn

DOWNTOWN - Ruth’s Chris Steak House has officially signed a lease for a two-story restaurant at The Banks.

The upscale steak house will lease 9,600 square feet at the corner of Walnut Street and Freedom Way. It will be the second location for Ruth’s Chris in Ohio; there is also a location in Columbus.

The deal, which local officials have been talking about for several months, brings retail space at The Banks to more than 80 percent leased.

“Ruth’s Chris will bring an unparalleled dining experience to our development, helping to make it a premier destination in the region and a vital part of downtown,” said Scott Stringer, executive vice president at Carter, the Atlanta-based firm that’s teaming with The Dawson Co. to develop The Banks.

With more than 130 locations around the globe, Ruth’s Chris is the world’s largest steak house company.

Founded in New Orleans by Ruth Fertel in 1965, the restaurant specializes in USDA Prime grade steaks. Guests can also enjoy New Orleans-inspired appetizers, fresh seafood and desserts.

The restaurant chain is owned by Ruth’s Hospitality Group, a Winter Park, Fla.-based firm that also owns Mitchell’s Fish Market, Mitchell’s Steakhouse and Cameron’s Steakhouse.

Ruth’s Chris will join Holy Grail Tavern & Grille and Johnny Rockets, which both opened last year. Other tenants include Mahogany’s Cafe and Grill, Crave, the Wine Guy Bistro, Tin Roof and Toby Keith’s I Love This Bar and Grill, all of which are set to open later this year.

All told, The Banks’ first phase includes 77,000 square feet of retail space on Freedom Way and Joe Nuxhall Way, two retail-development pads in front of the Freedom Center and the 300-apartment Current At The Banks. More than 98 percent of the apartments have been leased.

Developers have said they hope to break ground later this year on another phase of The Banks, which could include another 300 apartments and a mix of retailers and restaurants.

http://news.cincinnati.com/article/20120...RONTPAGE|s

Love it!! I'm a huge fan of Ruth's Chris and keeping everything at The Banks upscale will keeps the dregs of Cincinnati from over-running it.

Pieces in place for next Banks phase
Developer touts restaurant mix, hopes grocery store, bookstore not far behind

Written by
Lisa Bernard-Kuhn

DOWNTOWN — By Opening Day, The Banks could be home to seven newly opened restaurants and entertainment venues serving up everything from live music, hot dogs and draft beer to top-shelf wines and filet mignon.

The offerings, bolstered this week by the addition of Ruth’s Chris Steak House, further solidify a grand vision for the riverfront community that leasing agent Mark Fallon has doggedly chased for more than a year. The effort is helping to set the stage for The Banks’ next phase, which could include a grocery store, coffee house, bookstore and spa.

In June 2010, Atlanta-based developers Carter and The Dawson Co. tapped Fallon, vice president of leasing at Jeffrey R. Anderson Real Estate, to lure top retail tenants for The Banks’ $80 million first phase.

Since then, he’s sought the right mix of national chains and locally-owned restaurants and entertainment spots that he hopes, when combined, will make The Banks unlike any development in the Midwest.

“Our strategy has been to go after an eclectic mix of restaurants and entertainment operators who can stay busy on a random Tuesday night, in the middle of winter when nothing else is happening Downtown,” Fallon says. “If we can do that, then we’ll be hugely successful.”

The lineup is a considerable shift from the initial plan laid out for The Banks less than five years ago.

In 2007, before ground was broken on the 18-acre project, developers touted plans that included a grocery store, nightclubs and small- to mid-sized retailers unique to Cincinnati.

But as the financial crisis and recession took hold, developers had to adjust. They ditched plans for high-end condos and opted to build 300 luxury apartments – a step needed to avoid financing hazards that have plagued the housing market. As the project’s 90,000 square feet of retail space and new apartments took shape in 2010, developers began fine-tuning their retail strategy.



“In 2007, we hadn’t gone through any of the economic changes that we continue to deal with today,” said Laura Swadel, director of Carter’s investment group. “We figured the eastern side near the Reds stadium would be heavy on restaurants and bars, but we didn’t think at the time that it would necessarily be the only kind of retail.”

The fact that the first phase is now dominated by restaurants, however, doesn’t concern developers. By offering a mix of locally owned restaurants and first-to-Cincinnati national chains, Fallon says The Banks has become the most “discussed and sought after project” in the Tristate area among national retailers.

Fallon is actively leasing retail space for The Banks’ second phase, which could break ground later this year and include another 90,000 square feet of space with another 300 apartments. The phase is located at the corner of Second and Vine streets, in the block just west of The National Underground Railroad Freedom Center.

In addition to a grocery store, Fallon hopes to land retailers such as a coffee shop, bookstore and spa – businesses aimed at catering to The Banks’ growing residential base. On Wednesday, The Banks’ first 300 apartments, known as Current at The Banks, reached 100 percent occupancy.

“One of the things that I have been surprised by is how quickly the residential portion leased up here,” he said. “I’d like to continue to add other uses that enhance that experience.”

Fallon is as confident about what he thinks will succeed at The Banks as he is about what won’t work. Traditional retail shops, including fashion retailers, won’t make it, he says.

“It’s just not appropriate here,” he said. “If you put a fashion store down here that’s already in all the malls, you’ve squandered the best piece of real estate in the Midwest. That’s not what this is about. We already have an empty mall downtown.”

With more than 80 percent of the retail space now leased in the first phase, Fallon’s vision continues to come into focus.

By April 5, operators of Toby Keith’s I Love This Bar and Grill, Crave, Mahogany’s Cafe and Grill, Tin Roof and The Wine Guy Bistro hope to be open, Fallon said. They’ll join restaurants Holy Grail Tavern & Grille and Johnny Rockets, which opened last year. Before the end of the year, Ruth’s Chris Steak House is expected to open and Fallon expects to sign at least four more restaurants for the project.

Last year, Fallon sat in on more than 80 meetings with prospective tenants and researched hundreds more.

“It’s like a dating ritual. We’re sizing them up and they’re sizing us up,” he said.

“It’s a long and arduous vetting process, but it’s worth the effort. We have no interest in opening something just to see the lights come on.”

Quote:LOCKING UP THE BANKS

Open now
Residential units
The Holy Grail
Johnny Rockets
Police welcome station

Coming soon
Toby Keith’s I Love This Bar and Grill
Crave
Mahogany’s Café and Grill
Tin Roof
Ruth’s Chris Steak House
The Wine Guy Bistro
Moerlein Lager House

Proposed
Grocery store
Coffee shop
Bookstore
Spa
Hotel
Office tower

http://news.cincinnati.com/article/20120.../301180139

(01-19-2012 10:03 AM)nachoman91 Wrote:  Love it!! I'm a huge fan of Ruth's Chris and keeping everything at The Banks upscale will keeps the dregs of Cincinnati from over-running it.

Ruth Chris is very good. Nice add for the Banks and downtown.

(01-19-2012 10:44 AM)SuperFlyBCat Wrote:  

(01-19-2012 10:03 AM)nachoman91 Wrote:  Love it!! I'm a huge fan of Ruth's Chris and keeping everything at The Banks upscale will keeps the dregs of Cincinnati from over-running it.

Ruth Chris is very good. Nice add for the Banks and downtown.

I've never been to one so I'm looking forward to it. There are a lot of great steakhouses in this town so it'll have to be good to stay afloat. Good addition to the Banks IMO.

Think the addition of a grocery store in Phase 2 also sounds positive as well.

It's taken long enough but this whole Banks deal is starting to come together nicely. I will always hold a little disappointment in the space occupied by the Freedom Center and the potential that land had to be the entertainment landmark of a fantastic entertainment district.

With all of the proposed phase two additional construction, how is parking going to look when its all said and done? Oh wait, I forgot. We are all supposed to park at Findlay Market and ride the railcar down to the Banks.

(01-19-2012 11:19 AM)EcFlay Wrote:  It's taken long enough but this whole Banks deal is starting to come together nicely. I will always hold a little disappointment in the space occupied by the Freedom Center and the potential that land had to be the entertainment landmark of a fantastic entertainment district.

With all of the proposed phase two additional construction, how is parking going to look when its all said and done? Oh wait, I forgot. We are all supposed to park at Findlay Market and ride the railcar down to the Banks.

Parking shouldn't be a problem. There is a parking garage built on the ground level that currently stretches from Great American and connects Phase I and the Freedom Center. The parking garage underneath Phase II looks to be almost complete (if not already complete) so you basically have two stories of parking stretching continuously all the way from GABP to PBS. I park in the Freedom Center garage every day for work and there is a ton of available parking.

(01-19-2012 11:32 AM)Racinejake Wrote:  

(01-19-2012 11:19 AM)EcFlay Wrote:  It's taken long enough but this whole Banks deal is starting to come together nicely. I will always hold a little disappointment in the space occupied by the Freedom Center and the potential that land had to be the entertainment landmark of a fantastic entertainment district.

With all of the proposed phase two additional construction, how is parking going to look when its all said and done? Oh wait, I forgot. We are all supposed to park at Findlay Market and ride the railcar down to the Banks.

Parking shouldn't be a problem. There is a parking garage built on the ground level that currently stretches from Great American and connects Phase I and the Freedom Center. The parking garage underneath Phase II looks to be almost complete (if not already complete) so you basically have two stories of parking stretching continuously all the way from GABP to PBS. I park in the Freedom Center garage every day for work and there is a ton of available parking.

i have a buddy who lives at the current. for some reason, there is unmetered parking a few blocks away. not exactly sure the street. but i'm sure that's going to change.

(01-19-2012 11:44 AM)Lush Wrote:  

(01-19-2012 11:32 AM)Racinejake Wrote:  

(01-19-2012 11:19 AM)EcFlay Wrote:  It's taken long enough but this whole Banks deal is starting to come together nicely. I will always hold a little disappointment in the space occupied by the Freedom Center and the potential that land had to be the entertainment landmark of a fantastic entertainment district.

With all of the proposed phase two additional construction, how is parking going to look when its all said and done? Oh wait, I forgot. We are all supposed to park at Findlay Market and ride the railcar down to the Banks.

Parking shouldn't be a problem. There is a parking garage built on the ground level that currently stretches from Great American and connects Phase I and the Freedom Center. The parking garage underneath Phase II looks to be almost complete (if not already complete) so you basically have two stories of parking stretching continuously all the way from GABP to PBS. I park in the Freedom Center garage every day for work and there is a ton of available parking.

i have a buddy who lives at the current. for some reason, there is unmetered parking a few blocks away. not exactly sure the street. but i'm sure that's going to change.

Hmmm, I know on 3rd street there is metered parking but maybe only during business hours. Probably the same on intersecting streets like Walnut, Vine, Sycamore, etc. I know people who live at Current have their own garage but I do believe guests have to pay to park in the regular garage.

Morton's $$$$ steahouse chain already right up the street on Vine, and locally owned Jeff Ruby's Steakhouse is on Walnut. Room for three super expensive steakhouses in downtown Cincinnati?

A police welcome station? Isn't that where Cincinnati USA or the Chamber of Commerce should be?

Too bad that the URR center couldn't have been combined with the Museum Center, leaving the URR site open for something else.

Too bad the county/city didn't take a hard line with the Browns, and refuse to allow prime riverfront property be used for a practice field. Wouldn't it be nice if the property could be used for mixed income downtown housing?

After an initial surge, this project will be crushed by its own weight, or more likely, subsidized at taxpayer expense.

(01-19-2012 01:20 PM)OneUChoopsfan Wrote:  Morton's $$$$ steahouse chain already right up the street on Vine, and locally owned Jeff Ruby's Steakhouse is on Walnut. Room for three super expensive steakhouses in downtown Cincinnati?
A police welcome station? Isn't that where Cincinnati USA or the Chamber of Commerce should be?

Too bad that the URR center couldn't have been combined with the Museum Center, leaving the URR site open for something else.

Too bad the county/city didn't take a hard line with the Browns, and refuse to allow prime riverfront property be used for a practice field. Wouldn't it be nice if the property could be used for mixed income downtown housing?

After an initial surge, this project will be crushed by its own weight, or more likely, subsidized at taxpayer expense.

I'm not a fan of Morton's. Overpriced and not nearly as good as any of the Ruby restaurants or Celestial IMO. I'd be just fine if it went under. Ruby's does a pretty solid business. Difficult to get a reservation there at a decent time on the weekends unless you plan a week or so in advance.

(01-19-2012 01:50 PM)Racinejake Wrote:  

(01-19-2012 01:20 PM)OneUChoopsfan Wrote:  Morton's $$$$ steahouse chain already right up the street on Vine, and locally owned Jeff Ruby's Steakhouse is on Walnut. Room for three super expensive steakhouses in downtown Cincinnati?
A police welcome station? Isn't that where Cincinnati USA or the Chamber of Commerce should be?

Too bad that the URR center couldn't have been combined with the Museum Center, leaving the URR site open for something else.

Too bad the county/city didn't take a hard line with the Browns, and refuse to allow prime riverfront property be used for a practice field. Wouldn't it be nice if the property could be used for mixed income downtown housing?

After an initial surge, this project will be crushed by its own weight, or more likely, subsidized at taxpayer expense.

I'm not a fan of Morton's. Overpriced and not nearly as good as any of the Ruby restaurants or Celestial IMO. I'd be just fine if it went under. Ruby's does a pretty solid business. Difficult to get a reservation there at a decent time on the weekends unless you plan a week or so in advance.

Totally agree, Morton's is the stepchild of Rubys, Ruth Chris, and Smith & Wollensky. Schula's are very good also.

(01-19-2012 01:50 PM)Racinejake Wrote:  

(01-19-2012 01:20 PM)OneUChoopsfan Wrote:  Morton's $$$$ steahouse chain already right up the street on Vine, and locally owned Jeff Ruby's Steakhouse is on Walnut. Room for three super expensive steakhouses in downtown Cincinnati?
A police welcome station? Isn't that where Cincinnati USA or the Chamber of Commerce should be?

Too bad that the URR center couldn't have been combined with the Museum Center, leaving the URR site open for something else.

Too bad the county/city didn't take a hard line with the Browns, and refuse to allow prime riverfront property be used for a practice field. Wouldn't it be nice if the property could be used for mixed income downtown housing?

After an initial surge, this project will be crushed by its own weight, or more likely, subsidized at taxpayer expense.

I'm not a fan of Morton's. Overpriced and not nearly as good as any of the Ruby restaurants or Celestial IMO. I'd be just fine if it went under. Ruby's does a pretty solid business. Difficult to get a reservation there at a decent time on the weekends unless you plan a week or so in advance.

I'm a fan of Ruth's and have dined at quite a few, so I hope they have great success here.