Al. Neyer, Inc. to Start Construction on $37
Million Renovation of Historic Landmark
April 14, 2010 04:47 PM Eastern Daylight Time
CINCINNATI--(EON: Enhanced Online News)--It takes nine partnering organizations, $37 million and a lot of
perseverance to re-adapt an iconic 1920s hotel as an office anchor for an urban neighborhood. But, in Cincinnati,
Ohio, the project and investor teams have aligned for the 2010 construction start that transforms the former Vernon
Manor hotel, where President John F. Kennedy and the Beatles once stayed, into office space for world-renowned
Cincinnati Children’s Hospital.
The hotel sits in the heart of a central Cincinnati neighborhood called Avondale, which has struggled with
City of Cincinnati Mayor Mark Mallory and City Manager Milton Dohoney, Jr. joined State of Ohio Regional
Director Brewster Rhoads and Cincinnati Children’s Hospital Medical Center President and CEO Michael Fisher
April 13 in a public announcement of project milestones. Laura Brunner, Executive Vice President, Al. Neyer, Inc.,
Ed Rigaud,Real Estate Enterprises for African-American Leaders (REEAAL), LLC, and leaders from the city’s
Avondale and Corryville neighborhoods also provided remarks.
The new Vernon Manor offices will accommodate more than 600 employees from Cincinnati Children’s, creating
new capacity for the medical center to expand at other locations. Cincinnati Children’s has signed a 17-year lease.
Al. Neyer will start renovation work on the 171,000 square-foot, seven-story building this month. Work on a 440-
car parking garage begins July 2010.
The City of Cincinnati and State of Ohio partnered on a financial assistance package worth $7.1 million to the
redevelopment, including a $10.5 million public parking garage. Al. Neyer said it will finalize closings on project
financing April 16, including Federal New Markets Tax Credits and Federal Historic Tax Credits.
Mr. Dohoney said the retained jobs from Cincinnati Children’s contribute $600,0