The Economic Impact of the Proposed Queen City Square Tower on Greater Cincinnati
The proposed construction of the Queen City Square Tower in downtown Cincinnati will have a significant impact on the Greater Cincinnati economy. This impact has been measured in terms of impact from new construction and operating expenditures. Several economic highlights are summarized below:
Economic Impacts
- The construction activity associated with the development of the Queen City Square
Tower will generate an economic boost of $715.0 million for the Greater Cincinnati 1
economy. An estimated 5,388 jobs will be associated with this construction activity which will be temporary in nature. An estimated $209.2 million will be generated in household earnings from construction. - The annual operations impact of the Queen City Square Tower is projected to be $1.66 billion. This economic impact includes direct expenditures associated with building operations of the Queen City Square Tower and business operations of building tenants. Household earnings of area residents are expected to be $388.0 million, and 8,655 jobs will be generated.
- Of the economic benefits approximately 31.2 percent are the result of incremental new economic activity, while the other 68.8 percent come from the retention of business that would likely be lost if the project would not occur.
Fiscal Impacts
- Construction activities are expected to generate $3.7 million in earnings taxes for the
City of Cincinnati during construction. - City of Cincinnati earnings tax revenues of $6.3 million will be generated annually when development is complete and Queen City Square Tower is fully occupied.
- Over the term of the tax increment financing (TIF) arrangement, the City of Cincinnati is projected to receive between $35 million and $57 million in TIF revenues beyond the requirements of the bond interest and principal.
Other Effects: Enhancement of the Downtown Office Market
- The Queen City Square Tower will provide high quality contiguous office space that will assist business expansion as well as retention.
- The greatest benefit of the development is that it secures the recommitment of a major corporate employer to downtown Cincinnati, rather than losing such asset to a suburban location.
- It is highly likely that the introduction of the Queen City Square Tower will induce downtown investment by other property owners. This spending on renovation and construction activities will produce upgraded space and a basis for higher property values and taxes.
- Increased renovation/construction activities will include the conversion of some office properties to condominium or apartment use. These activities will, over time, lead to increased property values and an increased demand for retail and entertainment uses associated with residential development.
- The development of Queen City Square Tower will contribute to an image of Cincinnati as a city suitable for national and international firms, and it will help create a stronger, more downtown environment.
1 Greater Cincinnati is the Cincinnati-Middletown Metropolitan Statistical Area, which includes the counties of Hamilton, Butler, Warren, Clermont, and Brown in Ohio; Boone, Kenton, Campbell, Gallatin, Grant, Pendleton, and Bracken in Kentucky; and Franklin, Dearborn, and Ohio in Indiana.
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