Port Authority To Buy Cincinnati Gardens
There's a buyer for a local historical landmark.
Cincinnati Gardens has entered into a contract to sell its real estate to the Port of Greater Cincinnati Development Authority, including the main arena, an adjacent skating center and three parking lots. In all it's 20 acres.
The Port Authority board of directors voted Wednesday morning to move forward with the purchase of the property. Plans are to demolish the buildings and attract new manufacturing and jobs.
The 67-year old entertainment and sports venue in Bond Hill has a rich history. It was the home of Cincinnati's former NBA team, the Cincinnati Royals (and its star player, Oscar Robertson), and two minor league hockey teams, the Stingers and the Cyclones. Cincinnati Gardens hosted many musical concerts -most notably, an appearance in 1964 by The Beatles, when the popularity of the "Fab Four" was first sweeping the world. From 1983 to 2000, it was the permanent home of the Xavier Musketeers basketball team.
According to the Cincinnati Gardens website, when the arena opened February 22, 1949 there was a exhibition hockey game featuring the Dallas Texans (which eventually became the Cincinnati Mohawks) vs the Montreal Canadiens. Also during the first week:
- University of Cincinnati vs Butler (basketball)
- Xavier University vs Kentucky (basketball)
- Ezzard Charles vs Joey Maxim (boxing)
The project includes demolition of the existing structure, site clearance, and potential utility and access upgrades.
Length of Involvement / Exit: 5 years (estimated) / sale to end user
Total Consideration (US$): $1,750,000 acquisition
Expected Economic Impact / Jobs: Potential for 300 new jobs and capital investment of $20,500,000
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