News

Banks Development Team Announces General Contractor
Private Construction to Begin

Cincinnati (November 6, 2009) — The Master Development Team of Carter and The Dawson Company announced today it has selected Brasfield & Gorrie, LLC as the general contractor for the private overbuild portion of The Banks.

Brasfield & Gorrie, one of the largest privately-held contracting firms in the nation, brings extensive successful experience in building complex, mixed-use, vertically integrated developments in dense urban areas, a unique expertise that differentiated them from other finalists.

“The Banks is an incredibly complex project because it involves developing a mixed-use, vertically integrated project,” said Harold A. Dawson, Jr., president and CEO of The Dawson Company.

Trent Germano, vice chairman of Carter added, “While all of our finalists were strong, Brasfield & Gorrie brought to the table a track record of successfully completing similar complex projects. Brasfield & Gorrie will be a great fit for The Banks and we look forward to working with them.”

As general contractor, Brasfield & Gorrie will be responsible for the construction of Phase 1A of the private overbuild, which will include 300 apartments and up to 80,000 square feet of retail. The firm’s qualifications included:

• Extensive experience in building mixed-use, vertically integrated projects in urban areas
• Sound financial standing
• Experience in LEED certified projects
• A proven record of meeting and exceeding inclusion commitments
• A commitment to extensive use of local subcontractors and suppliers
• Previous experience working in the Cincinnati market and the Midwest

Brasfield & Gorrie will achieve the development team’s goal of at least 30 percent SBE participation. And, while there is no set goal regarding use of local subcontractors and suppliers, the development team and Brasfield & Gorrie are committed to utilizing a significant amount of local talent to get the job done efficiently and effectively.

“Brasfield & Gorrie are committed to an inclusive process,” said Germano. “We have every confidence they’ll stay true to these commitments, because we have worked successfully with them on similar projects, in similar markets for nearly 20 years.”

Brasfield & Gorrie, which is headquartered in Birmingham, Ala., has developed projects in 29 states mainly in the Southeast and Midwest. They are familiar with the Cincinnati market as they served as general contractor for the Saks redevelopment.

“We are excited about working again in the Cincinnati market and we understand fully the development team’s goals,” said Roddy McCrory of Brasfield & Gorrie, who will serve as project executive. “We are confident that we’ll deliver a quality project that meets or exceeds all expectations. We are eager to get on the site to begin work.”

The development team conducted an extensive search – both locally and nationally – for a general contractor and several weeks ago narrowed the field to three candidates. These candidates were chosen based on a variety of criteria which included specific experience and bonding capacity. Several local firms were approached and considered.

The Brasfield & Gorrie team will waste no time assembling on site. Construction on the private overbuild will begin in December, with a grand opening of Phase 1A set for Spring 2011.

Carter and Dawson make up the master development team and equity partners and USAA Real Estate Company is the primary equity partner for the joint City, County project called The Banks. The Banks is a mixed-use development that will benefit the entire region. In addition to creating a destination where people can live, work and play, The Banks will be a catalyst for regional economic growth. It will drive an estimated $600 million in private investment to our riverfront and provide a place to live for more than 3,000 residents. Once completed, The Banks will be Cincinnati’s largest single, mixed-use development and be composed of a dynamic blend of residential, office, hotel and retail components.