In the ongoing debate concerning the future of Cincinnati's aging Heritage Bank Center, the local business community at The Banks is pushing for a new arena at the exact riverfront location, in contrast to recommendations from a recent feasibility study. The study, released in November and conducted by the city in collaboration with several regional partners, suggested two alternative locations for a new arena—either south of TQL Stadium in the West End or near the Duke Energy Convention Center, areas expected to be impacted by the Brent Spence Bridge reconstruction.
According to WCPO, the Banks Business Community advocates for the current site, citing over $3 billion already invested in infrastructure supporting a new venue. Tracy Schwegmann, an asset manager for Jeffrey R. Anderson Real Estate, which manages retail leasing at The Banks, stated, "It is incorrect to say that the new arena can't fit in the current space where Heritage Bank Center is located." She also emphasized the advantages of the existing location in terms of infrastructure and accessibility.
The need for a modern arena was also underscored by the Cincinnati USA Regional Chamber, which initiated the study. Speaking to FOX19, Brendon Cull of the Chamber highlighted the potential to attract major sporting events and concerts, boosting usage to possibly "operating as frequently as one in three nights a year." Yet, the Chamber's findings also pointed out that Heritage Bank Center has seen a decline in programming since 2016, suggesting the venue is no longer competitive without significant upgrades.
A WLWT report noted that the study presented three potential sites and proposed up to $800 million for building the new arena, with expectations of using public tax dollars to cover more than half of the expense. Proponents for rebuilding at the current location argue that a reconstructed Heritage Bank Center would cost significantly less, as stated in a Heritage Bank Center press release, which undercut the estimated costs to $605 million based on more recent figures provided by Turner Construction.
As decisions on the arena's fate loom, Cincinnati Mayor Aftab Pureval has acknowledged the study's findings and emphasized the importance of investigating financing options and gauging community support. Despite the study's recommendations, the operators of Heritage Bank Center, Nederlander Entertainment, have echoed the Banks Business Community's sentiment, arguing in favor of revamping the current location, according to statements made in November. With municipal officials yet to make a clear decision, it seems certain that the debate over Heritage Bank Center's future will continue to engage stakeholders and the public alike.
