CINCINNATI - The 90-year-old Carew Tower, one of downtown Cincinnati's most historic landmarks, has been offered for sale to the highest bidder.
According to our media partners at the Cincinnati Enquirer, the Cincinnati office of Cushman & Wakefield, a global real estate services firm, will broker the sale and is seeking bids for the retail and office space inside the Carew Tower complex, the company confirmed.
The complex includes the 561-room Hilton Cincinnati Netherland Plaza Hotel - which is not for sale - and the 49-story tower with about 400,000 square feet of space and 110,000 square feet of retail space in the Carew Tower Arcade on the basement, first and second floors.
The assessed value of the office section of the tower from the third floor up is about $18.4 million, according to Hamilton County Auditor Dusty Rhodes. The retail portion is valued at about $9.7 million, he said.
Belvedere Corp. CEO Greg Power, a Cincinnati native and commercial real estate investor who owns the hotel and the tower, which he bought in 2014, could not be reached to provide further details.
New owners would take over a building that has panoramic views of downtown, the Ohio River and Northern Kentucky from the top floors, which might appeal to a buyer interested in converting part of the building to residential use.
Once the tallest building west of the Alleghenies, workers began construction of the 49-story Carew Tower just before the Great Depression and completed it in 1930 at a cost of more than $30 million.
The building, which was designated a National Historic Landmark in 1994 because of its significance in American history, was an early prototype of the world-famous Rockefeller Center in New York City and considered a symbol of prosperity and growth in Cincinnati.
The grand art deco structure, which was one of the first buildings to be designed specifically as an urban mixed-use development, is now home to a variety of office tenants and retailers, including JPMorgan Chase & Co., Paragon Salon, Frisch’s; and Hellman’s Clothiers.