Al. Neyer, Inc. & Mayor Mark Mallory Announce Revitalization of Historic Vernon Manor Cincinnatis Al. Neyer, Inc. to start construction on $37 million adaptive reuse/renovation of historic landmark April 2010 Cincinnati, Ohio (April 13, 2010) It takes nine partnering organizations, $37 million and a lot of cooperation and perseverance to re-adapt an iconic 1920s hotel as an office anchor for an urban neighborhoods revitalization efforts. Especially in this economy. But, in Cincinnati, Ohio the project and investor teams have aligned for the 2010 construction start that transforms the former Vernon Manor hotel, where President John F. Kennedy and the Beatles once stayed, into office space for world-renowned Cincinnati Childrens Hospitals continuing growth. The hotel sits in the heart of a central Cincinnati neighborhood called Avondale, which has struggled with revitalization efforts. City of Cincinnati Mayor Mark Mallory and City Manager Milton Dohoney, Jr. joined State of Ohio Regional Director Brewster Rhoads and Cincinnati Childrens Hospital Medical Center President and CEO Michael Fisher April 13 in a public celebration of the redevelopment team, schedule, and financing in place. The new Vernon Manor offices will accommodate more than 600 employees from Cincinnati Childrens, creating new capacity for the medical center to expand at other locations, including its main campus. Cincinnati Childrens Hospital Medical Center has signed a 17-year lease. The repurposing of the Vernon Manor follows our GO Cincinnati strategy, which focuses on developing the life sciences and health care sectors that are creating significant job growth in the next 10 years, according to Cincinnati Mayor Mark Mallory. Al. Neyer will start renovation work on the 171,000 square-foot, seven-story building this month. Work on a 440-car parking garage begins July 2010. City Manager Milton Dohoney, Jr., said the retained jobs from Cincinnati Childrens contribute $600,000 in annual earnings tax revenue, while the new jobs created from this expansion are likely to contribute over $800,000. The City of Cincinnati and State of Ohio partnered on a financial assistance package worth $7.1 million to the redevelopment, including a $10.5 million public parking garage. This agreement has the City purchasing and owning the parking garage for 25 years, utilizing tax-increment financing through the Corryville neighborhood. State of Ohio has approved $7.5 million in loans that will be used to finance the garage construction as the city pays for the garage over the 25-year period. Al. Neyer will operate and manage the garage. Al. Neyer, Inc. Executive Vice President Laura Brunner said garnering state, city and community support early on for the complex redevelopment, working with tenant Cincinnati Childrens Hospital Medical Center on project goals, and successfully pitching project ownership to local African-American investment leadership group REEAAL, LLC., are accomplishments that will transcend the initial success of this project for decades to come.This project is a key economic development project that will both be an anchor in the Avondale community and expand the capabilities of Cincinnati Childrens Hospital, which means more jobs, according to Mayor Mark Mallory. It also fits into our GO Cincinnati economic development strategy as a employment sector that will be growing over the next several years.