Atlanta developer to exit Cincinnati project

Company preparing for 2 high-profile projects in hometown.

Atlanta developer Carter is stepping down from its 10-year role as the lead developer in a massive project in Cincinnati, a move that comes as the company gears up for a pair of high-profile projects in its hometown.

Carter said it will not serve as the master developer in future phases of The Banks in Cincinnati, an ambitious riverfront development it has led since 2007 outside stadiums for the Cincinnati Bengals and Reds. The company will retain its interests in the first two phases of the mixed-use project.

The move was described in a news release as a mutual decision by Carter, local leaders and a government-backed steering committeet. The Banks started last decade as the global economy went into melt down.

The Banks also includes the Global Operations Center for General Electric and the National Underground Railroad Freedom Center.

Carter is the lead development partner of Georgia State University in the rebirth of Turner Field as a football stadium for the Panthers and a mix of retail, office space, student apartments and instructional space.

Carter is also a key part of the development team behind a new airport terminal complex that will include office space and a luxury InterContinental hotel.

“We are extremely honored to have been involved at the Banks for the last ten years; it’s been a great run. We will always be big fans of Cincinnati,” Carter Chairman Bob Peterson said in a statement. “We are incredibly focused on executing our current business plan with major projects in Atlanta.”

A news release stated that Cincinnati officials will seek a request for proposals for a new master developer.