By Cliff Peale
The Cincinnati Enquirer

With a shortfall in public funding for riverfront garages and a new development strategy proposed for downtown, local leaders have delayed formal proposals for the riverfront project called the Banks until this fall.

The Port of Greater Cincinnati Development Authority, which oversees the Banks project, said it has been talking to three developer teams. But soft market conditions and other changes have the developers proceeding cautiously.

The proposals had been due April 30, but will be delayed another 120 days.

"The teams expressed concern of their company's ability to manage development risks, marketplace timing and demand, and expenses with this uncertainty," wrote port chairman Jack Rouse in a letter to city and county officials.

Both developers and the Port insist they are still excited about the Banks project, which would include about 800 residential units, retail, entertainment and office space, and several hundred hotel rooms, all south of Fort Washington Way between Paul Brown Stadium and Great American Ball Park.

But with a new downtown development strategy from consultant John Alschuler, and lack of defined funding for the parking garages, it makes more sense to set the strategy first, said Rob Ackerof Madison Marquette, the local firm that is a member of one of the three teams.

E-mail cpeale@enquirer.com