Medpace Plans to Expand Madisonville Office Campus with $327M Investment

Medpace, a clinical research company, is expanding its corporate campus in Madisonville, Ohio. This project involves constructing two buildings totaling 654,000 square feet.

Financial Backing and Incentives

The $327 million expansion has secured various incentives from the city of Cincinnati and the Port of Greater Cincinnati Development Authority. These incentives include a tax-increment financing district valued at $3.4 million annually. The project has also received $33 million in job-creation tax credits and additional incentives from JobsOhio.

Public and Private Investments

Medpace's developer, RBM Development Co., will reinvest property taxes into the project. Cincinnati is contributing $1.5 million for public improvements and $200,000 for infrastructure enhancements around Medpace Way and Hetzell Street. Medpace will add $30,000, with the Ohio Department of Transportation providing $325,000.

Development Details

Skanska is overseeing the construction, which includes a nine-story, 579,000-square-foot office tower at 5355 Medpace Way, replacing the current Clinical Pharmacology Unit building. The Unit will move to a new two-story, 75,000-square-foot facility at 5401 Hetzel St. Additionally, two parking garages with a total of 1,300 spaces will be built, along with an outdoor plaza and walkways connecting to existing structures.

Project History and Scope

The expansion's roots trace back to 2022 when the Cincinnati Planning Commission approved the initial proposal. An amendment to the project's zoning was approved in October of the following year. Initially, the project aimed for a 485,000-square-foot first building and an 85,630-square-foot facility for the Clinical Pharmacology Unit, costing an estimated $265 million.

Current Campus and Surroundings

The existing Medpace campus includes five buildings spanning over 575,000 square feet on 30 acres, featuring amenities such as a fitness center, day care, and dining hall. The campus is near two hotels and The Christ Hospital’s Red Bank Outpatient Center, with convenient access to the Red Bank Expressway and Interstate 71, approximately seven miles from downtown Cincinnati.

Impact on Cincinnati’s Development

Medpace's project will significantly boost Cincinnati's construction activity. Outside of this expansion, the city only has 43,000 square feet of space in its development pipeline. The new Medpace buildings will increase this figure nearly fifteenfold. Additionally, Remedy Medical Properties recently acquired a six-building, 145,308-square-foot portfolio in the city's outskirts and Northern Kentucky, indicating a broader trend of medical office development in the region.