The State of Ohio yesterday announced the recipients of its new “Transformational Mixed-Use Development” tax credits, giving a major boost to three Columbus projects.
Two Franklinton developments landed the credits – the second phase of the Gravity development, which features a 12-story mixed-use building on West Broad Street along with several other office and residential buildings, and the new CoverMyMeds campus, a $250 million office complex located north of McKinley Avenue and west of Souder Avenue.
A plan from Connect Realty to redevelop the former Value City site at the corner of Innis and Westerville Roads was awarded $7.1 million in credits. The first phase of the project would involve converting the existing warehouses on the site into a manufacturing facility for modular housing units, according to a press release. Apartments made out of those modular units would then be constructed on the 27-acre site.
Two significant Columbus projects had applied for the credits but were not selected – the North Market Tower and the second phase of the Peninsula development.
It’s not clear what impact the failure to immediately land the tax credits will have on each of those developments. The North Market Tower received approvals from both the Downtown Commission and the Historic Resources Commission late last year, but no timeline has been announced for the start of construction on the project.
Amy Taylor, President of the Columbus Downtown Development Corporation, didn’t comment directly on the credits but said that the Peninsula development team would be meeting soon to “review next steps.” A November announcement showed a 34-story tower as part of the second phase of the development, but the concept has yet to be presented to the Downtown Commission. The first phase of the project is currently under construction.
Two Central Ohio developments received credits in the smaller “General” projects category – RiverWest Partner’s plan for an East Riverfront District in Delaware, and a plan to renovate the historic Newark Arcade.
The credits were awarded during the monthly meeting of the Ohio Tax Credit Authority. A statement provided by the Ohio Department of Development, which administers the program, said that a total of $100 million in tax credits were approved, and that a second round of the program will open “in the coming months.”
Columbus “Major City” projects awarded credits:
- Gravity 2 (total tax credit – $14.3 million)
- Connect Value City (total tax credit – $7.1 million)
- CoverMyMeds Franklinton – (total tax credit – $6.8 million)
Non-Columbus “Major City” projects awarded credits:
- The Centennial, a renovation of Union Trust Company Building in downtown Cleveland (total tax credit – $40 million)
- Superior Arts District, a renovation of five historic Cleveland buildings (total tax credit – $8.6 million)
Central Ohio “General” projects awarded credits:
- RiverWest Delaware Flax St (total tax credit – $3.4 million)
- Newark Arcade (total tax credit – $1.6 million)
Central Ohio projects that applied for credits in this round but didn’t get them:
- North Market Tower (total tax credit – $30.5 million)
- The Peninsula Phase 2 (total tax credit – $21 million)
- High North in Worthington (total tax credit – $14.6 million)
- Easton apartments, 4000 Brighton Rose Square (total tax credit – $12 million)
- 707 W. Broad St., former Graham Ford site (total tax credit – $11.5 million)
- The Galaxy at Polaris (total tax credit – $9.8 million)
- Front & Fulton (total tax credit – $8.8 million)
- Continental Centre renovation (total tax credit – $6.5 million)
- Arlington Gateway (total tax credit – $2.5 million)
- Golden Bear redevelopment (total tax credit – $1.2 million)
For more information, see development.ohio.gov.