The State of Ohio today announced the recipients of the second round of its Transformational Mixed-Use Development tax credit program, giving a significant financial boost to two Columbus projects.
The Merchant Building, a 31-story mixed-use tower planned for the North Market parking lot, was awarded a total tax credit worth $34 million, while Grandview Crossing, the multi-faceted redevelopment of a former brownfield site off of Grandview Avenue, was awarded $6.3 million in credits.
The North Market project missed out on the credits earlier this year, when the first round of projects were announced. Although underground utility work started earlier this year on the streets around the North Market, construction on the tower itself has yet to begin.
The project is being developed by Rockbridge and the Edwards Companies.
At the Grandview Crossing site, workers have been busy for years, first remediating the former landfill-turned-illegal-dumping-ground, and then starting on a series of mid-rise buildings that will hold offices, apartments and retail, some of which have already been completed. A 22,000-square-foot food hall and event center is also currently under construction on the site.
Grandview Crossing is being developed by Thrive Companies.
Several other Columbus projects had applied for the credits this round, according to Business First, including the Kroger Bakery site redevelopment, the office-to-residential conversion of the Continental Centre, the Galaxy development at Polaris, and the Front & Fulton development in the Brewery District. Thrive Companies had also submitted its Mount Carmel West redevelopment for credits.
More information on this round of tax credit awards from the Ohio Tax Credit Authority is available here.