Keeping up with CRE trends is as easy as 1-2-3 with our weekly piece! The Weekly Review is a new blog series that will be released every Friday. The market is constantly growing and adapting to new ventures and ideas, and our goal is to provide up-to-date information into what is happening in both the Columbus and U.S. markets, as well as the commercial real estate industry as a whole. As stories evolve, the Weekly Review will continue to follow along and update our clients and community.
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“The state of Ohio will invest $90 million in transportation improvements for the area surrounding Intel Corp.'s future campus in New Albany. A total of $66 million will fund projects on local roadways in Delaware, Franklin and Licking counties. This investment includes reconstructing roadways, improving the safety and efficiency of intersections and making sure the local roadway network has the capacity to address the demands of this rapidly growing area of Ohio, the state announced in a press release. Those projects will be executed by local governments. ‘Much like everything we do in Ohio, economic development is a team sport,’ Ohio Gov. Mike DeWine said in the press release. ‘We are committed to working together with our local government partners to make sure we’re all meeting not only the demands of today, but tomorrow as well.’”
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Industrial - Richem Company Plans to Build $50M Chemical Warehouse Near Intel Corp. Site in New Albany
“Rinchem Co., an Albuquerque-based chemical and gas distributor, is planning a $50 million project near the Intel Corp. site in New Albany. The company is seeking approval of a Community Reinvestment Area agreement with the city for the project at 3447 Clover Valley Road, which is just a few miles from Intel's future campus. New Albany City Council will consider the CRA agreement at its Tuesday meeting. Rinchem acquired a 29-acre parcel of land recently annexed into New Albany and located within the CRA. It intends to build a new chemical warehouse on 22 acres within the project site, according to city documents. The building will measure approximately 122,000 square feet. Construction is scheduled to begin in January 2024 and is expected to be complete in March 2025.”
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“The company behind the Golden Bear Shopping Center redevelopment officially acquired the property in a transaction recorded this week. Golden Bear Development LLC, which is tied to Columbus-based Arcadia Development, bought the Upper Arlington site for $5.62 million, Franklin County property records show. The transfer from GB One LLC was dated Monday, though the mortgage was signed on June 30. The aging shopping center, located at 3700 Riverside Dr., was built in the 1960s. The property includes the main shopping center building, which is a one-story structure that measures just over 34,000 square feet and sits on 4.3 acres, as well as a freestanding bank building that was torn down in April.”