THE WEEKLY REVIEW | May 19, 2023
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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“Ohio's biggest economic development project in state history is posing big challenges to the three mayors most connected to it who are seeking to balance the potential for what Intel's arrival brings to the region while retaining the qualities that make their cities special. ‘Johnstown is very rural," Mayor Donald Barnard told about 200 people on Wednesday at the weekly Columbus Metropolitan Club. "We don't want to lose that’”.
“Columbus will seek designation as a U.S. Tech Hub – a region primed to compete globally in industries of the future within a decade – as dollars start to flow from the federal Chips and Science Act and other huge spending bills passed last year. Congress appropriated $500 million this year for what the Chips Act envisions as an eventual $10 billion program to boost workforce development and innovation in Regional Technology and Innovation Hubs outside the established tech giants such as Silicon Valley. Central Ohio economic development organization One Columbus is the most likely lead applicant in a coalition, said Kenny McDonald, CEO of the Columbus Partnership. The U.S. Department of Commerce announced the funding process on Friday; the due date is mid-August”.
“The out-of-state owners of Chase Tower in downtown Columbus plan to convert the office building into luxury apartments. Owners Lingerfelt CommonWealth Partners have filed plans to convert the office tower into a mixed-use building, changing doors and adding an amenity deck. Plans show outdoor patios on the second floor of the building. Offices on the 19th and 20th floors would be preserved. The Columbus Downtown Commission will consider the project at its Tuesday meeting. The materials submitted to the commission state that this would be a historic tax credit project”.