THE WEEKLY REVIEW | November 4, 2022
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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Preparing for Intel
The predominantly rural area in Licking County is changing rapidly due to Intel breaking ground. The new expansion is the largest economic development win ever for Ohio. With all the new changes, the county will face challenges involving housing, transportation, water, power, land use, etc. Framework, a consulting firm, “is a planning initiative that aims to address economics, land use, character of place, transportation and more. The group is working to understand the impacts and benefits that Intel will bring.”
Sarah Wallace, a member of the Thomas J. Evans Foundation board, said, “We want to put together a rational, yet aspirational picture for how growth should occur. It is not just about getting through the first three to five years,” she said. “We should be building something sustainable for our lifetimes and future generations.”
Multiple deals have been made at The Crescent at Central Park over the past month. The mixed-use development is in Gahanna and has recently announced new construction on medical office buildings to start in a few weeks. The groundbreaking of the 25,000 square foot building is set for November 15th and projected to be finished in Q2 2024.
“The two-story building, constructed on 2.2 acres, will be anchored by three healthcare tenants: Ohio Gastroenterology Group, Central Ohio Endoscopy and Capital Private Psychological Services. The majority of the facility (20,000 square feet) will be occupied by Ohio Gastroenterology Group and Central Ohio Endoscopy. The remaining 5,000 square feet will be taken by Capital Private Psychological Services.”
The state of Ohio on Monday granted an estimated $71.3 million in tax breaks for Honda to build a battery factory in Fayette County, part of what is expected to be $156 million in state incentives for the project.” Honda’s announcement of the new $3.5 billion factory was just said three weeks ago. The new development is planning to bring in 2,200 workers by 2025.
Jim Weiker from The Columbus Dispatch reported that “the state's Tax Credit Authority on Monday approved Job Creation Tax Credits worth an estimated $71.3 million for the combined Honda projects. The ultimate value of the tax credits depend on how many jobs are created and the value of the new payroll, which is estimated at $117.6 million a year. Honda is required to keep the facilities in the state for at least 33 years as part of the deal.”