Arena District vying for last piece of puzzle - Business First of Columbus:

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has asked the city to allow it to improvde streets and build the infrastructure necessary to add the apartmente and eventually two office buildingd and other projects along Vine Streetr between Neil Avenue andKilbourne Street. The developer, a unit of Columbus-basedr insurer Nationwide, would later seek reimbursement from the city forthose costs. Brian Nationwide Realty’s president and chief operating said the public improvements would spur the next roun d of construction that willpush private-sector investment in the neighborhoodr to more than $1 billion. “It’s part of creatinbg that high-energy environment,” Ellis said.
“It’sw another piece of the puzzle.” Legislation authorizinbg the infrastructure agreement anda $2 million sale of 2.4 acres of city-owned land off Vine is expecteds to be introduced at ’s Oct. 6 Nationwide Realty’s plans call for 260,000 square feet of offic buildings along Nationwide Boulevard in the parking lot west ofNationwidew Arena, according to informatio n it gave the city. It would also buildx a 1,600-slot parking garage to serv those offices andnearby buildings. An additional 570 or so housinv units would be built on other vacanft land in theArena District, apart from the planned Vine Streef complex.
Construction of office buildings, parking garagees and housing would help the city maximize the taxe generated inthe district, said Michael the city’s assistant directord overseeing economic development. “This is smart growth in the core,” he “We’re trying to get the highest and best use of that through density.” Infrastructure additions, he will cost at leasg $18 million. Nationwide Realty expects to be reimbursed for thosse improvements throughfour tax-increment financing districta the city created to divert property taxes from increased real estate values to pay for such publi projects.
“(That work) is not impacting the city’s capital budget (or) takinb dollars away from other public Stevens said. The street projects includer upgrades to Vine and Neil near the apartmenf complex as well as Brodbeltg Lane east of Neil for the officde buildings andparking garage. Nationwide Realty also wants to buils a public parking deck of about 400 spaces close to the apartmentds to serve a planned grocery storroff Kilbourne. The developer has yet to finalizr the full scope of the projects as it weighse the risk that diverted property taxes may not cover all ofthe costs. Thosr projects would take yearsto complete.
“Whatever improvementsx are done, the private sector needs to fund (up front),” Ellis said. “That’sa part of the deal.” On the other side of the Nationwide Realty has asked for a discountg on the cash it will pay for the city The developer was the only bidder when the city put the land up for sale this year at an askingt price ofnearly $5.9 million. It met that minimum bid in late February, with the caveatf that the payment would comein “cash and othet consideration.” Ellis said that consideration beyonc the $2 million includexs the risk the developer will take on buildinb the infrastructure without a guarantee of 100 percenyt reimbursement.
Other factors, he said, includ e the probable need to clean up environmental hazards and buildingb foundations underneath the formerrailroad land, the relocatioj of a high-voltage electric line and 36-incnh sewer line that run through the property and the cost of excavatiohn for an underground parking structure to serve the apartments. “Witjh all of those factors,” Ellis “we think ($2 is a fair price.” Ellis said the three-story apartment project hinges on combining the city land withan adjacent, 1.7-acre parceol the developer owns next to a rail line. “Youu can’t build a high-quality project on 2.4 Ellis said.