Developer The Edwards Companies, located in Columbus, is moving forward with a project that would significantly alter the downtown area of Columbus close to Capitol Square. The ambitious Capitol Square Renaissance Project aims to construct five new mixed-use structures that might revitalize the neighborhood by adding public parks, retail establishments, residential units, and better streetscapes.
The corporation is hoping to secure $33 million in state tax credits through the Ohio Transformational Mixed-Use Development Program in order to begin construction on the roughly $600 million extensive makeover that will cover six city blocks. Columbus Underground reports that the corporation insists that these credits are necessary for the project to move forward. Next year, the competitive state program will announce its tax credit beneficiaries.
Rebuilding the parking lots that have long dominated the area and turning them into a bustling urban area is part of the renovation plan that Columbus Underground purchased. One of the project’s main features is a 10-story structure across from Capitol Square, as well as two 11-story structures built on South Fourth Street that offer a combination of retail and residential space. The developer’s proposal expands the current continuum of urban reconstruction, which has already seen notable developments in the form of Preston Centre and the almost finished The Gilbert skyscraper at 195 E. Broad St.
The project’s cornerstone is the Preston Centre, formerly known as PNC Tower, which has been partially converted into flats and is now home to Butcher & Rose, a new steakhouse. According to NBC4i, the project’s incorporation of public spaces is reflected in Preston Park, a promenade that resembles New York’s Highline Park and serves as a symbol of the development’s dedication to urban greening. Preston Park connects to The Gilbert.
The CEO of Edwards Companies, Jeff Edwards, described the company’s downtown regeneration approach in a story published in The Columbus Dispatch, echoing the revolutionary spirit. Edwards emphasizes the project’s potential to “turn the tide,” by revitalizing the area’s real estate and communal bearings, despite the continuous shift to distant work brought on by the epidemic that has left office-centric neighborhoods like Capitol Square struggling.
The Capitol Square Renaissance covers an astounding 1.85 million square feet in its entirety. But since the project’s implementation depends on funding from the aforementioned tax credits, the Ohio Transformational Mixed-Use Development Program’s decisions will determine whether or not this downtown Columbus vision is realized, with a completion date of 2030. As of right now, the developer highlights that long-standing parking lots—which some may view as a holdover from earlier urban planning eras—are only awaiting this crucial approval to begin their transformation into centers of contemporary urban life and business activity.
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