Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with 711, LLC and Wood G.P., Ltd. The Ohio Enterprise Zone law O.R.C. Section 5709.62(C) requires the City to enter into a Council-approved agreement between the City and participating companies.
711, LLC is a real estate holding company that is partially owned by three separate entities, Schiff Capital Group, LLC (Schiff Capital), Wood Operating Company, LLC and Lilly Family Enterprises, LLC. Schiff Capital is a privately held real estate and investment firm headquartered in Columbus, Ohio that specializes in buying, selling, and developing properties; whereas, Wood Operating Company, LLC is part of The Wood Companies that assisted in the revitalization of the historic Short North Arts District. Established by Sandy Wood in the late 1980’s, the company helped transform the Short North District into a vibrant community. Lilly Family Enterprises, LLC was established in March 2015 and is owned and operated by Joel Lilly. Together, the three entities formed 711, LLC.
711, LLC is proposing to redevelop the Buttles and High City parking lot property at 711 North High Street (Short North District), and identified as Franklin County Tax Parcel 010-031749 into a new 9-story Class A commercial office facility with an attached parking garage containing roughly 80 parking spaces. The company plans to invest approximately $38.03 million in new construction. The new Class A commercial office space consists a total square-footage of approximately 162,033 with 107,835 sq. ft. of new Class A office space, approximately 45,586 sq. ft. of a parking support and roughly 8,612 sq. ft. of restaurant space. The new facility will consist of nine floors with the 2nd through 9th floors containing office space, and the 1st and part of the 9th floor containing restaurant space. The company anticipates that the construction of this new facility will lead to the relocation of an unknown number of posi...
Click here for full text