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File #: 2561-2019    Version: 1
Type: Ordinance Status: Passed
File created: 9/26/2019 In control: Economic Development Committee
On agenda: 10/14/2019 Final action: 10/16/2019
Title: To authorize the Director of the Department of Development to enter into a Downtown Office Incentive Agreement with Coastal Ridge Real Estate Partners, LLC, Coastal Ridge Management, LLC, PPG Management, LLC and Foxen Insurance Company, LLC.
Attachments: 1. ORD2561-2019 Coastal Ridge - Fact Sheet DOI, 2. ORD2561-2019 Coastal Ridge - Project Site Map
Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Columbus Downtown Office Incentive Agreement with Coastal Ridge Real Estate Partners, LLC, Coastal Ridge Management, LLC, PPG Management, LLC and Foxen Insurance Company, LLC.

Founded in 2013, Coastal Ridge Real Estate Partners, LLC (“CRRE”), is a full-service investment management firm focused on the multifamily real estate sector. CRRE concentrates on acquiring niche multifamily real estate assets, including student housing, senior housing, and market rate housing located throughout the United States. Coastal Ridge Management, LLC (“CRM”) is the common paymaster for CRRE. Founded in 2009, Peak Property Group LLC is a full-service private real estate investment and management company specializing in residential properties in Columbus and Cincinnati, Ohio areas. PPG Management, LLC (“PPG”) is the common paymaster for Peak Property Group LLC. In 2017, Foxen Insurance Company, LLC (“Foxen”) was established to provide risk management products and solutions for the benefit of renters, landlords and property owners. The aforementioned entities were co-founded by and share common owners, Jay Harkrider and Andrew Lallathin.

CRRE, CRM, PPG, and Foxen are proposing to invest a total project cost of approximately $300,000, which includes $156,000 in machinery and equipment, $120,000 in stand-alone computers, and $24,000 in furniture and fixtures to relocate and expand its corporate headquarters (HQ) into the newly constructed commercial office facility known as “80 on the Commons.” The aforementioned companies propose to enter into a new lease agreement on an office space consisting of approximately 60,000 square feet at 80 E. Rich Street, Columbus, Ohio 43215, parcel number 010-296465 (the “Project Site”), to accommodate its increased sales growth and to meet its consumer demands. Additionally, and collectively, the aforementioned companies will create 80 net new full-...

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