Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with The Gravity Project 2, LLC dba Kaufman Development. To do so, 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.
The Gravity Project 2, LLC dba Kaufman Development is a limited liability company that was established in June of 2018. The company’s primary business is ownership of real estate used for office, retail and residential (mixed-use). The company’s CEO is Brett Kaufman of Kaufman Development, which is a real estate development company headquartered in Columbus, Ohio. Brett Kaufman has been working in real estate development and investing in various types of development projects for approximately 20 years. During this time, he has developed, leased and/or sold over 10,000 homes and developed a variety of commercial, retail, land, and office projects.
The Gravity Project 2, LLC dba Kaufman Development is proposing to redevelop approximately five (5) acres near the corner of W. Broad Street and McDowell Street in East Franklinton. The project will involve a total investment of approximately $194.5 million, which includes $7.5 million in land and acquisition costs, $165 million in real property improvements, and approximately $22 million for a new parking structure at 451 and 455 W. Broad Street, Columbus, Ohio parcel number 010-039621 (the “Project Site”).
The proposed mixed-use development will consist of a new 6-story Class A commercial office facility consisting of approximately 175,750 square feet, a 12-story residential unit comprised of approximately 218,796 square feet, with ground floor Class A office space consisting of approximately 21,445 square feet, a 5-story residential mid-rise consisting of approximately 81,340 square feet, a 5-story residential structure consisting of approximately 24,461 square feet of residential townhomes, and the reno...
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