Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Parkside on Pearl, LLC. 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.
Parkside on Pearl, LLC is a real estate holding company that is partially owned by five separate entities: Wood’s High Street Ltd, Wood Real Estate LLC, Wood Legacy Holdings LLC, Wood Partners LLC, and Wood SNP LLC. All of these entities specialize in the ownership and development of real estate and are headquartered in the city of Columbus. While the ownership members differ between the entities, Mark Wood is the managing member of all entities. Through the years, Mark Wood and companies has led the way in transforming the Short North from the dilapidated area it once was into the lively, eclectic district it is today. In partnership with their tenants, shopkeepers, startups and restauranteurs. The Wood Companies remains devoted to supporting and fostering the Short North to ensure it remains one of the great Midwest neighborhoods to live, work, and play.
Parkside on Pearl LLC proposes to invest a total capital expenditure of approximately $22,000,000, related to the construction of a new 7-story, 88,563-square-foot mixed-use development at 35 E. Hubbard Avenue, Columbus, Ohio 43201, parcel number 010-010941 (the “Project Site”), in the Short North District. The proposed mixed-use development will consist of approximately 780 square feet of retail space on the first floor, 12,534 square feet of commercial office space on the second floor, and roughly 75,249 square feet of residential units on the remaining floors. The company anticipates that the construction of the commercial office portion of this new mixed-use development will lead to the relocation of an unknown number of positions from within the City of Columbus and the creation of 10 net new full-time permanent positions with an est...
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