The Edwards Companies have secured infrastructure financing for the first phase of its One Neighborhood downtown residential development through the Columbus-Franklin County Finance Authority. The Finance Authority has issued $2.45 million in tax-exempt bonds to support the project through the Central Ohio Bond Fund. The financing will be used to fund landscaping, utility work and other public infrastructure improvements. The infrastructure financing is essential for the project’s continued development which will be comprised of 300 residential units on nine-city blocks at build out. The project is bounded by Fourth and Gay and extends east to the Columbus College of Art and Design.
“The Edwards Companies has been pleased to play a key role in transforming the Gay Street corridor from a line of black top parking lots to a vibrant urban neighborhood” said Jeff Edwards, the Edwards Companies President. “We could not have done this without strong partners like the City of Columbus and the Finance Authority. Accessing capital remains a pivotal piece to complete these types of challenging projects.”
This year, in addition to the One Neighborhood development, the Finance Authority has provided financing for several high-profile projects throughout Central Ohio, including:
*The Ohio Capital Fund, the state’s venture capital investment;
*Nationwide Children’s Behavioral Health unit’s leasehold improvements;
*Entrotech’s equipment financing;
*BalletMet’s refinancing for its existing building;
*Pizzuti’s development near Rickenbacker for the Whirlpool distribution center; and
*Wasserstrom’s distribution center acquisition.
“These projects represent significant capital investments across varied economic sectors for Central Ohio,” said Jean Carter Ryan, the Finance Authority’s executive director. “We want to be a part of building on our community’s strong tradition of business growth.”
The Finance Authority is in its fourth year of operations and has issued $269 million in financing closing on 17 projects that will invest more than $330 million and create over 1,440 jobs in Central Ohio.