The Columbus-Franklin County Finance Authority issued $18.5 million in taxable revenue bonds to Lane Avenue Redevelopment LLC for their $37.9 million mixed-use project in Upper Arlington.
Lane Avenue Redevelopment LLC has purchased property across from the Lane Avenue shopping center and plans to build over 100 apartment units, add office and retail space, build a 109-room Homewood Suites Hotel, as well as a parking garage and surface lot. The developers anticipate 200 construction jobs will be associated with the project and 100 full-time jobs being created.
The Finance Authority’s support of the project provides upfront savings to the developer of $750,000 through its capital lease structure.