The Columbus-Franklin County Finance Authority was awarded a $2.3 million grant from the Ohio Department of Development’s Clean Ohio Revitalization Fund in conjunction with its project partner, Klingbeil Capital Management LLC (KCM).
The Clean Ohio funds will be used to cover the cost of environmental remediation and demolition so that KCM can move forward with redeveloping a blighted and vacant industrial property. The site will be redeveloped into 194-Class A, LEED-certified apartments. The 2.4 acre site is located on Kinnear Road in Columbus, directly west of Lennox Town Center. KCM estimates that 3 full-time jobs and 200 construction jobs will result from the project.
“KCM is thrilled to be launching this project and it could not have been possible without the expertise provided by the team at the Columbus-Franklin County Finance Authority. They have been fantastic partners and brought a ton of value to the table” said Jim Schrim, Chief Operating Officer at KCM.
KCM is a privately-owned, full service real estate operating company whose success can be charted back through the Klingbeil organization to the late 1950s. From its beginnings as a multifamily community developer, the Klingbeil organization has grown by not only providing real estate investment for its own account, but also by providing asset and property management services to the real estate investment industry at large. KCM has developed, acquired and/or managed over 43,000 apartment units in 46 metropolitan areas.