A decade after being identified as a key priority in the City of Columbus 2010 Downtown Strategic Plan, The Peninsula, led by the Columbus Downtown Development Corporation, broke ground last month.
When complete, The Peninsula will be an 18-hour, mixed-use neighborhood with up to 1,800 residential units, 2 million square feet of office space, and 400 hotel rooms developed over the next 10 to 15 years. The river-fronting project offers acres of parks and community greenspaces, bike trails, and easy river access for kayaking and canoeing. And it’s all adjacent to downtown amenities.
Phase I will include components of each of the mix of uses: a resort hotel, apartments, and Class A office space. CFFA supported the project with a $7.22 million New Community Authority & Tax Increment Financing-backed infrastructure bond for funding public roads and utilities. Capital lease structures were provided for three Phase I projects: the 329-unit apartment complex built by an affiliate of Flaherty & Collins; the 231,000 sf office building constructed by a Daimler Group affiliate; and the 197-room hotel developed by a Rockbridge Capital affiliate. Phase I is estimated to be complete by the summer of 2022.
“We’re very pleased to provide key financing to each organization in this transformative redevelopment,” said CFFA Vice President Patty Huddle.