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New options sought for Groveport Town Center
(by Rick Palsgrove, Southeast Editor - August 11, 2010)
Grass is the only thing growing at the northeast corner of Main and Front streets as the proposed Groveport Town Center has yet to sprout.
Groveport village officials and Pizzuti Solutions LLC, which as been working with Groveport to develop the village owned site since 2005, discussed the stalled project, and what could be done to jump start it, at the village's Community Improvement Corporation (CIC) meeting on Aug. 10.
Jim Russell, president of Pizzuti Solutions, said a combination of the poor economy, costs, tight money, a stagnant real estate market, high interest rates, rising rent rates, and financing difficulties have hampered the project.
"It's a tough market to be doing anything," said Russell. "The village has put together a competitive, well done project plan, but we can't get it out of the room."
Plans for the site call for a potential retail/office development that includes: two, 19th century style two story brick buildings with varied storefronts, one 5,929 square feet and the other 9,160 square feet; parking in the rear in the former Ohio and Erie Canal bed, as well as some spaces on Main Street, that would accommodate 146 vehicles; and a public space at the west end of the development at Main and Front streets.
Russell suggested the village consider shouldering more of the financial risk for the project in order to stimulate business interest. He said the village could lease space for its own use "to get things started to advance the project." He added the village could also put together a package where the town government would pay a percentage of the rent, based on sales, to attract a restaurant that could anchor the development. He said other options the village could consider include low cost loans and financial assistance to attract business tenants to the project.
Groveport Economic Development Director Jeff Green said that, even though the project has languished in the tough economy, its potential "is still strong."
Added Groveport Councilman Ed Dildine, "We need to get this off the ground. We've got to be creative. The property has sat vacant long enough."
Village officials will review their options and discuss them at future meetings.
| Comments (1) |
On August 11, 2010 Mary said:
This would be wonderful if they can get this up and running. It has been too long. |
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