The Edwards Companies, a Columbus-based developer, is pushing ahead with a project poised to redevelop the face of downtown Columbus near Capitol Square drastically. The ambitious venture, the Capitol Square Renaissance Project, seeks to erect five new mixed-use buildings, potentially rejuvenating the area with residential units, retail space, improved streetscapes, and public parks.
Eyeing nearly $600 million for the comprehensive overhaul spanning six city blocks, the company is hedging on securing $33 million in state tax credits via the Ohio Transformational Mixed-Use Development Program to break ground. According to a report by Columbus Underground, the company maintains that the project will not proceed without these credits. The state program, known for being competitive, will make its tax credit recipients known next year.
The overhaul blueprint acquired by Columbus Underground includes reconstructing the parking lots that have long dominated the district, transforming them into a vibrant urban space. A key feature of the project includes a 10-story building opposite Capitol Square and two 11-story entities erected on South Fourth Street, each sporting a blend of residential and retail opportunities. Having already made significant advancements in the form of Preston Centre and the nearly completed The Gilbert building at 195 E. Broad St., the developer's vision extends the existing continuum of urban redevelopment.
The Preston Centre, formerly known as PNC Tower, represents the cornerstone of the project, with part conversion to apartments and the establishment of a new steakhouse, Butcher & Rose. As presented by NBC4i, Preston Park, a walkway resembling New York's Highline Park and a marker of the development's commitment to urban greening, connects to The Gilbert, radiating the project's integration of public spaces.
Echoing the transformative spirit in a story by The Columbus Dispatch, Jeff Edwards, CEO of Edwards Companies, articulated the company’s strategy for downtown revitalization. Notwithstanding the ongoing pandemic-induced shift to remote work that has left office-centric areas like Capitol Square faltering, Edwards stresses the project's capacity to "turn the tide," by reinvigorating the area's real estate and communal bearings.
The full scope of the Capitol Square Renaissance spans an impressive 1.85 million square feet. However, with the project's execution hinged on financial backing through the tax above credits, the anticipated outcome of the Ohio Transformational Mixed-Use Development Program's decisions holds the key to whether this vision for downtown Columbus will come to fruition, with a completion target set for 2030. To date, the developer emphasizes that long-established parking lots, which some might consider a relic of urban planning of eras, are merely awaiting this vital approval to commence their metamorphosis into hubs of modern urban living and commercial activity.
