Redevelopment of Commercial Property & Franklinton Mixed-Use Project: What You Need to Know!
Exciting things are happening at The Robert Weiler Company, and we want to bring you up to speed! As you may or may not know, we won a competition (in conjunction with our friends at CASTO) in early 2014 to redevelop 11.5 acres of former public housing properties in East Franklinton – a burgeoning creative-class enclave.
Mayor Michael Coleman called for the redevelopment of the area a few years back. And, in 2012, Columbus, Ohio unveiled a plan proposing a combo of market-rate and low-income housing, with the goal of drawing arts-oriented businesses and more housing.
To that end, our goal is to create 124 new apartments (mainly studios and one-bedroom units) on four floors above 20,000 square feet of commercial and residential space. A little less than half of the units will be priced as “work-force units” to serve tenants making between 80-120% of the region’s median income. Site work is expected to begin this winter (2015), with a neighboring property getting started in Spring 2016. (This neighboring property will have 176 apartments and an undetermined amount of retail and residential; the mix of uses will change with the market.)
Since we are in the midst of this exciting project, we thought it was appropriate to share some tips to keep in mind when redeveloping a commercial property.
Lock Down Approval
If you are the commercial property developer, you will need to seek and receive a series of permits or certificates in order to receive the correct approval. This must be done before any work can begin. In our case, we “won” authorization from the city. If dealing with a building that is occupied, from a monetary standpoint, it’s best to allow tenants to remain in the building up until you receive all the necessary support.
Spell It Out
Next, property developers should clearly outline the details of the agreement to the members of the redevelopment unit. This will ensure that everyone is on the same page, especially in terms of timelines, expected compensation, and the specific responsibilities of the developer and the tenants during and after redevelopment. Any maintenance price increase or expectations for a maintenance-free period should be discussed and agreed upon well in advance.
Patience is Key
Regardless of your role in the redevelopment project, it will likely be a fairly lengthy process. There are also usually many moving parts involved, including government officials, zoning boards, and more. The key is to remain patient and openly communicative with all parties involved; ensure you are working together to achieve your collective goal. Keep in mind, it will all be worth it in the long run!
Allow The Robert Weiler Company to Assist
If you have any questions about the redevelopment of a commercial property, The Robert Weiler Company would love to help! As a full-service commercial real estate and commercial property appraisal firm with over 75 years of experience, we have a competitive advantage in the Central Ohio market and a value that you won’t find at any other firm. Call us today at 614-221-4286; we’d love to start sharing ideas!