$573 million project would build apartments, retail on Downtown Columbus parking lots

COLUMBUS, Ohio (WCMH) -- A proposed $573 million development says it would revitalize Capitol Square in downtown Columbus by constructing mixed-use buildings on large parking lots.

The project by Edwards Companies named the "Capitol Square Renaissance" calls for five structures to be redeveloped or built on Downtown's Broad, Third and Fourth streets. To complete the project, Edwards has applied for a $33 million tax credit from the Ohio Transformational Mixed-Use Development Program, which will announce next year the applicants receiving tax credits.

"[The project] will redevelop struggling buildings and replace parking lots over a 9.8-acre site to create new downtown residences, new restaurants," the development company's application states. "The project will replace the concrete-rich, automobile centric, pedestrian adverse environment with improved street scape, green spaces and three new publicly accessible parks."

While one of the development's buildings already underwent several modernization efforts and the second is under construction, Edwards could begin work on the other three should they be awarded the requested tax credit. The company is aiming to complete construction on the entire Renaissance Project by June of 2030.

That first building is the Preston Centre, the former PNC Tower at 155 E. Broad St., which is already owned by Edwards and has been redeveloped for mixed-use. The application states the Preston Centre is "the cornerstone of the project," and is home to Cameron Mitchell's new steakhouse, Butcher & Rose, that opened on the ground floor this past summer.

As part of the Preston Centre's revitalization, Edwards is redeveloping an elevated walkway connected to the building that will lead to an open-air space named "Preston Park." The park is meant to be reminiscent of the Highline in New York and will be open to the public with plants native to Ohio, public art and programming for live music and other events.

Preston Park will connect to the second building in the development, The Gilbert at 195 E. Broad St. The new 15-story building is already under construction and will be home to residential units and a more than 2,600-square-foot retail space for a café.

A third building would be constructed on a one-acre parking lot at 33 S. Fourth St. and stand 11 stories high. Also accessible through the park and featuring residential units, the building would provide opportunities for retail, small businesses and include a dog park. The application's fourth building is described as "the mirror image" of the third, and would sit directly across from it on Fourth Street.

The development's final building would extend along South Third Street and climb 10 stories high. The application states another public park named "Capitol Park" would be built between this building and an existing building as 34 S. Third St. Those visiting Capitol Park would enter "thru the historic façade of the vacant and dilapidated bank building that currently sits on a portion of the site."

"The [fifth] building completes the square around the Capitol, replacing parking lots with a vibrant and active development that will include retail and restaurant uses," the application states, noting that the five buildings would span 1,845,944 square feet.