The building at 350 West Wilson Bridge Road was originally developed as
part of the Officescape development on the north side of West Wilson
Bridge Road, which also includes properties at 400, 450 and 500 West
Wilson Bridge Road. This building, constructed in 1976, was home to
notable companies such as Mettler Toledo and Corecomm. The property has
been vacant for many years and the new property owner would like to
completely renovate and modernize the building, while redeveloping the
site to accommodate approximately 53,000 square feet of modern medical
office space. The Central Ohio Urology Group intends to move its medical
offices into the first floor of the building.
The new property owner will construct a new entry feature central to the
building that will provide a lobby, elevator and stair access to the
three-story building. Several upgrades to the building include: new
energy efficient and noise reducing windows and doors, a completely new
interior and the extension of natural gas to an existing all electric
building. The overall redevelopment of the site will incorporate
additional parking needed for medical office users, provide for a new
drop off area, updated landscaping, upgraded LED light fixtures and a
new comprehensive sign package.
The developer has received
approval to utilize Property Assessed Clean Energy (PACE) financing to
pay for energy improvements at the site.
Given the long period of vacancy for this building, the City agreed to a two-tiered incentive for the redevelopment and reuse of this property. An Urban Redevelopment Tax Increment Financing (TIF) agreement was approved by City Council on October 5, 2015. The TIF captures payments equal to 75% of the taxes that would otherwise be owed on the value of the improvements to the property for a period of ten years. The TIF proceeds can be used to assist with the cost of installing fire suppression equipment and making the building accessible as required under the Americans with Disabilities Act (ADA). Taxes will be paid as usual on the base value of the property established prior to the proposed improvements and on 25% of the value of the improvements.
The City also approved an economic development grant through the Venture Grant program to encourage the anticipated $6,000,000 in payroll associated with the jobs that will locate in the renovated facility. The grant is payable in three annual installments of $78,800 provided the payroll commitments are met.