The Columbus Foundation announced today that it would be providing the Grant Commons development project with a $2 million low-interest loan to help support the renovation of 24 row house buildings on East 11th Avenue in Weinland Park.
“Since 2009, with the Weinland Park Collaborative, the Foundation and its donors have supported significant improvements in Weinland Park, investing in the neighborhood for the benefit of its residents and the community as a whole,” said Doug Kridler, president and CEO of The Columbus Foundation.
Wagenbrenner Development announced last fall that it would be leading the effort via the Weinland Park Collaborative to renovate these buildings and create 90 new rental units targeted as new student housing for the nearby Ohio State University campus. Wagenbrenner also recently broke ground on more single family homes located immediately south on the former Columbus Coated Fabrics site.
“Together, with The Columbus Foundation, we hope to set the stage for continued local investment in Weinland Park,” said Mark Wagenbrenner.
For those traveling to OSU via I-71, 11th Avenue is a gateway access point to the university, and these long-decrepit buildings have remained an eyesore both for the neighborhood and for the college. The buildings were originally constructed between 1916 and 1921 and fall within the Indianola Historic District, which is on the National Register of Historic Places.
“This is also significant for its role in the history of urban planning and for surviving in its entirety for almost 100 years,” said Rory Krupp, Weinland Park resident and historic preservation consultant.
The Foundation’s $2 million loan is a Program Related Investment (PRI), which is designed to provide financial support to nonprofit organizations while also generating revenue for the foundation.
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