NRI to Redevelop Byers Chevrolet Site in Franklinton
Nationwide Realty Investors (NRI) has redeveloped The Arena District, is currently working on Grandview Yard, and now has turned their attention to Franklinton with news of a major property purchase on West Broad Street. The Byers Chevrolet dealership at 555 West Broad Street was announced as closing recently, and today NRI has stated that they are in contract to purchase the eight acre property.
“The city’s plan for redevelopment of the Scioto Peninsula and adjacent Franklinton neighborhood is very exciting,” said NRI President and COO Brian Ellis. “The acquisition of this property allows us to play a role in helping to rebuild and rejuvenate this great neighborhood.”
Ellis is not announcing any plans for the site at this point in time. He says that they are still evaluating a variety of potential uses and will share more details once their initial planning phase is completed.
In 2012, a neighborhood plan was completed for East Franklinton, which envisions the area as a new creative hub for the city of Columbus. The Broad Street corridor, where the Byers Chevrolet site is located, is highlighted in the plan as an area that should be the densest part of the neighborhood with 2000-3000 new residential units to be built over the next 20 years.
Byers Chevrolet will continue to utilize the property through the end of 2014 before relocating to Grove City.
“This is very exciting news,” said Franklinton Development Association Executive Director Jim Sweeney. “We look forward to working with NRI in East Franklinton.”
For more information on NRI, visit www.nationwiderealtyinvestors.com.