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55 & 59 E Spring St

This topic contains 27 replies, has 14 voices, and was last updated by King Gambrinus 3 years, 6 months ago.

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September 15, 2013 5:51 pm at 5:51 pm #98785

JAL
Participant

Does anyone know if something is going into the 3 story building at 55/59 E Spring St? They have just removed the entire front of the building and are recreating the entire entrance to the building. Plus it looks like they have gutted the entire inside of the first floor. It used to be an art store that closed last year and recently has just been used only as a billboard for Hollywood Casino.

September 15, 2013 6:53 pm at 6:53 pm #551226

heresthecasey
Participant

Nice. I know it has been for lease by the Day Companies, but have not heard any specific news.

Would be great to see that building get some life put back into it. Hopefully any new tenants would spur additional investment/infill on that block as well.

January 28, 2016 1:03 pm at 1:03 pm #1112524

JAL
Participant

So this is interesting

http://www.bizjournals.com/columbus/news/2016/01/28/nationwide-realty-buys-spring-street-office.html

January 28, 2016 1:15 pm at 1:15 pm #1112532

Pablo
Participant

Nationwide parking garage?

January 28, 2016 1:24 pm at 1:24 pm #1112538

JAL
Participant

Pablo wrote:

Nationwide parking garage?

I doubt that it would be for parking since the parking deck adjacent to this property is in the process of being rehabbed. I am wondering if it is just the building or if some of the surface lots around it are included. Nationwide Realty usually snatches up property for future development as they have done with the old Casino site, Grandview Yard, and vacant properties in East Franklinton.

I wonder if they are just going to sit on it for awhile or have near term plans to develop.

January 28, 2016 1:58 pm at 1:58 pm #1112549

ohbr
Participant

JAL wrote:

<div class=”d4p-bbt-quote-title”>Pablo wrote:</div>
Nationwide parking garage?

I wonder if they are just going to sit on it for awhile or have near term plans to develop.

I doubt it. I don’t see NRI buying prominent downtown space to sit on it for very long. My guess, if the purchase comes with an adjacent lot, offices. If it is that building alone, then I wouldn’t make the same guess. NW is trying to move from leasing building spaces to owning all their buildings. The new Grandview Yard Campus is not large enough to house all the suburban buildings they lease. GV was only designed to bring a limited number of employees closer to downtown.

January 28, 2016 3:18 pm at 3:18 pm #1112583

Jason Powell
Participant

Sounds like a speculative move based on what’s happening along Spring and Long. Both of those corridors are ripe with potential.

January 28, 2016 3:41 pm at 3:41 pm #1112594

ohbr
Participant

Nationwide is actively seeking downtown real estate for a new office building. The size and extent of which, I am not sure, but I would be surprised if the first purchase they have made downtown goes toward speculation over other developments rather than the business purposes.

I will be interested to see either way, especially if they move toward a live/work model like 250 for something more significant, although I don’t see anything they do as being much different than we’ve already seen. I’m sure walker or brent is already on it looking to see what the plans are ;)

January 28, 2016 10:15 pm at 10:15 pm #1112633

indyout
Participant

Would this parcel, combined with the small FedEx building on High, work for a new 1000 room convention hotel?

January 28, 2016 10:25 pm at 10:25 pm #1112635

lbl
Participant

even without the corner parcel where FedEx is. the area in discussion includes the parking lots on either side of the former Art store – from 3rd to Pearl Alley which is a huge surface, surely large enough for a dynamic structure.

January 28, 2016 10:36 pm at 10:36 pm #1112636

mbeaumont
Participant

indyout wrote:

Would this parcel, combined with the small FedEx building on High, work for a new 1000 room convention hotel?

I doubt it. A new 1000 room hotel would need to be connected for it to meet the needs of the Convention Center. I think we’re more likely to see a major expansion to the Hyatt to meet that need.

January 28, 2016 10:36 pm at 10:36 pm #1112637

JAL
Participant

indyout wrote:

Would this parcel, combined with the small FedEx building on High, work for a new 1000 room convention hotel?

This property is too far from the convention center for the convention center hotel. From my understanding the main criteria of the 1000 room hotel is it needs to be directly connected to the convention center similar to the Hilton, Drury, and Hyatt not blocks away.

January 28, 2016 10:43 pm at 10:43 pm #1112640

MichaelC
Participant

Large enough for a new Crew stadium or downtown transit hub. But neither would make sense for NRI.

January 28, 2016 10:45 pm at 10:45 pm #1112641

lbl
Participant

agreed. just hoping NRI will develop something sweet here since its a nice big (nearly) empty canvas.

January 28, 2016 10:51 pm at 10:51 pm #1112645

indyout
Participant

That’s true, the Convention center hotels like to be directly connected, but hopefully NW will announce their plans soon, they usually move on projects pretty quickly.
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