Photo provided An artist's rendition of a proposed development on the former Joe Willy restaurant site in downtown Columbus at Washington and Jackson streets.
COLUMBUS, Ind. — A developer looking to build a five-story, 120-apartment building that would result in the demolition of a drive-thru bank and house with historical ties is asking the city for a $6.4 million subsidy towards their project.
Rubicon Investment Group is looking to build a mixed-use development with apartments, commercial space and a parking garage on three parcels at 921 Jackson St. and 1008 and 1020 Washington streets.
The total cost of the project is $30.9 million, according to Rubicon’s Matt Nolley. Redevelopment next month will consider a resolution to authorize the use of $6.4 million in central TIF funds to cover a financing gap, with the expense being subject to approval by the Columbus City Council.
As the city has done for other mixed-use developments in recent years including The Taylor and the development at Sixth and Washington streets, they will look to create a separate TIF bounded by the project site which city officials said will recoup the the $6.4 million in 18 years, according to redevelopment officials.
For more on this story, see Wednesday’s Republic.
