Ohio awards $33 million tax credit for Capitol Square revival
COLUMBUS, Ohio (WCMH) — A Downtown project tasked with transforming Capitol Square into a vibrant mixed-use district was awarded a substantial tax credit from the state of Ohio this week.
Edwards Companies was allotted a $33 million tax credit on Monday for the 'Capitol Square Renaissance' project from the Transformational Mixed-Use Development Program, which also announced tax credits for eight other Ohio projects. The Renaissance project is redeveloping or replacing underutilized buildings and surface parking lots between Downtown's Broad and Third streets. Watch a previous NBC4 report on the Renaissance project in the video player above.
'As our state grows, it's more important than ever that we are creating communities where current and future Ohioans can live up to their fullest potential,' said Gov. Mike DeWine in a release. 'By prioritizing developments that transform neighborhoods, we're making Ohio a place where people will want to be — now and in the future.'
What new Chinese AI technology may mean for Ohio's Intel plant
Costing about $573 million, the Renaissance project will feature more than 1,000 new Downtown residences, nine restaurants, structured parking and nearly 200,000 square feet of office space. The project will replace a concrete-heavy, car-centric environment with improved streetscapes, green spaces and three new publicly accessible parks.
One of the development's buildings already underwent several modernization efforts and the second is under construction, with Edwards set to forge ahead with the others now that they've been awarded the tax credit. The company is aiming to complete construction on the entire Renaissance project by June 2030, creating 2,634 construction jobs and 1,954 permanent jobs.
The first building is the Preston Centre, the former PNC Tower at 155 E. Broad St., which is already owned by Edwards and has been redeveloped for mixed-use. The Preston Centre is 'the cornerstone of the project,' and is home to Cameron Mitchell's new steakhouse, Butcher & Rose, that opened on the ground floor last summer.
As part of the Preston Centre's revitalization, Edwards is redeveloping an elevated walkway connected to the building that will lead to an open-air space named 'Preston Park.' The park is meant to be reminiscent of the Highline in New York and will be open to the public with plants native to Ohio, public art and programming for live music and other events.
Dublin City Schools cancels plan to buy Cardinal Health building for $37 million
Preston Park will connect to the second building in the development, The Gilbert at 195 E. Broad St. The new 15-story building is already under construction and will be home to residential units and a more than 2,600-square-foot retail space for a café.
A third building will be constructed on a one-acre parking lot at 33 S. Fourth St. and stand 11 stories high. Also accessible through the park and featuring residential units, the building will provide opportunities for retail, small businesses and include a dog park. The fourth building is described as 'the mirror image' of the third, and would sit directly across from it on Fourth Street.
The development's final building will extend along South Third Street and climb 10 stories high. Another public park named 'Capitol Park' will be built between this building and an existing building as 34 S. Third St. Those visiting Capitol Park would enter 'thru the historic façade of the vacant and dilapidated bank building that currently sits on a portion of the site.'
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
an hour ago
- Business Insider
World's largest electric carmaker BYD accelerates expansion drive in Africa
Chinese electric vehicle giant BYD is accelerating its expansion in South Africa, plans to triple its dealership network by 2026 and solidify its position in Africa's largest automotive market. BYD is expanding rapidly in South Africa, aiming to triple its dealerships by 2026. The company launched operations in South Africa in 2023 with the ATTO 3 electric vehicle. New energy vehicle (NEV) sales in South Africa doubled to 15,611 units in 2024. The world's largest electric vehicle manufacturer, BYD is aggressively expanding its presence in South Africa's rapidly evolving new energy vehicle (NEV) market, where it faces intensifying competition from other Chinese brands such as GAC, Chery, and Great Wall Motors (GWM). The automaker, which launched in South Africa in 2023 with its BYD battery electric ATTO 3 vehicle, currently operates around 13 dealerships nationwide. According to Steve Chang, General Manager of BYD Auto South Africa, the auto company plans to significantly expand its presence: " By the end of the year, we will have about 20 dealerships around the country, and we aim to grow that to around 30-35 by next year." In an interview with Reuters, Chang said that the expansion will help BYD become a familiar and trusted name as South Africa transitions to electrified vehicles. New models, improved sales in SA As part of its dual-powertrain strategy, the automaker introduced three new models in April: the plug-in hybrid Shark pick-up, the hybrid SEALION 6, and the fully electric SEALION 7 SUV, bringing its total South African offerings to six models that cover both hybrid and battery electric vehicles. Industry figures reveal growing local interest in new energy vehicles (NEVs). According to the National Association of Automobile Manufacturers of South Africa (NAAMSA), NEV sales more than doubled in 2024, reaching 15,611 units, up from 7,782 in 2023. Although NEVs still account for a small fraction of total vehicle sales, the significant growth highlights a shifting consumer mindset that BYD is positioning itself to capitalize on. Regarding the current market landscape, Chang stated, " While the share of NEVs to total car sales is still low, BYD is hoping to capture the market early on, in preparation for a meaningful transition' He further emphasized, " We want to educate and cultivate the market of South Africa and make sure that the South African consumers can catch up with the rest of the world ' Despite the momentum, challenges persist. Limited charging infrastructure, unreliable electricity supply, and higher import duties on electric vehicles compared to traditional combustion-engine cars continue to slow down EV adoption across the continent. However, the Chinese auto giant remains optimistic. 'South Africa is one of the most important automotive markets in the southern hemisphere—and probably the biggest in Africa,' said Chang. 'So it's a market that we have to look at and see how we can develop the market," Chang added.
Business Insider
2 hours ago
- Business Insider
Top 10 African countries with the highest cumulative debt to China (2000–2023)
Over the past two decades, China's financial engagement with Africa has grown remarkably, primarily through infrastructure-focused loans. China's financial involvement in Africa has grown significantly, focusing on infrastructure-oriented loans. The Chinese Loans to Africa Database tracks loan agreements from 2000 to 2023, showing trends in lending amounts and loan dynamics. Angola leads as the top borrower, repaying loans through oil-backed mechanisms for reconstruction needs. These loans have helped build roads, railways, power plants in several African countries, but they have also raised questions about debt sustainability, repayment risks, and the long-term autonomy of African economies. The Chinese Loans to Africa Database, compiled by Boston University's Global Development Policy Center, provides a comprehensive record of loan agreements between China and African countries over a 13-year period, from 2000 to 2023. It reveals not only the total loan amounts but also the number of individual loan agreements signed between African countries and Chinese lenders. After several years of decline, Chinese lending to Africa increased in 2023 the first rise since 2016. This recent uptick shows a shift in Beijing's strategy toward projects with clearer financial viability, as China becomes more selective with its lending. Below is a ranking of the ten African countries with the highest total debt to China, based on the cumulative loan amounts and the number of loans recorded from 2000 to 2023. Rankings of top 10 African countries by debt to China Rank Country Total Loan Amount (USD) 1 Angola $46.0 billion 2 Ethiopia $14.5 billion 3 Egypt $9.7 billion 4 Kenya $9.6 billion 5 Nigeria $9.6 billion 6 Zambia $9.5 billion 7 South Africa $6.9 billion 8 Sudan $6.3 billion 9 Ghana $6.1 billion 10 Cameroon $5.9 billion Angola tops the list, borrowing $46 billion from China through 270 loans. Much of this debt stems from post-civil war reconstruction efforts, particularly in the oil and infrastructure sectors. Angola's model of repaying loans with crude oil became one of the earliest examples of resource-backed Chinese lending on the continent. Ethiopia comes second, with $14.5 billion borrowed via 66 agreements, highlighting the country's deep reliance on Chinese funds for its railways, power projects, and telecommunications infrastructure. Key developments like the Addis Ababa–Djibouti Railway have been financed almost entirely through Chinese lending. Egypt, Kenya, and Nigeria follow closely, each holding debts between $9.5 and $9.7 billion. Egypt's loans have supported transportation, electricity, and real estate projects, while Kenya's financing was pivotal in constructing the Standard Gauge Railway (SGR). Nigeria, similarly, has used Chinese funds for rail, road, and power initiatives. Zambia's debt of $9.5 billion comes from a notably high 82 loans, the largest number in the top ten. This suggests frequent borrowing, likely for smaller-scale or diversified infrastructure efforts. The remaining countries, South Africa, Sudan, Ghana, and Cameroon, each owe over $5.9 billion, reflecting years of engagement across transport, energy, and public service sectors. The growing debt to China shows Africa's dependence on external capital for development. On one hand, Chinese loans have enabled tangible infrastructure improvements that traditional Western financiers often hesitate to fund. On the other hand, the continent faces mounting concerns about debt distress, limited fiscal space, and vulnerability to external shocks.
CNBC
3 hours ago
- CNBC
Jobs, profit-taking and 2 other things that drove the stock market this week
The very public implosion of President Donald Trump and Elon Musk 's alliance may have captivated Wall Street this week, but the government's solid monthly employment report was the real showstopper. In addition to those two developments, earnings from Club names CrowdStrike and Broadcom , and the back-and-forth between Trump and Chinese President Xi Jinping on trade defined the market. 1. Jobs, stocks , Fed : The S & P 500 jumped 1% on Friday on the labor data , which showed job growth in May that was strong enough to ease fears of a recession and warmer-but-not-too-hot wage inflation. With both sides of the Federal Reserve's dual mandate of maximizing employment and fostering price stability in check, the market still felt comfortable rooting for an interest rate cut down the line. For the week, the S & P 500 rose 1.5% , logging its back-to-back weekly gains. For the second time this week, and despite Friday's solid nonfarm payrolls data, Trump prodded Fed Chairman Jerome Powell to cut rates – this time, calling for a full percentage point reduction . The market is predicting virtually no chance of a reduction at the central bank's upcoming meeting later this month. On Wednesday, the president called for a Fed rate cut after the weak ADP private sector hiring report. Powell has been saying all along that he won't be influenced by politics and will be economic data dependent. The Fed chief has also said he would like to see more data on whether Trump's tariffs, which are moving targets and not finalized, negatively impact the economy. 2. Scorched Earth : Could the relationship between the world's most powerful man, Trump, and the world's richest, Musk, end any other way than the way it did Thursday? Both billionaires went after each other on social media. Trump called Musk "crazy" and threatened to kill federal contracts with Musk's companies, including SpaceX. Musk called for Trump's impeachment, criticized Trump's "Big Beautiful Bill" of tax cuts and spending priorities making its way on Capitol Hill, and then said SpaceX would decommission its Dragon spacecraft. Musk later took back that last part. Tesla shares sank over 14% on Thursday – but on Friday, recovered more than 3.5%. Also on Friday, Trump said he was not interested in having a call with Musk. Putting all the drama aside, there are real issues at play here concern the federal budget deficit and the billions upon billions of dollars of stock market value that has been erased from Musk's Tesla . Shares have lost more than 25% year to date. 3. Back on, again : The other Washington-related saga that has implications for stocks is trade talks between the U.S. and China. Trump announced on Friday that U.S.-China trade talks will take place Monday in London. The news comes after Trump and Xi finally talked on the phone Thursday. Last month, high-level U.S. officials met with their Chinese counterparts in Geneva, Switzerland, where they each agreed to pause most of the triple-digit tariff rates on each other's imports. Before the Trump-Xi call, the U.S. president accused China of violating that agreement – to which the Chinese accused the U.S. of not adhering to the deal. Reuters reported on Friday that China granted licenses for rare earth elements to the top three U.S. automakers. Back in April, China, which dominates in rare earths, put export curbs on the resources, which are key to making many of our modern-day products. 4. Records, then selling : Both CrowdStrike and Broadcom saw their stocks finish at record closing highs ahead of this week's respective earnings reports, which led to selling. CRWD YTD mountain CrowdStrike YTD Shares of CrowdStrike hit its closing record of just under $489 on Tuesday. Then after the bell, the cybersecurity delivered a mostly solid quarter . The stock lost 5.8% on Wednesday. Good old profit-taking after a big run to all-time highs contributed to the selling, and so did concerns about mixed guidance and some noise around federal government inquiries into the company — though nothing has changed in our stance toward last July's massive IT outage and its dealings with software reseller Carahsoft. The outage was caused by a botched CrowdStrike software update. CEO George Kurtz appeared on "Mad Money" with Jim and defended his company in the probes , saying the company is cooperating with investigators. On earnings night, we raised our price target to $500 per share from $400 but kept our hold-equivalent 2 rating in recognition of this year's more than 35% gain in the stock. Shares were modestly higher on Thursday and Friday. AVGO YTD mountain Broadcom YTD Broadcom shares closed at a record high of $261 each Wednesday. Then, after Thursday's close, Broadcom delivered a strong quarter and upbeat comments about its key artificial intelligence business. There are no signs that demand for the company's custom AI chips, or "accelerators," and networking solutions will let up anytime soon. On the software side, Broadcom continues to make the most of its blockbuster VMware acquisition. But again, profit-takers swooped in during Friday's session and pushed the stock down 5%. On earnings night, we raised our price target on the stock to $290 per share from $230 but kept our 2 rating. During Friday's Morning Meeting, Jim did tell investors without a position in Broadcom that it would be a good time to buy, starting with a partial position then building it up over time. (Jim Cramer's Charitable Trust is long CRWD, AVGO. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
