Development officials back plan for apartments on Spaghetti Warehouse site
The downtown commission's April 22 meeting included a review of the proposal, which calls for two seven-story buildings with 250 apartments to be constructed at 397 W. Broad St., the property home to Spaghetti Warehouse before it was demolished in February. Commissioners lauded the plans as 'an amazing step forward,' and said they're likely to be supportive moving forward. Watch a previous NBC4 report on the Spaghetti Warehouse in the video player above.
How Ohio budget could impact local school funding
Designed by Columbus architecture firm Moody Nolan, the complex will be named 'The Macklin' in honor of a 19th-century hotel that operated on the site until the 1950s. Once completed, the two buildings are meant to mimic two halves of a geode crystal that has been split.
'We have this brick outside, we pulled the building apart to kind of create an interior that's a little more industrial, like to have a subtle nod to the idea of crystals,' said Jon Guldenzopf, a Moody Nolan design leader. 'So, the outside's wrapped with brick and then exposes a sort of industrial inside that's both metal [and] industrial, but also has this crystallin undulating façade.'
The development is also set to include a first-floor bar called Crystal, named after an ice manufacturing company built in 1891 that operated on the property for several decades. The first two floors will house the complex's 277-space parking garage and some amenities, like a fitness center and a co-working space.
The third floor of each building will feature an 'amenity deck,' with the north building's deck home to an 'Ice Cube Amenity Lounge' and the south building's deck including a pool. The Macklin's upper residential floors will house 35 studio units at 465 square feet, 153 one-bedroom units at 596 square feet, and 62 two-bedroom units at 896 square feet.
American comfort food concept to open downtown Reynoldsburg restaurant
'We obviously want this to be special, so we worked with the Moody Nolan team for over a year and different iterations of this building and we're very pleased with the work they've done,' said Patrick Kelley, co-owner of the project and president of real estate company Falco, Smith & Kelley.
Developers introduced plans in January 2024 to demolish the Spaghetti Warehouse building to make way for an apartment development, which at the time called for 534 units and a 577-space parking garage. Last October, the Ohio Department of Development awarded $52 million for demolition projects across the state, including the Spaghetti Warehouse.
Doug Pak, another co-owner of the project and CEO of the Spaghetti Warehouse chain, noted during the April meeting that the project is much smaller than first imagined because 'of the reality of the market conditions.' Pak argued the team is doing 'the best we can with a smaller scope,' while promising to still deliver on components like affordability.
Kelley emphasized that effort, and said the development is aiming 'to do as much affordability here as is practically possible.' The team will be deciding how many units are dedicated to affordable housing and how many to market-rate in the coming months.
3 central Ohio used-car dealerships being sued by the state for 'shady' practices
'We have a very strong interest in the affordability factor; we recognize the need is tremendous in central Ohio, and our goal is to do as much affordability as we can, above and beyond what's typically required,' Kelley said.
The project is also owned Robert Weiler of the Robert Weiler Company, who joined Kelley and Pak in calling for the Spaghetti Warehouse's demolition in 2022 given the building was 'simply too old and unsafe.' Known for its historic trolley that was saved from demolition to become a learning tool honoring a central Ohio transportation inventor, Spaghetti Warehouse has since reopened Downtown.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Littelfuse (NASDAQ:LFUS) Will Pay A Larger Dividend Than Last Year At $0.75
Littelfuse, Inc. (NASDAQ:LFUS) will increase its dividend from last year's comparable payment on the 4th of September to $0.75. The payment will take the dividend yield to 1.2%, which is in line with the average for the industry. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. Littelfuse's Future Dividend Projections Appear Well Covered By Earnings Unless the payments are sustainable, the dividend yield doesn't mean too much. The last dividend was quite easily covered by Littelfuse's earnings. This indicates that quite a large proportion of earnings is being invested back into the business. According to analysts, EPS should be several times higher next year. Assuming the dividend continues along recent trends, we think the payout ratio will be 19%, which makes us pretty comfortable with the sustainability of the dividend. See our latest analysis for Littelfuse Littelfuse Has A Solid Track Record The company has a sustained record of paying dividends with very little fluctuation. Since 2015, the annual payment back then was $1.00, compared to the most recent full-year payment of $3.00. This means that it has been growing its distributions at 12% per annum over that time. So, dividends have been growing pretty quickly, and even more impressively, they haven't experienced any notable falls during this period. The Dividend Has Growth Potential Investors could be attracted to the stock based on the quality of its payment history. It's encouraging to see that Littelfuse has been growing its earnings per share at 7.4% a year over the past five years. Since earnings per share is growing at an acceptable rate, and the payout policy is balanced, we think the company is positioning itself well to grow earnings and dividends in the future. Littelfuse Looks Like A Great Dividend Stock In summary, it is always positive to see the dividend being increased, and we are particularly pleased with its overall sustainability. Distributions are quite easily covered by earnings, which are also being converted to cash flows. Taking this all into consideration, this looks like it could be a good dividend opportunity. Companies possessing a stable dividend policy will likely enjoy greater investor interest than those suffering from a more inconsistent approach. Still, investors need to consider a host of other factors, apart from dividend payments, when analysing a company. As an example, we've identified 2 warning signs for Littelfuse that you should be aware of before investing. Is Littelfuse not quite the opportunity you were looking for? Why not check out our selection of top dividend stocks. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Possible Bearish Signals With Nasdaq Insiders Disposing Stock
Over the past year, many Nasdaq, Inc. (NASDAQ:NDAQ) insiders sold a significant stake in the company which may have piqued investors' interest. Knowing whether insiders are buying is usually more helpful when evaluating insider transactions, as insider selling can have various explanations. However, when multiple insiders sell stock over a specific duration, shareholders should take notice as that could possibly be a red flag. Although we don't think shareholders should simply follow insider transactions, we do think it is perfectly logical to keep tabs on what insiders are doing. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. Nasdaq Insider Transactions Over The Last Year The Executive VP, Bradley Peterson, made the biggest insider sale in the last 12 months. That single transaction was for US$1.0m worth of shares at a price of US$75.38 each. So it's clear an insider wanted to take some cash off the table, even below the current price of US$94.68. As a general rule we consider it to be discouraging when insiders are selling below the current price, because it suggests they were happy with a lower valuation. Please do note, however, that sellers may have a variety of reasons for selling, so we don't know for sure what they think of the stock price. We note that the biggest single sale was only 8.7% of Bradley Peterson's holding. Over the last year we saw more insider selling of Nasdaq shares, than buying. You can see the insider transactions (by companies and individuals) over the last year depicted in the chart below. If you click on the chart, you can see all the individual transactions, including the share price, individual, and the date! Check out our latest analysis for Nasdaq If you like to buy stocks that insiders are buying, rather than selling, then you might just love this free list of companies. (Hint: Most of them are flying under the radar). Insiders At Nasdaq Have Sold Stock Recently Over the last three months, we've seen significant insider selling at Nasdaq. Specifically, insiders ditched US$2.1m worth of shares in that time, and we didn't record any purchases whatsoever. Overall this makes us a bit cautious, but it's not the be all and end all. Insider Ownership Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own. We usually like to see fairly high levels of insider ownership. It's great to see that Nasdaq insiders own 0.6% of the company, worth about US$342m. I like to see this level of insider ownership, because it increases the chances that management are thinking about the best interests of shareholders. So What Do The Nasdaq Insider Transactions Indicate? Insiders sold stock recently, but they haven't been buying. Despite some insider buying, the longer term picture doesn't make us feel much more positive. On the plus side, Nasdaq makes money, and is growing profits. It is good to see high insider ownership, but the insider selling leaves us cautious. While it's good to be aware of what's going on with the insider's ownership and transactions, we make sure to also consider what risks are facing a stock before making any investment decision. While conducting our analysis, we found that Nasdaq has 2 warning signs and it would be unwise to ignore them. Of course Nasdaq may not be the best stock to buy. So you may wish to see this free collection of high quality companies. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions of direct interests only, but not derivative transactions or indirect interests. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Yahoo
2 hours ago
- Yahoo
Investors Can Find Comfort In Covenant Logistics Group's (NYSE:CVLG) Earnings Quality
Explore Covenant Logistics Group's Fair Values from the Community and select yours Covenant Logistics Group, Inc.'s (NYSE:CVLG) stock was strong despite it releasing a soft earnings report last week. However, we think the company is showing some signs that things are more promising than they seem. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. How Do Unusual Items Influence Profit? Importantly, our data indicates that Covenant Logistics Group's profit was reduced by US$9.8m, due to unusual items, over the last year. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And that's hardly a surprise given these line items are considered unusual. If Covenant Logistics Group doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year. That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates. Our Take On Covenant Logistics Group's Profit Performance Because unusual items detracted from Covenant Logistics Group's earnings over the last year, you could argue that we can expect an improved result in the current quarter. Based on this observation, we consider it likely that Covenant Logistics Group's statutory profit actually understates its earnings potential! Unfortunately, though, its earnings per share actually fell back over the last year. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. Every company has risks, and we've spotted 1 warning sign for Covenant Logistics Group you should know about. This note has only looked at a single factor that sheds light on the nature of Covenant Logistics Group's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
