Retail, residential, office space planned in Short North tower
By Jim Weiker
THE COLUMBUS DISPATCH
A Columbus developer plans to build an office and residential tower on the site of the failed Ibiza condominium project in the Short North.
Schiff Capital Group has assumed control of the site at N. High Street and Hubbard Avenue, principal Michael Schiff said.
Schiff said he plans an eight- to 10-story building to include retail and restaurants on the ground floor, three or four floors of office space and some sort of residential space - probably apartments - on the upper floors.
"We believe that we have a real formula for success there," Schiff said. "The Short North is the hottest area in central Ohio right now, and this is the heart of the Short North."
The deal appears to mark the end for Ibiza. The project, announced in 2006, was to have been the largest condo project in the Short North, with 135 units in two 11-story towers.
But the project was crushed by a collapsing real-estate market, although an estimated 60 buyers deposited a total of about $1million for condominiums in the project. At least 17 investors have sued the developer, ARMS Properties, or its sister company, Apex Realty Enterprises, for their money back. In addition, Franklin County has sued ARMS for about $551,000 in unpaid property taxes.
"All along, the principals at Apex Realty Enterprises and ARMS Properties have promised their investors that if a new developer takes over the project, each person who deposited money would be made whole," said Brian Laliberte, a Columbus attorney who represents 15 investors. "We certainly hope that Apex and ARMS will follow through on that promise."
ARMS officials, who could not be reached for comment, had tried to strike a deal with Columbus developer Core Properties to build apartments on the site. Core backed out of the project after determining that the risk was too high, said Jeffrey Coopersmith, Core's managing partner.
Schiff assumed Core's primary position with the chief lender on the project, the Finance Fund.
"This is a great site, but it requires a different approach than what we're used to doing," Coopersmith said. "We were perfectly happy to give Mike our position."
Schiff said he hopes to work out the details of the development in 60 to 90days and "be able to proceed with construction soon after that."
The development also would include a parking garage off High Street, he said.
"This is a very important site for the entire city," Schiff said. "We see it as becoming a true focal point and meeting place in the Short North."
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