The Columbus-Franklin County Finance Authority issued almost $10 million in bonds to finance a 250 space public parking garage in the Short North. The garage supports E.W. High Street’s $22.6 million investment in the Hubbard - a 72 room apartment building that will include retail space and the parking garage. The Hubbard, which is the former Ibiza site, is located at the corner of High Street and East Hubbard Avenue. E.W. High Street LLC is a partnership of the principals of Elford Development and Wagenbrenner Development.
In addition to issuing bonds to finance the garage, the Finance Authority will also own the parking garage. The garage debt will be repaid with tax increment financing revenues from the Short North TIF district, which was created by the City of Columbus to solve the parking shortage in the Short north.
The Finance Authority has issued $340 million in financing, closing on 25 projects that will have invested more than $447 million creating over 1,640 jobs in Central Ohio.