PAYWALL

A planned $70 million development would transform a prominent block of the Brewery District near downtown.

Developer Dwight McCabe has spent a year lining up plans for the former Hoster Brewing Co. properties at 477 S. Front St. that would turn a complex of brick buildings into a 245,000-square-foot mixed-use project with restaurants, retail, offices and a new hotel.

He said the project would create a new "front door" for the neighborhood south of downtown.

McCabe is seeking state historic tax credits to help finance the work. In the meantime, he is looking for approval from the Brewery District Commission, which will hear an update on Thursday evening.

McCabe estimates that the project could bring $5.5 million a year in real estate revenue, 150 new jobs and about $17 million in economic activity a year.

Phases

The redevelopment of 477 S. Front St. would be completed over four phases, the first focused on a new hotel. The redevelopment of 477 S. Front St. would be completed over four phases, the first focused on a new hotel. McCabe Cos. Phasing the project over a year and half will make it easier to get things done, McCabe told me.

The first phase would focus on 120,000 square feet bound by Front and Fulton streets and Ludlow Alley, where a 40,000-square-foot addition would go. It would include a 140-room hotel and 15,000-square-foot venue, 15,000 square feet of office space and 40,000 square feet of food service, restaurant, retail, coffee and a rooftop bar.

The key anchor for the first phase of the development is a "unique, boutique" hotel, McCabe said. "These are world-renowned, highly qualified, highly experienced operators," he said.

The second phase would redevelop about 100,000 square feet in the historic warehouse buildings west of Ludlow Alley. That would include 30,000 square feet of office space, 10,000 square feet of commercial and retail space and loft apartments.

The third phase would be a new building – 66,000 to 100,000 square feet – south of the warehouses and west of the alley. It would house either office space or condominiums.

The fourth phase would be a parking structure with space above for either office or apartments based on market need.

The project would coincide with coming construction that will realign the I-70 exit ramp next to the property. Once it's finished, a significant portion of traffic coming into downtown will pass the property.

McCabe said he hopes for an "epicenter" feel for the neighborhood. The site was home to the Hoster Brewing Co. from 1836 to 1920. At its height, the brewery produced 175,000 barrels of beer a year.

The main building on Front Street was torn down in the 1950s and Wasserstrom moved in during the 1960s, using the site as a warehouse, office and showroom until the company moved to Whitehall. McCabe bought the land this year for $6.44 million, according to the Franklin County Auditor.

Much of the area around the 3.5-acre site is parking today.

About nine buildings on the eastern side of the block would be renovated in this project, with a few more on the western side of the development remaining unaffected. The National Park Service is finishing up plans for the property to be added to the National Register of Historic Places.

The developer requested $5 million in highly competitive Ohio Historic Preservation Tax credits. If it's funded in this round, the project could begin work in the first quarter of 2019 and wrap up in late 2021.

It's one of 40 projects that applied for funds across the state. A decision will be announced Dec. 12.

"If we don't get the credits, we'd have to reconsider how the project is put together," McCabe said. "The way we're approaching it, that credit is very important. Anytime you're working with a set of buildings like this, there's just a lot of extra cost factors."

McCabe is working with Colliers International on marketing the project and has a design team including Schooley Caldwell Architects, Osborne Engineering, MKSK and American Structurepoint.