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Office challenges prompt major Franklinton Gravity development to be listed for sale

The second phase of the Gravity development on West Broad Street includes an apartment building, on the left, and an office building, on the right, above ground-level retail and commercial space. It has been listed for sale for an undisclosed price.

The second section of the Gravity development on West Broad Street contains an condo constructing, on the left, and an workplace constructing, on the suitable, above ground-level retail and industrial house. It has been listed for sale for an undisclosed value.

The Columbus development agency Kaufman is promoting the second section of its Gravity undertaking on West Broad Street in Franklinton earlier than the undertaking is accomplished or absolutely occupied.

The itemizing comes a few weeks after Kaufman listed for sale the Idea Foundry and Gravity “Experience Park” adjoining to the development.

Company founder and CEO Brett Kaufman acknowledged that the difficult development panorama, particularly for workplaces, contributed to the choice to checklist the Gravity 2.0 property.

The choice “is primarily driven by the nationwide challenges cities across the country are now facing post-Covid — specifically the office environment, which has drastically shifted with the introduction of the work-from-home model,” Kaufman stated in a press release.

Related Gravity development article: Idea Foundry, Gravity Experience Park, for sale for nearly $10 million in Franklinton

Kaufman added that the sale will not be a mirrored image on the corporate’s well being or different properties, which embrace Market & Main apartments in New Albany and Greenhouse residences being developed on North High Street south of Ohio State University.

“This is an isolated event, and our other Kaufman assets are performing well, especially considering the difficult capital market environment impacting real estate across Columbus and the country,” the assertion learn. “Our team remains strong and energized about navigating this time and the bright future ahead.”

A deck on one of the apartment buildings in Gravity overlooks a common space (still under construction).A deck on one of the apartment buildings in Gravity overlooks a common space (still under construction).

A deck on one of many condo buildings in Gravity overlooks a typical house (nonetheless underneath building).

Gravity 2.0 property sale

The firm is promoting the $175 million mixed-use development in two listings:

  • Two condo buildings, a 900-space parking storage and 6 townhouses, for a complete of 382 residences, are being listed for an undisclosed price by Newmark. The buildings embrace the 12-story workplace tower with intensive facilities, together with ground-floor retail house scheduled to be occupied by Prim Mason restaurant and an leisure venue known as Punch Bowl Social.

  • The different portion, the six-story, 180,000-square-foot, workplace constructing on the nook of West Broad and McDowell streets, is being listed individually by Allied Real Estate Advisors. Two tenants have been introduced for the workplace constructing: OhioWell being Primary & Urgent Care, which is leasing 13,000 sq. toes, and Gilbane Building Company, which is leasing 14,600 sq. toes.

Kaufman began opening Gravity 2.0 final summer time, 4 years after the first Gravity phase on the north facet of Broad Street, opened. Gravity II contains greater than 1 million sq. toes of house in seven buildings — about twice the dimensions of section one.

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@JimWeiker

This article initially appeared on The Columbus Dispatch: Gravity development in Franklinton hits market for undisclosed price

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