The Creekside project is a nationally recognized asset for the Gahanna community.
To the Editor:
The Creekside project is a nationally recognized asset for the Gahanna community. It was designed to revitalize the Olde Gahanna area, to provide needed public amenities for our citizens, to generate alternative revenue streams for the city and to make Gahanna a destination to live, work, play and retire.
The Creekside project, like many similar projects nationwide that opened during the great recession, has had its challenges. However, it remains a successful public-private partnership. The current private-sector partner of Creekside, Strathmore Development, is investing $24 million in the private portions of the Creekside project. Thanks to Strathmore's investment, residents of Gahanna continue to enjoy music, food and recreational activities throughout the year.
The city owns the park, the public plaza, the land under the two commercial buildings and the public parking garage. The private sector owns all of the buildings within the Creekside project. The city has established multiple revenue streams to help fund the public expense of the Creekside project. These revenue sources include tax-increment financing, annual lease payments from the building owners and income-tax revenues generated from all of the new jobs created at the site. To date, the city has received more than $1.7 million in revenue from the Creekside project.
In 2012, Creekside successfully emerged from foreclosure. At that time, the city was made whole for all of the money due to it from the private owner. Strathmore added nine new businesses to the existing 36 companies at Creekside and has leased 62 luxury apartments.
Creekside continues to be a popular destination for visitors and residents and is living up to the original goal to be a truly transformative project for our downtown. It's also bringing new energy and new vitality to the heart of our city.
Gahanna director of development