Land exchange will lead up to third phase of Grandview Yard
Grandview Heights City Council is considering a series of ordinances that would enable Capital Wholesale Drug Co. to remain operating at its current location within the Grandview Yard development and the Yard developer to build a parking lot for Phase 3 construction.
Council's economic development committee reviewed and discussed the five pieces of legislation Monday night, June 3, prior to the regular council meeting. Council held second readings of the ordinances.
Capital Wholesale and NRI have reached an agreement on a land exchange that would allow the business to remain operating at 873 Williams Ave.
The agreement followed about two years of negotiations.
Capital Wholesale needs more parking space for its anticipated expansion and addition of employees in the coming years.
The business owns a portion of land where Bobcat Avenue would be extended as part of continued development of the Yard.
Capital Wholesale has agreed to exchange that land for the former site of Junctionview Studio at 889 Williams Ave., which is owned by NRI.
"It's almost an acre-for-acre swap," Director of Administration and Economic Development Patrik Bowman said. Each parcel is about two acres.
The city has a proposed agreement with NRI to vacate Higgs Avenue and a small portion of Williams Avenue.
The developer then would privately build a parking lot to accommodate the construction work it is doing in the area.
The agreement would mean "we're not building a public lot," Mayor Ray DeGraw said. "It will be a private lot that Nationwide is paying for."
Capital Wholesale would be able to add 73 spaces to its own parking lot and also has an agreement from NRI allowing it to use six spaces on the NRI lot at no cost, giving it a total addition of 79 spaces.
If Capital's expansion requires even more parking spaces, it would pay NRI $50 a month for each additional space it uses. The company could use up to 57 additional spaces, for a total of 136 parking spaces.
Under its proposed agreement with Capital Wholesale, the city would reimburse the company for the cost of those additional spaces for 10 years.
The need for additional spaces would mean additional tax-generating jobs at Capital Wholesale, DeGraw said.
The ordinances council is considering would:
* Approve the agreement between the city and NRI.
* Approve the agreement between the city and Capital Wholesale.
* Accept the final plat for Grandview Yard Phase 3. The planning commission has approved a preliminary plat and NRI is expected to be on the commission's July 17 agenda for review of the final plat, Bowman said.
* Approve vacating Higgs and Williams avenues.
* Vacate a small portion of Williams Avenue to allow for a slight realignment of the street as proposed by the Phase 3 plat.
The economic development committee will hold at least one more meeting to complete its review of the legislation before making a final recommendation to council.