OFFICIAL RELEASE FROM CRAWFORD HOYING, DATED 8/10/15
CRAWFORD HOYING’S BRIDGE PARK DEVELOPMENT AGREEMENT
APPROVED BY DUBLIN CITY COUNCIL
Construction on Phase I of Bridge Park slated to begin September 1
DUBLIN, Ohio, Aug. 10, 2015 — Dublin, Ohio-based developer Crawford Hoying reached another critical milestone in its Bridge Park development following Dublin’s City Council passage of the second reading of the development agreement during its meeting on Monday, Aug. 10. Brent Crawford, principal of Crawford Hoying, made the announcement.
A three-phased mixed-use development, Phase I of Bridge Park will begin construction in early September. The first phase spans across 30 acres and will include 269,000 square feet of restaurant, office, retail and personal services, two 850-space parking garages, as well as 382 luxury apartment units and 42 condominiums.
As part of the development agreement, the City of Dublin will contribute $43.1 million of the more than $155 million in public improvements slated for Phase I of Bridge Park to finance two parking structures, as well as roadway improvements. Through a minimum service payment guarantee outlined in the agreement, the City is anticipated to recoup $72.3 million within 30 years, allowing for a full recovery of the parking garage debt service and nearly all of the roadway costs contributed by the City.
“The City Council’s approval of the Bridge Park development agreement is a significant milestone for our entire team at Crawford Hoying, and we are extremely grateful to the city for their collaboration,” said Crawford. “After years of meticulous planning to align with the city’s vision for the Bridge Street District, we look forward to the start of construction on Bridge Park, and creating a unique destination for residents and visitors alike.”
For the remaining two phases of the Bridge Park development, Crawford Hoying will finance 100 percent of the roadway improvements and remaining community facilities, including an events center. In all, the improvements Crawford Hoying will be responsible for financing in for Phase II and Phase III of development, as outlined in the agreement, totals $60.5 million. To date, Crawford Hoying has already invested more than $17 million in land purchases to pave the way for the Bridge Park Development.
For more information on Crawford Hoying and Bridge Park, visit www.crawfordhoying.com.
Learn more in a recent release by Columbus Business First HERE.