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Columbus: Downtown: PNC Plaza / Galleria Redevelopment

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Some fairly significant news out this morning about a major Capitol Sq landmark... Apologies if this belongs better in an existing thread, I couldn't find one that really fit:

 

Buyer of PNC Plaza building Downtown to add housing, boutique hotel

 

A major Downtown building is poised to follow a makeover similar to the one being undertaken at the LeVeque Tower, where residential and office tenants are being welcomed and a boutique hotel is on the way.

 

Columbus apartment developer Edwards Cos. has bought the PNC Plaza building on the south side of Broad Street between 3rd and 4th streets with an eye toward adding housing and a boutique hotel, an industry term for a smaller hotel in a unique setting.

 

The purchase price was $24 million, according to records filed with the Franklin County recorder’s office. The buyer is listed as 155 Spec LLC, with a mailing address that matches Edwards’ offices on High Street. Edwards has been talking to other developers about taking on parts of the development in partnership with it.

 

http://www.dispatch.com/content/stories/business/2016/11/03/buyer-of-pnc-plaza-building-downtown-plans-to-add-housing-boutique-hotel.html

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Some fairly significant news out this morning about a major Capitol Sq landmark... Apologies if this belongs better in an existing thread, I couldn't find one that really fit:

 

Thanks for posting this.  When I saw this news, I was going to start a new thread for this (before you beat me to it).  This is definitely big enough to warrant its own thread.

 

I was very surprised to hear about this purchase by Edwards and potential mixed-use redevelopment.  It's a good idea, but I didn't expect it with this particular downtown skyscraper.  Older downtown towers, like the current LeVeque Tower mixed-use renovation and some smaller 12-story historic buildings like the Atlas Building, are a natural fit for this type of residential/hotel redevelopment.  There's been some discussion that eventually a post-World War II/modern era office tower might get a residential/hotel redevelopment.  But the likely candidates were those that were either less occupied or were actively for sale.

 

The PNC Building is currently 80 percent occupied and wasn't listed for sale.  According to the Dispatch article, the buyer (Edwards) approached the previous property owner for this purchase.  So it kinda makes one think that Edwards won't just be sitting still on this.

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^ With that being said, the PNC/Galleria site is a first-class downtown property.  It's at a prime location - only one block from the Statehouse - and at one of the busiest spots downtown - Broad Street between 3rd and 4th streets.  The 24-story tower opened in 1976 and has been well maintained and occupied with high-profile tenants like National City/PNC Bank since it opened.  It's still considered Class A office space.  It's also got an adjoining retail component (The Galleria) facing Third Street and a retail component (occupied by PNC Bank) facing Broad Street.

 

The PNC Building also has two parking locations it can access.  One is a underground parking spot beneath the Galleria.  The other is an existing enclosed overhead walkway that connects to a large parking garage east of 4th Street (which is under separate ownership).  Below is an illustrated aerial view of the PNC/Galleria property and a streetview tour of the PNC/Galleria site:

 

30454884360_023697d816_o_d.jpg

 

 

Fourth Street looking toward Broad Street - enclosed walkway connecting to neighboring parking garage visible over 4th Street:

30667214201_d85ffb154e_o_d.png

 

 

Broad & Fourth intersection - historic Columbus Club mansion visible to the left:

30755472295_4fbed1fb84_o_d.png

 

 

Broad Street between 3rd & 4th streets - PNC Bank retail location:

30667203191_3ae7450cf4_o_d.png

 

 

Broad & Third intersection:  The PNC/Galleria buildings were built around the historic Trinity Church at the corner.  The 24-story tower is visible in the background and the small-scale Galleria Building is visible between the church and the Dispatch building along Third Street:

30119869813_e33d5d92ee_o_d.png

 

 

Third Street - closer view of the Galleria Building with the 24-story tower in the background:

30119879543_4edac468ca_o_d.png

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I was surprised about this one as well, but more power to Edwards. Aside from lacking the historic Cleveland Trust Rotunda space, the tower portion reminds me of the Ameritrust/the 9 project in Cleveland with its narrow windows.

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Anyone remember Mario's Internationale? The ultimate Columbus power lunch/dinner restaurant located in the Galleria in the 1980's. I had an instant flashback when I read the news of the redevelopment of the property.

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PNC Building Sold to Edwards Companies

 

timthumb.php?src=http%3A%2F%2Fwww.columbusunderground.com%2Fwp-content%2Fuploads%2F2016%2F11%2Fpnc-01.jpg&q=90&w=650&zc=1&

 

The Edwards Companies has purchased the PNC Building Downtown for $24 million, according to public records.

 

The 24-story office tower, located at 155 East Broad Street, opened in 1976. It last changed hands in 2002, when Arthur Goldner & Associates of Chicago paid $40 million to buy the building from the State Teachers Retirement System of Ohio.

 

More below:

http://www.columbusunderground.com/pnc-building-sold-to-edwards-companies-bw1


"You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers

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