Hayden Easement
16 E Broad St,
Columbus 43215
If you spend some time in the preservation field, you invariably will hit upon this truism: building rehabs don’t move in a straight line, from developer interest, to finished product 12 months later. In fact, more often than not, a rehab project may die a couple (few) deaths, before the building owner holds a ribbon cutting welcoming in new tenants. A dedicated developer is certainly part of the mix; however, financing may fall through, stopping a project dead in its tracks. The hoped for tax credit application may not be approved. The can’t miss tenant pulls out of a project. An owner partnership goes south. The real estate market takes a dive. Given all that can go wrong, it’s a wonder more projects don’t fail.
In December of 2009, we welcomed the latest round of Ohio tax credit projects in the soon-to-be Hotel Indigo on 20 East Broad Street in downtown Columbus. Then-Governor Strickland touted the arrival of the boutique hotel, and everyone was excited. However, as happens so often, the project announced with much fanfare never came to fruition.
Fast forward 10 years, however, and a new ownership group has taken control of the property, secured rehab financing, applied for and received an OHPTC award, and was ready to take the next step: protecting the buildings at 16 and 20 East Broad Street by donating a preservation easement to Heritage Ohio.
It’s wonderful just to see a historic rehab project reborn, but the owner donating a preservation easement is the icing on the cake. Although under a tight deadline to have everything filed by the end of the year, we completed our due diligence and decided to accept the preservation easement.
Executive director Joyce Barrett commented on the buildings, “The very heart of downtown Columbus, and Ohio, is the Statehouse at the corner of Broad and High, and receiving an easement on two historically significant buildings overlooking the Statehouse is an honor for Heritage Ohio. We look forward to safeguarding their historic character for generations to come.”
