Top real estate developments to watch this year
From apartment buildings to a hospital tower to a two-mile downtown trail, countless developments are expected to take place in central Ohio this year. Here’s what to focus on.
- These projects will generate more than $80.6 million in new annual payments.
- Total revenue from these projects is estimated to exceed $853 million.
- Two of the projects are in central Ohio, including a major expansion by PPG Industries in Delaware.
Eight state development projects, two of which are from central Ohio, are set to create more than 1,300 new jobs and more than $850 million in new investment.
During its monthly meeting, the Ohio Tax Credit Authority (TCA) reviewed the economic development proposals brought to the board by JobsOhio and its regional partners, the state announced on March 2. These projects are expected to generate more than $80.6 million in new payments and generate more than $853 million in investments across Ohio.
PPG Industries Ohio, Inc., located in the city of Delaware, expects to create 100 full-time equivalent positions, creating approximately $8 million in new annual wages as it invests in the expansion of its paint manufacturing facility.
A press release from Columbus Partnership said the company will invest more than $280 million to expand its manufacturing facility in Delaware. Construction of the facility is expected to begin at the end of this year and operations are expected to begin in 2028. The company employs 450 people.
The expansion will help the company “deliver the next generation of high-quality, wearable technology,” said Alisha Bellezza, the company’s vice president, in a release.
PPG makes paints, fabrics, art materials and fiberglass. The credit authority approved a 1.483%, eight-year construction tax loan for the project.
In addition, AAA Cooper Transportation manages 210 new full-size locations, generating $14.7 million in annual revenue as the company expands in Columbus, Richfield (Summit Couny) and Toledo (Lucas County.) The company provides logistics, transportation, and distribution services. The proposal aims to grow the company’s national network of service centers / fleet repair shops. The tax credit authority approved a 1.668 percent, nine-year construction tax credit for the project.
Newman Technology, Inc., city of Mansfield (Richland County), expects to create 70 full-time-equivalent positions, generating $3.55 million in new annual wages as a result of the company’s project in the city of Mansfield. Newman Tech manufactures exhaust components, window trims, and other parts and accessories for OEM automakers. The proposed project involves significant investment in machinery and equipment needed to produce new parts for the company’s automotive customers. TCA approved a 1.225 percent, six-year Job Creation Tax Credit for the project.
Other projects include:
- ark data centers, IT service provider, LLC, Akron (Summit County) and Independence (Cuyahoga County), of 10 full-time equivalent employees, generating $1.1 million in new hires as a result of expanding its data center capacity. Approved for a 50%, 10-year data center sales tax exemption project.
- First Quality Care Products LLC, Village of Archbold (Fulton County), 400 full-time equivalent employees, creating $20 million in new hires to expand its operations to a line of adult incontinence products, feminine hygiene products, baby wipes, adult bath towels, and consumer paper products for retail and commercial markets worldwide. Approved for 1.6%, 10 year tax credit.
- V-Rod USA, Inc., Florence Township (Williams County), 60 full-time equivalent employees, generating $4 million in new annual revenue to locate their first US facility to manufacture molded bars for the US market. Approved 1.393% 8-year lease.
- Dainty USA LLC, Batavia Township (Clermont County)240 full-time equivalent employees, generating $15.8 million in new hires by acquiring and renovating an existing building where they would manufacture, package, and distribute food products to better serve the US market for microwave rice packages to customers, such as grocery and independent retailers. Approved for 1.67%, 10 year interest rate loan.
- Steel & O’Brien Manufacturing Inc., West Chester Township (Butler County)230 new full-time equivalent employees, generating $13.3 million in new annual revenue by investing in machinery and equipment at a new facility for its line of sanitary-metal fittings used in industries as diverse as data, food processing, and pharmaceuticals. Approved for 1.636%, 9-year tax credit.
Growth and development reporter Dean Narciso can be reached at [email protected]
#Delaware #creates #PPG #add #jobs #million #increase
