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parsons avenue development
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PARSONS AVENUE

Parsons Avenue is the historic commercial spine of Columbus' South Side, stretching two miles south of Nationwide Children's Hospital to the Southern Gateway redevelopment area and Columbus Steel Castings. With an eclectic mix of buildings, people, and neighborhoods, Parsons Avenue has sustained historic landmarks like Plank's Cafe and Pizzeria (established in 1939), attracted new regional destinations like Tatoheads Public House and continues to inspire future infill development.

Redevelopment has been accelerating at an all-time high in the south side. Historic homes are being renovated in adjacent neighborhoods and commercial spine has breathed new life into the area. Projects like Village Pointe, a three-story mixed-use building with retail and fitness center, are coming on line. With momentum building, investors are looking anew at Parsons Avenue. With a great variety of buildings, big and small, ripe for creative redevelopment in retail and housing, Parsons Avenue continues to be a prime location for new business owners to finally bring their dreams to life!

1. DENSITY + GROWTH = RETAI LOPPORTUNITY: 23,000 people currently live in 9,750 households within a mile east and west of Parsons Avenue corridor. They are forecast to surpass 25,000 people in 10,500 households by 2020. The market for non-automotive retail goods and services is $200 million a year currently, growing by $3-4 million a year.
2. THE REAL DEAL: One of Columbus' most ethnically diverse communities, includes authentic, historic districts such as German Village, Merion Village, Schumacher Place, Hungarian Village, and Vasser Village among others. Originally settled by newcomers from Europe and Appalachia.
3. ECLECTIC AVENUE: Heavily traveled two-mile corridor is home to over 85 businesses, primarily independents that offer everything from beauty supplies to lawn mower parts to Tee Jaye's Barnyard Buster breakfast platters to Plank's.
4. NORTHERN EXPOSURE: Ongoing $840 million expansion of Nationwide Children's Hospital at Livingston Avenue node draws new retail uses (CVS, Scrambler Marie's) to north end of corridor with 37,000 SF Village Pointe including Fitness Loft, Strut hair salon, Alchemy coffee/juice bar, and a gastro-pub restaurant coming soon.
5. DISCRETIONARY DOLLARS AVAILABLE: High expenditures at fashion boutiques (denim, leather, athletic/yoga wear), thrift shops, hair and nail salons, fitness centers, bike shops, pet services, coffee shops, farm-to-table and fast-casual restaurants, and food trucks.
6. STREET SCENE: Bustling nightlife attracts young adults from all over south Columbus region with over 50 restaurants, taverns, and night clubs in addition to festivals and special events.
7. DAYTIME MARKETPLACE: 1,250 establishments with 15,800 employees (including over 9,000 at Nationwide Children's Hospital) create add-on retail demand for dining, catering, and other business-to-business opportunities and jobs for local residents.
8. CATALYTIC CONVERSIONS: New 20,000 SF $9.6 million Columbus Metropolitan Library Branch as well as several mixed-use developments in the works to replace blight in the central section of the corridor. The feasibility of a commercial greenhouse, food business incubator, and/or a public market is being studied for vacant land on south end.
9. SOUTHERN GATEWAY: City of Columbus and "South Side Champions" (prominent families and non-profit groups) are investing $25 million into John Maloney Health and Wellness Center, rehabilitation of former Reeb Elementary School into a new multi-purpose community center, new housing, and street repairs in a nine-block area at the souther end of the Parsons Avenue corridor.

LOCAL POINTS OF INTEREST

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Contact Info:

John Mally
614-629-5254
jmally@ohioequities.com
     
     
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