Columbus city leaders say a 35-story skyscraper will take the place of the North Market parking lot, a piece of prime real estate tucked between downtown, the Short North and the Arena District.
A release from Mayor Andrew Ginther’s office says the development team of Wood Companies/Schiff Capital will lead efforts to redevelop the lot. The new mixed-use building will include a public outdoor plaza, a public two-story atrium, and 291 additional public parking spaces.
Plans call for the preservation of the North Market building, the last public market in Columbus.
"First and foremost, this project ensures the market perpetuity and countless new amenities for our merchants and guests," said Rick Harrison Wolfe, the executive director of the North Market, in the release. "History can and will be preserved."
Under a deal announced by the city on Wednesday, the developer will get a 100 percent property tax abatement on the property for 15 years.
“The North Market has been and needs to continue to be an evolving institution to stay relevant and prosperous," Wolfe said. "Cheers to the future.”
The mayor’s office says developers will spend more than $100 million on the project.
The winning proposal was one of seven turned into the city last year. Construction is scheduled to begin some time in 2018, and the building will open in 2020.