The Pizzuti Company has plans to transform Grove City’s Town Center by developing an upscale apartment complex, the Southwest Messenger reports. Pizzuti planners met with city leaders and community members for a special work session June 29 to discuss their plan to turn the former lumberyard site next to City Hall into the “higher-rent” apartments. City leaders and planners hope the 120-unit complex “will attract young professionals and empty nesters.” Planners believe the new tenants could “add close to $1 million in revenue to local businesses.” The redevelopment plan also recommends “turning City Hall into a mixed-use building for office or retail space and restaurant space.” Grove City Mayor Richard “Ike” Stage “said the financial plan involves Pizzuti taking out $4.8 million in taxable bonds. The company would then be eligible for about $4 million in TIF (tax increment financing) funds.” Pizzuti “would guarantee a payment of $335,000 per year to the city.” For more, read the full article.
Housing plan for Grove City’s Town Center could add $1M in revenue to local businesses
