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University's Foray Into Community Development Falls Short, But Still A Success

Posted by: Christian Madera

5 November 2006 - 11:00am

Campus Partners for Community Urban Redevelopment, a non-profit development group funded by the endowment fund of The Ohio State University, is learning that its intial ambitious plans to revive the local neighborhood while generating returns for the univ

The group's main project, a $153 million shopping-entertainment-residential complex on the southside of campus, is bringing in $7.6 million less was originally anticipated. In addition, the group is losing $400,000 a year on a collection of run-down rental properties, many of them uninhabitable and boarded up.

While the group's leadership acknowledges that the milestones it set for itself were overly optimistic, they point out the project is profitable, and paying the university a return of 5% on its investment.

Full Story: South Campus project hasn’t met estimates
Source: The Columbus Dispatch, November 3, 2006
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"I'm hoping to hybridize something like the land trust with the co-op and the condominium to create a really viable, flexible but durable institutional structure that allows the value that’s generated by users of the space to be able to be reinvested in that space and its programming." -- Ava Bromberg.
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