RCG Ventures LLC, a privately funded real estate investment group, has received rezoning approval that will allow it to convert a vacant Giant Eagle store to self-storage in Columbus, Ohio. The property at 1000 E. Dublin-Granville Road in the Northland neighborhood has been empty since March 2017. The development committee of the Northland Community Council voted 14-1 on Dec. 5 in favor of the request, according to the source.
The rezoning extends to two parking-lot outparcels fronting the retail structure that will be earmarked for retail development, the source reported. Though the committee would have liked to see the results of a city-commissioned marketing study that’s expected to be complete within the next few months, offering development recommendations for the area, the members were encouraged by the RCG plan. No other developers have come forward with a vision for the site, according to committee chair Dave Paul.
“I think the applicant succeeded in giving us reasons to think of this as something more than your traditional self-storage facility,” Paul said. “What the applicant showed us in terms of the product that they’re offering is very different from what most of us think of when we’re talking about self-storage.”
“Honestly, it’s kind of not what I would have pictured for the front face of that whole area, to be a storage space,” said George Schmidt, chairman of the Northland Area Business Association State Route 161 Task Force. “It’s nice. It looks like retail. It’s not orange doors and barbed-wire fences.”
Founded in 2003 and based in Atlanta, RCG acquires and develops commercial real estate, specializing in “value-add anchored shopping centers with the potential for long-term ownership,” according to its website. The company has acquired 160 properties in 28 states. A 2016 fundraising will allow it to pursue another $250 million of assets during the next few years.
This Week Community News, Northland Community Council: Giant Eagle Site Eyed for Self-Storage Business