Mark Somerson of Columbus Business First has a look at local business news including Schottenstein Real Estate Group sells off 250 acres for over $81 million...What for?
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Episode Transcript
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Speaker 1 (00:00):
Speaking of Central Ohio. If you want to know what's
going on in Central there's a place to go. It's
Columbus Business First. Mark Summerson always one of my favorite
people to talk to on Friday morning because he's, uh,
he is just so well connected in that newspaper. And
I guess is it still appropriate, Mark to even call
Columbus Business First a newspaper. You're more of an online
resource these days.
Speaker 2 (00:19):
Oh no, I'm a newspaper guy. I've been for thirty
seven years now. So we're still a newspaper. Okay, a
lot of it's digital, of course, but yes, we are
a newspaper.
Speaker 1 (00:28):
Because I still I still say, you know, somebody's got
a new album coming out. I'm antiquity, we do. I
I noticed this is this is odd news in a way,
and I'm kind of surprised that it's taken this long.
But what are your lead stories this week about Columbus
College of Art and Design CCAD talking about free tuition
for some local students as of what I guess, fall
(00:50):
of twenty six is that what's happening?
Speaker 2 (00:52):
Yeah, next fall, we'll start this. If your household income
is less than one hundred thousand dollars and you live
in Free County and Delaware Counties and are going to
high school and are thinking about going to CCAD, they
will give you free tuition. This is after they go
through all their other tuition breaks which they have merit scholarships,
(01:14):
need based financial aid. This is going to cover that gap,
and that gap is usually about ten thousand dollars a year.
Tuition currently is forty two thousand dollars for a full year.
They saw their enrollment, like other colleges in central Ohio,
their enrollment dropped about fifty one people of this fall
and they said, look, it's time that we need to
get creative and we need to help students who want
(01:36):
to come to CCAD. But you know, there are a
lot of constant associated with it, including their first year
art supplies which is eight hundred dollars, eleven six hundred
for optional on campus housing, and then meal plans anywhere
from eleven hundred dollars to about fifty two hundred dollars.
So this can help some of those students make up
(01:57):
that decision. And of course they're following other schools that
have done this. Ohio State offer free tuition affeesa on
Columbus Campus for associated degree graduates of Columbus State starting
in twenty six twenty seven academic year, Ohio. Wesleyan is
doing free tuition for Delaware County residents this fall. Of course,
there are requirements for some of these things, but that
(02:20):
does help some students who really do want to get
to college, but there are financial problems leading them to
not go to college. So yeah, it was pretty cool
to see that CCAD has joined this growing number of
schools now.
Speaker 1 (02:32):
And this is just about repopulating the school. I was
wondering if you know, perhaps they'd achieved some new status,
some community college status or something like that that enabled
them to do something. But they're going into their own
pockets to make this happen.
Speaker 2 (02:44):
Huh, that's correct. They want to build up their student
bates again, keep their fall numbers high. And because you know,
it's a university, you've got to run it like a
business as well. It's not just a college and it's
certainly not a nonprofit. It's time for them to fill
that gap, get more students in there and keep the
(03:05):
program going. And you know, they they're quick to point
out that creative industry support nearly three hundred thousand jobs
in Ohio and some of the top cc are top
hires of cca D grads are JP Morgan, Chase Nationwide,
Ohio State University, Huntington Bank, Abercrombia, Pitch, and the list
goes on. And that's just locally in Central Ohio. It's interesting.
(03:26):
CCAD graduates are all over the place. They're working for
different companies here and there where they may not be
using their art degree, but they're using that artistic way
of thinking which is completely different, and some employers are
really impressed and want to work with that. But certainly
there is a creative part to this that a lot
of companies are interested in. So it just makes sense.
Speaker 1 (03:47):
Well, good visuals capture attention. Once you have their attention,
you get their business, and that was what the world's about.
So yeah, if your artists take advantage of it. Rick
and Backer area, we're talking about hundreds of the CEA.
I'm always skeptical, Mark, I don't know whether to put
hard into this one or not, but sixty million dollars
being used to develop out a Rickenbacker and they're talking
about hundreds of jobs coming to central Ohio. What's going
(04:08):
on there?
Speaker 2 (04:09):
Yeah, this is a Minnesota based opus. They plan a
three building industrial campus totally about close to nine hundred
thousand square feet. They've got taxed in priment PHINANX plan,
and a few community and reinvestment tax abatement to work
on this. Can now Winchester City Council improved this. It's
located on seventy two acres southwest corner of Bixby and
(04:31):
Ragier Roads, and it's you know, it's two industrial buildings
at one at five hundred and forty thousand square feet,
the other at five hundred and twenty eight thousand square feet.
Then in the second version came in with a third
building and so yeah, I could hire that many, creating
two hundred and ten full time jobs and ten million
dollars in payroll. This kind of thing is popping up
(04:51):
all over Central Ohio. There's a huge industrial market, and
we are really beating the national figures on industrial right now.
A lot of cities have seen this pull back a
little bit, waiting for things to happen, of course with
tariffs and other things, but it's going gangbusters in Central
Ohio right now. And yeah, this is one more of
(05:12):
these large, multi million dollar projects that could bring a
lot of jobs. So you're right to be skeptical. And
there's a lot of these out there, but so far
they're paying off.
Speaker 1 (05:21):
I just heard an audit or Favor yesterday doing an
announcement about many of the businesses that receive lots and
lots of funding with the promise of jobs have not
kept those jobs. So I have a feeling some auditing
is about to happen in those situations. Maybe that'll get
people a little more zealous. Mark Summerson with Come Ups
Business First joining us right now on the Legacy Retirement
Group dot Com phone lines. Another big land deal. This
(05:42):
one kind of throws me off. Maybe it's the realtor
in me. Shottenstein Real Estate Group sells off two hundred
and fifty acres out in Madison County. They got a
nice price for it, but why would a developer sell
off their developable land. What's going on?
Speaker 2 (05:58):
Well, this is super mysterious. Right now, We've got a
lot of worker, a lot of reporters working on this
story trying to figure out what happens. So Shottenstein Real
Estate Group purchased two hundred and fifty acres about a
year ago. Is December twenty twenty four. They paid about
eight point four million dollars for this acreage. This is
(06:19):
right between Plain City and Dublin and it's it's a
super interesting area. They sold it this not too long ago,
in November, I believe, to a LLC called twenty one
Go Projects. They sold it for eighty one million dollars
a year later, which is ten times what they paid
for it. That's three hundred and twenty five thousand dollars
(06:40):
per acre. That's huge. That is among some of the
largest acreage sales anywhere in Central Ohio in our history.
It's it's more that I believe than Intel paid for
their property up over in New Albany. Yeah, we don't
know exactly what they're doing, but they're working together. So
they've got the shot and Stein Real Estate Group with
(07:01):
this mysterious LLC, and we're trying to get to figure
out basically where this LLC. They're supposedly located in Charleston,
West Virginia. Shotenstein Real Estate Group. We talked to Brian
Schottenstein as president. They said they signed an NDA and
cannot talk about this yet, but said some big news
will be coming with this. We don't know if this
is industrial like maybe a data center, or if this
(07:25):
is going to be some sort of housing project, it's
just a humongous sale. So we're going to watch this
one very closely. But it was the price that really
got us thinking about, Wow, farm landed selling for a
lot of money right now, and to turn it around
a year later and sell it for ten times their
purchase price, that's just humongous.
Speaker 1 (07:45):
Dad, Yeah, that's a nice, nice little profit margin. Real
quick here, just down to a minute. But you mentioned Intel,
Facebook and Intel trying to share resources or what's that
all about.
Speaker 2 (07:55):
Well, because Intel delays Right now, I'm there huge huge
manufacturing plant. There's a substation out there that Ohio or
ap Ohio builds out there to basically power it. But
because Intel has been so slowed down, Meta affiliates called
Sidecat LLC went to the PUCO and Ohio the Public
Utilities Commission and said, hey, can we use some of
(08:18):
that megawats from this substation that Intel is not using
to get our data center kicked up and moving And
they said okay, And so for the time being, Meta
is going to route power from this substation to their spots,
use that power and then in a year or two,
when Intel's supposedly back online and moving that they'll get
(08:41):
that power back and then Meta will come up with
another way to power their plant. But it's kind of
interesting that this is one more of those Intel delays
stories that things are happening while Intel is sort of paused. So, yeah,
we'll have to see what this happened, what happens in
the future, how long this pause lasts, and if others
plan to use some of the power that Intel is
(09:01):
not using it.
Speaker 1 (09:02):
You know, I'm not going to get into it because
the show was only a few hours long, but I'll
tell you what a lot of people who hear that
when when they start reading Columbus Business Versus this week
are going to say, wait a minute, didn't we just
hear we're not producing enough electricity, which is why AEP
wants to hike my residential bill again this year.
Speaker 2 (09:17):
That's trust me. Though these places will all be paying
for this power. It's not yeah they a p Ohio's
or ap Ohio has worked out things that. Yeah, these
companies will and there's a waiting list to get on
because of that power problem that there's not enough power
going around. So yeah, this substation was built for Intel.
It was part of the infrastructure that went up to
(09:39):
entice them to come here, but at this point not
using it.
Speaking of Central Ohio. If you want to know what's
going on in Central there's a place to go. It's
Columbus Business First. Mark Summerson always one of my favorite
people to talk to on Friday morning because he's, uh,
he is just so well connected in that newspaper. And
I guess is it still appropriate, Mark to even call
Columbus Business First a newspaper. You're more of an online
resource these days.
Speaker 2 (00:19):
Oh no, I'm a newspaper guy. I've been for thirty
seven years now. So we're still a newspaper. Okay, a
lot of it's digital, of course, but yes, we are
a newspaper.
Speaker 1 (00:28):
Because I still I still say, you know, somebody's got
a new album coming out. I'm antiquity, we do. I
I noticed this is this is odd news in a way,
and I'm kind of surprised that it's taken this long.
But what are your lead stories this week about Columbus
College of Art and Design CCAD talking about free tuition
for some local students as of what I guess, fall
(00:50):
of twenty six is that what's happening?
Speaker 2 (00:52):
Yeah, next fall, we'll start this. If your household income
is less than one hundred thousand dollars and you live
in Free County and Delaware Counties and are going to
high school and are thinking about going to CCAD, they
will give you free tuition. This is after they go
through all their other tuition breaks which they have merit scholarships,
(01:14):
need based financial aid. This is going to cover that gap,
and that gap is usually about ten thousand dollars a year.
Tuition currently is forty two thousand dollars for a full year.
They saw their enrollment, like other colleges in central Ohio,
their enrollment dropped about fifty one people of this fall
and they said, look, it's time that we need to
get creative and we need to help students who want
(01:36):
to come to CCAD. But you know, there are a
lot of constant associated with it, including their first year
art supplies which is eight hundred dollars, eleven six hundred
for optional on campus housing, and then meal plans anywhere
from eleven hundred dollars to about fifty two hundred dollars.
So this can help some of those students make up
(01:57):
that decision. And of course they're following other schools that
have done this. Ohio State offer free tuition affeesa on
Columbus Campus for associated degree graduates of Columbus State starting
in twenty six twenty seven academic year, Ohio. Wesleyan is
doing free tuition for Delaware County residents this fall. Of course,
there are requirements for some of these things, but that
(02:20):
does help some students who really do want to get
to college, but there are financial problems leading them to
not go to college. So yeah, it was pretty cool
to see that CCAD has joined this growing number of
schools now.
Speaker 1 (02:32):
And this is just about repopulating the school. I was
wondering if you know, perhaps they'd achieved some new status,
some community college status or something like that that enabled
them to do something. But they're going into their own
pockets to make this happen.
Speaker 2 (02:44):
Huh, that's correct. They want to build up their student
bates again, keep their fall numbers high. And because you know,
it's a university, you've got to run it like a
business as well. It's not just a college and it's
certainly not a nonprofit. It's time for them to fill
that gap, get more students in there and keep the
(03:05):
program going. And you know, they they're quick to point
out that creative industry support nearly three hundred thousand jobs
in Ohio and some of the top cc are top
hires of cca D grads are JP Morgan, Chase Nationwide,
Ohio State University, Huntington Bank, Abercrombia, Pitch, and the list
goes on. And that's just locally in Central Ohio. It's interesting.
(03:26):
CCAD graduates are all over the place. They're working for
different companies here and there where they may not be
using their art degree, but they're using that artistic way
of thinking which is completely different, and some employers are
really impressed and want to work with that. But certainly
there is a creative part to this that a lot
of companies are interested in. So it just makes sense.
Speaker 1 (03:47):
Well, good visuals capture attention. Once you have their attention,
you get their business, and that was what the world's about.
So yeah, if your artists take advantage of it. Rick
and Backer area, we're talking about hundreds of the CEA.
I'm always skeptical, Mark, I don't know whether to put
hard into this one or not, but sixty million dollars
being used to develop out a Rickenbacker and they're talking
about hundreds of jobs coming to central Ohio. What's going
(04:08):
on there?
Speaker 2 (04:09):
Yeah, this is a Minnesota based opus. They plan a
three building industrial campus totally about close to nine hundred
thousand square feet. They've got taxed in priment PHINANX plan,
and a few community and reinvestment tax abatement to work
on this. Can now Winchester City Council improved this. It's
located on seventy two acres southwest corner of Bixby and
(04:31):
Ragier Roads, and it's you know, it's two industrial buildings
at one at five hundred and forty thousand square feet,
the other at five hundred and twenty eight thousand square feet.
Then in the second version came in with a third
building and so yeah, I could hire that many, creating
two hundred and ten full time jobs and ten million
dollars in payroll. This kind of thing is popping up
(04:51):
all over Central Ohio. There's a huge industrial market, and
we are really beating the national figures on industrial right now.
A lot of cities have seen this pull back a
little bit, waiting for things to happen, of course with
tariffs and other things, but it's going gangbusters in Central
Ohio right now. And yeah, this is one more of
(05:12):
these large, multi million dollar projects that could bring a
lot of jobs. So you're right to be skeptical. And
there's a lot of these out there, but so far
they're paying off.
Speaker 1 (05:21):
I just heard an audit or Favor yesterday doing an
announcement about many of the businesses that receive lots and
lots of funding with the promise of jobs have not
kept those jobs. So I have a feeling some auditing
is about to happen in those situations. Maybe that'll get
people a little more zealous. Mark Summerson with Come Ups
Business First joining us right now on the Legacy Retirement
Group dot Com phone lines. Another big land deal. This
(05:42):
one kind of throws me off. Maybe it's the realtor
in me. Shottenstein Real Estate Group sells off two hundred
and fifty acres out in Madison County. They got a
nice price for it, but why would a developer sell
off their developable land. What's going on?
Speaker 2 (05:58):
Well, this is super mysterious. Right now, We've got a
lot of worker, a lot of reporters working on this
story trying to figure out what happens. So Shottenstein Real
Estate Group purchased two hundred and fifty acres about a
year ago. Is December twenty twenty four. They paid about
eight point four million dollars for this acreage. This is
(06:19):
right between Plain City and Dublin and it's it's a
super interesting area. They sold it this not too long ago,
in November, I believe, to a LLC called twenty one
Go Projects. They sold it for eighty one million dollars
a year later, which is ten times what they paid
for it. That's three hundred and twenty five thousand dollars
(06:40):
per acre. That's huge. That is among some of the
largest acreage sales anywhere in Central Ohio in our history.
It's it's more that I believe than Intel paid for
their property up over in New Albany. Yeah, we don't
know exactly what they're doing, but they're working together. So
they've got the shot and Stein Real Estate Group with
(07:01):
this mysterious LLC, and we're trying to get to figure
out basically where this LLC. They're supposedly located in Charleston,
West Virginia. Shotenstein Real Estate Group. We talked to Brian
Schottenstein as president. They said they signed an NDA and
cannot talk about this yet, but said some big news
will be coming with this. We don't know if this
is industrial like maybe a data center, or if this
(07:25):
is going to be some sort of housing project, it's
just a humongous sale. So we're going to watch this
one very closely. But it was the price that really
got us thinking about, Wow, farm landed selling for a
lot of money right now, and to turn it around
a year later and sell it for ten times their
purchase price, that's just humongous.
Speaker 1 (07:45):
Dad, Yeah, that's a nice, nice little profit margin. Real
quick here, just down to a minute. But you mentioned Intel,
Facebook and Intel trying to share resources or what's that
all about.
Speaker 2 (07:55):
Well, because Intel delays Right now, I'm there huge huge
manufacturing plant. There's a substation out there that Ohio or
ap Ohio builds out there to basically power it. But
because Intel has been so slowed down, Meta affiliates called
Sidecat LLC went to the PUCO and Ohio the Public
Utilities Commission and said, hey, can we use some of
(08:18):
that megawats from this substation that Intel is not using
to get our data center kicked up and moving And
they said okay, And so for the time being, Meta
is going to route power from this substation to their spots,
use that power and then in a year or two,
when Intel's supposedly back online and moving that they'll get
(08:41):
that power back and then Meta will come up with
another way to power their plant. But it's kind of
interesting that this is one more of those Intel delays
stories that things are happening while Intel is sort of paused. So, yeah,
we'll have to see what this happened, what happens in
the future, how long this pause lasts, and if others
plan to use some of the power that Intel is
(09:01):
not using it.
Speaker 1 (09:02):
You know, I'm not going to get into it because
the show was only a few hours long, but I'll
tell you what a lot of people who hear that
when when they start reading Columbus Business Versus this week
are going to say, wait a minute, didn't we just
hear we're not producing enough electricity, which is why AEP
wants to hike my residential bill again this year.
Speaker 2 (09:17):
That's trust me. Though these places will all be paying
for this power. It's not yeah they a p Ohio's
or ap Ohio has worked out things that. Yeah, these
companies will and there's a waiting list to get on
because of that power problem that there's not enough power
going around. So yeah, this substation was built for Intel.
It was part of the infrastructure that went up to
(09:39):
entice them to come here, but at this point not
using it.
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