The owners of the former Columbus Castings site on the South Side plan to invest at least $100 million to build three light-industrial buildings that would bring new life to what for more than a century had been a manufacturing anchor for the neighborhood.
Dusten Estes, vice president of Stonemont Financial Group of Atlanta, said Wednesday the company plans on breaking ground within 90 days, contingent on tax breaks from the city of Columbus.
He said the company has talked to several potential tenants, though Stonemont has not nailed any down yet.
The three buildings — 600,000 square feet, 115,000 square feet and 100,000 square feet — would take about 18 months to construct.
Estes didn't want to give a specific construction cost, but said it would be "a nine-figure number."
Representatives from Stonemont met with Columbus officials last week to talk about plans for the property tax incentives from the city to get things going.
"They are looking to make significant investments on the site," said Mike Stevens, the city's development director.
In 2021, Stonemont Financial Group of Atlanta bought the 74-acre site for $8.5 million. It was once the home of Buckeye Steel.
Reich Brothers Holdings bought the site at 2211 Parsons Ave. out of bankruptcy court in 2016, and sold it to Stonemont.
Photos: A look back at Columbus Castings/Buckeye Steel
"We’ve emphasized a desire to see a significant employment center," Stevens said. "We’ve been encouraged by projects they've done in other places."
Estes said the infill site is a good one for the project because of the availability of labor and the demand for new industry in general. Rail lines also serve the site, he said.
"We try to create class A industrial buildings," he said, putting time and attention into site planning and tenant-friendly amenities.
"Here's a site that's been an eyesore in the city for years," Estes said. "People are in the mindset of they'll believe it they see it," he said.
According to Stonemont's website, the company is involved in speculative development projects, and has developed Zurich Insurance Group's North American headquarters in suburban Chicago and a light industrial and manufacturing park tied to rail lines in Savannah, Ga.
"They have done some proactive development," Stevens said. "There's quite a bit of demand for industrial space" in the city, he said.
Columbus Castings: A South Side institution
Columbus Castings, which for years had operated as Buckeye Steel Castings, closed in 2016. For more than 100 years the operation made parts for rail cars. In the 1950s, the foundry employed more than 2,000 workers.
Demolition of the foundry began in 2018.
The city's Department of Public Service is working with Stonemont to determine what new public infrastructure would be needed, Stevens said.
No one has discussed housing for the site, Stevens said of its proposed use.
"This has been a job center ... We're talking about what kind of manufacturing options they can do," he said, especially with reshoring discussions happening around the country. That's been going on nationwide following the COVID-19 pandemic and overseas supply chain issues.
Donna Bates, secretary of the Reeb-Hosack/Steelton Village Community Civic Association, said she thought warehouses would be going up on the site. The neighborhood sits just to the north of the property
"Anything would be an improvement," Bates said. She said she hopes Stonemont keeps in touch with the community about its plans and timetable.
Jim Griffin, who leads the Columbus South Side Area Commission, said some residents ideally would like to see retail on the site, such as a Target or something similar.
"It is in our backyard," Griffin said. "We’re going to have to live with whatever they build."
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