GBX Group LLC partnered with developer, Tomko Company, for a $20 million rehabilitation project that included the restoration, connection, and transformation of the historic Capitol Square properties. Now known simply as The Hayden, the formerly-neglected, century-old buildings are again in service, offering nearly 80,000 square feet of leasable commercial office space on the Square.

The group deployed a complex capital stack to finance the work, including various historic preservation tax incentives, job grants, traditional debt, and others. It’s the latest in a long line of GBX’s Columbus-based projects to leverage such tools which have played a critical role in revitalizing downtown Columbus.

Sparacia continued, “By saving these buildings from demolition, we’ve struck a mutually-beneficial balance between preserving a rich connection to the Central Business District’s past while simultaneously leveraging that connection to enable economic progress. The outcome perfectly underscores the role of historic revitalization incentives in modern-day development.”

To date, GBX managed funds, have invested in 13 historic preservation properties in Columbus, including the soon-to-be-completed Municipal Light Plant, adjacent to the Columbus Crew’s new stadium –lower.com Field at the west end of the Arena District on Nationwide Boulevard.