By Deba Uwadiae
The application for phase 2 of Columbus City Ground Floor Growth Initiative has opened. An initiative of Councilmember Nick Bankston, the goal of the Ground Floor Growth Initiative program is to diversify and strengthen Columbus downtown’s retail environment by helping established small, local, minority and women-owned businesses enter prime first floor retail spaces in the heart of downtown.
There are three key components to the program which include Graduated Rent Support and Risk Mitigation Fund, Tenant Improvement Support and Wraparound Technical Assistance.
- Graduated Rent Support and Risk Mitigation Fund: Participating businesses will receive rent support for the first three years of their lease. That support will gradually wind down until the business is independent after three years. Because small, local businesses generally do not have as much available cash as larger, national businesses that are often renting these types of spaces, the City will maintain a risk mitigation fund to alleviate any concerns of participating property owners.
- Tenant Improvement Support: The City of Columbus has committed ongoing funds to contribute to the renovation of retail spaces participating in the program. Property owners and small business owners will also contribute to renovations, ensuring that all parties are investing in improvements and that renovation costs are not an insurmountable barrier to entry for small businesses.
- Wraparound Technical Assistance: The City established a contract with the Columbus Empowerment Corporation (CEC) to provide advising services to support businesses navigating challenges as they enter into new brick-and-mortar locations. CEC will also be available to businesses neighboring program locations in the corridor, ensuring that businesses thrive collectively.
With 2,500 residents in the Gay Street District, and another 500 joining in the next 18 months through a new residential product under construction right now, the Gay Street District is the ideal location to continue this program.
New businesses will complement long-established retail anchors in the area.
Phase one of the program has already been a success, with one business that opened in August, two more opening this fall and two more slated to open in the first quarter of 2025.
Spaces available range from 750-1600 square feet. There are no spaces for food and beverage concepts that require a hood in this phase.
We would like to thank Downtown Columbus Inc. and the Columbus Empowerment Corporation for their continued partnership with us via this program.
The link to the application can be accessed here. The application will close on Friday, October 18th at midnight.
Support the New Americans magazine to continue to serve our community with precise news that affect the new American, immigrant and refugee community. https://paypal.com/donate/?hosted_button_id=8LHFS78NRNJJY&source=url
