The Peninsula project is dedicated to intersecting downtown and Franklinton through living spaces, shopping, dining, and entertainment. The first phase brought The Junto with 198 hotel rooms, 231,000 sqft of office space, and 329 residential units. Here’s what you can expect from the the $290 million Phase II:
Coming soon to Franklinton
The Gravity development project and Phase I of The Peninsula can both be credited for boosting economic growth in Franklinton in recent years.
The growth of this downtown neighborhood will continue with Phase II of The Peninsula. Here’s what the developers — the Columbus Downtown Development Corp., Rockbridge, Daimler, and Flaherty & Collins — have slated:
- A downtown grocery store — The grocer has not yet been announced, but will fill a void for downtown grocery shopping, whether that be from a local store or a nationwide retailer.
- New office space — 150,000 sqft is planned.
- Pins Mechanical Co. — The two-story, 40,000-sqft entertainment space and bar will be the fourth Columbus location.
- Residential living — A 20+-story apartment tower will be in the works.
- City-owned parking garage — 400 parking spaces will be available.
- A new hotel — A 120-key hotel is planned to keep up with the rising number downtown visitors.
The economic impact
Mayor Andrew Ginther estimates that the second phase of the project will create 750+ permanent jobs as well as 1,800+ construction jobs.
Construction should begin in 2024 and be completed by 2027.
While the project is under construction, it’s projected that there will be an economic impact of about $32 million. But that’s just the start. You know the classic question: Where do you see yourself within five years? Developers see the project bringing in $60.5 million to Franklinton and downtown.
