Developers, city discuss Creekside development agreement, parking and demolition funding; vote timing left open

City economic development officials and the proposed development team updated Gahanna council Monday on a draft development agreement for a private Creekside expansion project and discussed related financing, parking and demolition options.

Director of Economic Development Jeff Gotke described the developer’s proposal as private development that would bring “263 apartments, two restaurants, a parking structure, a hotel, and some townhouses in phase 2” to the Creekside District. He emphasized the proposed agreement is a traditional development contract — not a city-financed bond underwriting — and said the city would not be guaranteeing developer financing.

Gotke summarized the proposed schedule and key milestones: a phase-1 plan approval triggers a six-month inspection/due-diligence period (extendable by the developer), then a closing and conveyance of phase-1 parcels 30 days after the inspection period ends. Developers said they expect to submit plans and obtain plan approvals; the agreement defines a maximum timeline of 36 months from phase-1 plan approvals to substantial completion, with phase-2 plan submissions and closing tied to 18-month milestones after phase-1 plan approval.

Gotke and Connect Real Estate reported an early parking utilization assessment of marked parking in the Creekside area. The study counted 667 marked spaces in the defined downtown study area with an aggregated average usage of about 28…