Competition in Columbus

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The Associated Press, 06/06/99

"COLUMBUS, Ohio (AP) -- A developer says he's willing to buy part of one mall to help get another shopping center under way.

Herbert Glimcher of Columbus said he has reached agreements to buy the Lazarus and Sears stores at the Northland Mall and to assume the lease on the JCPenney store. He would move them five miles away to his planned mall in the Polaris development north of the city ...

Richard Jacobs, owner of the Cleveland Indians, owns most of the 35-year-old Northland Mall. He has threatened to start a referendum petition to block tax-related deals for Polaris."

City Chatter, Cleveland Free Times, 6-17-99

"Dick Jacobs decries tax subsidies, for someone else, of course. Developer Dick Jacobs traveled down to Columbus to decry a $52 million tax break for a competing developer. Jacobs' interests own an older mall and want to keep the competition out, if possible.

According to an article in the Other Paper, a Columbus alternative, Jacobs skipped an Indians game in order to talk to neighbors of his development, hoping to get them organized to oppose a new development. Columbus City Council is debating a tax incremental financing (TIF) deal for a new $200 million mall development by Columbus-based Glimcher Realty Trust. The new mall would hurt the older Jacobs mall, called Northland. Jacobs is promising a spruce-up to the tune of $70 million. And what goodies will you want, Dick?

Ready for the sale? Penniless Gateway will be scraping the bottom of the barrel, trying to sell some of the items it replaced as capital expenses claimed by both the baseball and basketball owners who lease the stadium and arena. Among the items will be pieces of cracked marble.

You may remember that Dick Jacobs insisted on Italian marble for coffee tables in stadium loges, though he and Gateway were warned it was too weak for tabletop use. Of course, the marble, from Lucca, Italy, at a cost of $330,000, did prove to be too weak. Gateway ended paying half of the $260,000 to replace the tables, and is preparing to sell the remnants. Jacobs apparently nixed the idea of stamping the pieces with Chief Wahoo and selling them as $400 souvenirs."

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