Delaware County Ohio Planet Oasis Update

 In Columbus, Commercial, development, investing, net lease, nnn, Retail

Remember the shocking announcement of this mega $2 billion Delaware County, suburb of Columbus, Ohio, development initially named Planet Oasis from a couple of months ago? Then we saw the name Glimcher involved and thought maybe this all could be real.  Still though, Two Billion Dollars in Delaware County?  Well, its run into some rough waters.  There’s has been a falling out.

It turns out that there are now two entities involved.  Initially it was Sekulovski’s Blue Horseshoes Ventures Ltd with David Glimcher as the public face on the venture.  now we discover that David Glimcher’s Blue Horseshoes Ventures LLC was registered with the secretary of state on September 27th.   Glimcher Realty Trust was the developer of Polaris so one would tend to pay attention when you see that name involved with a project this large.  Both are now claiming that they will complete the project without the other.   When the project was first announced I didn’t see a ‘Ltd or LLC’ attached to it so I thought it was a partnership between Glimcher and the Sokulovskis.

The purchase agreements for the 350 acres are with Blue Horseshoe Ventures LTD as well as the contracts with the anchor tenants, but both parties are claiming that will move ahead without the other.

With interest rates and construction costs rising, one would wonder if the project will still be viable.  Anyway, stay tuned and get the popcorn as this should be interesting to watch.  Hopefully, something still comes out of it.

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