Real Estate Developer Brad Howe, with JBH Holdings, announced today that The Jackson on High project has reached a major milestone by receiving a 100% real estate tax abatement for 10 years. Columbus’ City Council returned the unanimous approval for the tax abatement during the December 14 evening session. The measure would make The Jackson on High the only existing condominium project in The Short North to receive a full 100% abatement. The Jackson falls within the newly created CRA (Community Reinvestment Area) named “High and Second Community Reinvestment Area” ORD1685-2009.
JBH Holdings applauds the tremendous support we have received from City Council, Mayor Coleman and the City of Columbus Department of Development. Brad Howe stated, “From the very start, Columbus has embraced The Jackson on High and shared in its vision and we believe the achievement of this incredible tax abatement showcases the belief people have in JBH Holdings and its ability to deliver on its promises of high-end luxury at a reasonable price.”
The 100% tax abatement, equal to about 1.9 % of the purchase price per year, would be a major savings to the consumer. For example, a condominium purchased for $300,000 would receive an estimated tax savings of $57,000 over the life of the abatement, or $475 per month. Savings would increase or decrease depending on the condominium’s purchase price and changes in the property tax rates.
From the very start we decided never to put profits above the consumer, Howe continued. “While some would introduce an amazing product to Columbus and then strip it down to increase profits, JBH Holdings has remained committed to the consumer by keeping quality high and delivering on promises. We believe promises made are promises kept and this mantra has registered well with City of Columbus officials and the Greater Columbus marketplace.”
The 100% tax abatement comes on the heels of The Jackson on High receiving FHA approval. Although the real estate marketplace has begun to show some signs of recovery, it is clear that incentives like the 100% tax abatement will be a major enticement to motivate consumers to sign on the dotted line. This coupled with what an amazing condominium product The Jackson on High is, located in the exciting Short North, and you pretty much have an irresistible urban living option.
More about JBH Holdings
After having established a solid reputation within the real estate investment industry, long time business partners Bradley Howe and John Bonner decided to join forces and created JBH Holdings, LLC. Focusing on identifying and securing development opportunities that offer its investors optimal ROI, JBH Holdings adheres to a strict community and social responsibility in developing real estate offerings that retain value and offer thoughtfully planned dynamic architecture that transcend temporary design fads. For JBH Holdings it is these guiding principles that manage to secure the organization consistent success with each project they undertake.
The Jackson on High, the latest undertaking by JBH Holdings, is an eight-story urban condominium development designed to offer 44 high-end residential condominiums, 4,600 square feet of commercial retail space and 91 parking spaces in an attached garage to Columbus™ popular Short North Arts and Entertainment District. The building will offer a rooftop pool overlooking downtown and High Street and provide many other features that are firsts in the area. Construction began September 7, 2008. The project, referred to by many as iconic will be the anchor to the northern entrance of the Short North.
If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!
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