Plans for Ibiza still brewing

June 26, 2011

Those who would like to see the former Ibiza condominium site on N. High Street be turned into something more than a pile of dirt will have to wait a bit longer.

Mike Schiff, owner of the site's new developer, Schiff Capital Group, was scheduled to appear at a meeting of the Italian Village Commission on Tuesday but called to delay his presentation, Columbus Historic Preservation Officer James Goodman said.

Schiff has worked with Columbus developer Daimler Group and hopes to go back to the Italian Village Commission next month.

Schiff had been expected to present plans for a nine- to 11-story building that would include ground-floor retail, three floors of office space, and five to seven floors of apartments. A 500-space parking garage is also part of the plan.

Schiff's interest in the site came about in March after striking a deal with Core Properties, a Columbus developer that backed off building apartments there after the market, and financing, for condos dried up.

More than a dozen of the estimated 60 buyers who put down deposits for Ibiza condo units have sued the original developers, ARMS Properties and Apex Realty Enterprises. That issue is still caught up in bankruptcy proceedings.

Columbus attorney Brian Laliberte said he's hopeful that Schiff will see that those investors, who are out tens of thousands of dollars, will be repaid.

"He's said his intention is to see depositors paid," Laliberte said. "My hope is that if he moves forward with the project, he'll make every effort to do that."