A. Eddy Zai will run the Columbus International Fund, part of a federal program that gives wealthy foreign investors quicker access to U.S. residency if they put money into job-creating projects here. He already leads a similar fund in Cleveland.
View full sizeBusinessman A. Eddy Zai stands in his office in Pepper Pike. Zai, who runs an international investment center in Cleveland, is branching out to Columbus to match wealthy foreign investors to job-creating projects in central Ohio. He aims to create 1,500 jobs through $75 million worth of investment, annually.The Cleveland International Fund provided financing for the Flats East Bank project and committed funding for the expansion of University Hospitals, the new American Greetings Corp. headquarters in Westlake and the redevelopment of the former Crowne Plaza hotel in downtown Cleveland.
In some cases, the fund has filled a financing gap for projects struggling to find traditional loans. In other cases, the fund has offered more attractive terms than banks or more mainstream lending sources.
The Columbus International Fund will focus on commercial real estate, health care, biotech projects, infrastructure and other commercial construction.
In a written statement, Ohio Gov. John Kasich said the fund "can help energize Ohio's economy by providing much needed funding for significant projects while offering a new home to foreign investors participating in the program."
The Columbus fund's board of directors includes Kenny McDonald, chief executive officer of Columbus 2020!; Christine Poon, dean of the Fisher College of Business at The Ohio State University; John Kennedy, a partner at Crabbe, Brown and James LLP; and Jean Carter Ryan, executive director of the Columbus-Franklin County Finance Authority.
Brian Hicks, an economic development consultant, will manage the fund.
"This program has made an impact in Northeast Ohio, and I'm confident that we are going to do great things for central Ohio," Zai said in a written statement.