Forty-Unit Apartment Development Proposed for Olde Towne East
A 40-unit, three-building apartment development has been proposed for a long-vacant lot at 122 Parsons Avenue. The project, which is being developed jointly by Woods Development Group, Brexton, and Arch City Development, has been presented to the Near East Area Commission but still awaits final approval from the group.
The proposal calls for a four-story building facing Parsons, with two-story townhomes on the ground floor and twelve one-bedroom apartments above. The buildings along Gustavus Lane and East Chapel Street would each be two stories and face each other, with a green space in between.
In all, there would be 28 townhomes, each with two bedrooms, a den, a finished basement and a one-car garage. Two small parking lots would provide additional spaces for the townhomes and apartments. The name chosen for the development is 122 Olde Towne.
Michael Woods, CEO of Woods Development Group, said that pending neighborhood and zoning approval, they’d like to break ground in April or May.
“We’ve been looking at the site for nearly a year and a half,” he said, adding that, “the demand is there in Olde Towne, it’s like a sleeping giant. We talked to multiple property management groups in area, and they say that vacancies are snapped up immediately.”
Woods also expressed confidence that the development will stand out from the many other urban apartment projects coming onto the market; “we’ve done a lot of extensive research, and we see the units going up all over the central city, but what we are doing is a different product; two story townhomes with attached garages.”
As for the potential impact of the 70/71 split project (ODOT plans to expand the freeway and take out the ET Paul and Carabar buildings), Woods acknowledged that it will directly affect the development but thinks that added green space across the street will be a net-plus. He also noted that the impact from any ODOT work is probably still about three years off.
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