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West Arena District Expansion - News & Updates

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Started 10 months ago by News
Latest reply from Walker

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News
Columbus Underground
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Arena District casino site likely to get residential complex, neighboring riverside park
Business First - by Jeff Bell
Date: Friday, July 22, 2011

NRI will pay $11 million for the 25-acre tract at the west end of Nationwide Boulevard and is looking at turning it into a residential development, said Nationwide Realty President Brian Ellis. The company also plans to buy another 4.5 acres just west of the Penn National property from the city of Columbus at a fair market price still to be determined, Ellis said. The plan is turn the properties into high-quality housing similar to the apartment and condominium projects NRI has already done in the district.

READ MORE: http://www.bizjournals.com/columbus/blog/2011/07/arena-district-casino-site-likely-to.html

Posted 10 months ago #
Walker
The KLD / Downtown
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This is great news. Plaza Properties had originally proposed something similar several years ago before selling the land to Penn National for the Casino:

http://www.columbusunderground.com/22-acre-development-west-of-arena-district

Plaza had plans for around 1,000 units on the site. If NRI can do the same, that's probably in the neighborhood of 1,500 new residents living Downtown.

Posted 10 months ago #
heresthecasey
OSU
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Agreed, this is probably the best case scenario for the property. Nationwide has a proven track record with their other developments, and clearly have a pretty big stake in the area. Here's hoping a lot of these units are maybe some more affordable rentals. Also, that the design can engage and connect this far-off corner a little better with downtown.

Was a little bummed to see that shovels won't get in the ground for two to three years, but that's probably smart given the market and the time needed to work on plans and improvements to the surrounding area. When this project and Neighborhood Launch get done it should really help to add some big numbers to the amount of downtown residents. Here's hoping we can see a couple more announcements in other parts of downtown soon as well.

eta: Like maybe something over in THIS area.

Posted 10 months ago #
anillo
Marzipan City
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Excellent news.

Posted 10 months ago #
Ameya
OSU Campus
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They said the housing will be just like the other ones in the area, which sadly, probably isn't very affordable. I guess it depends on your definition, though.

Posted 10 months ago #
MichaelC
Short North
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More housing in the area is excellent; here's hoping it is affordable, yes.

Posted 10 months ago #
Walker
The KLD / Downtown
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Ameya said:
They said the housing will be just like the other ones in the area, which sadly, probably isn't very affordable. I guess it depends on your definition, though.

I think NRI has done a pretty good job of offering a mix of offerings on both the rental and condo sides of things. Of course, these are residential units in what is considered by many people to be one of the most premium urban locations in the region, so higher-than-average prices are to be expected.

Arena Crossing rents range from $765/mo to $2000/mo:

http://www.arenacrossing.com/living-space/floorplans

Flats on Vine rents range from $805/mo to $1225/mo:

http://flatsonvine.com/floor-plans/studio-and-one-bedroom

Burnham Square sold out very quickly, but there are a few units for resale between $379,000 and $415,000:

http://www.danielburnhamsquare.com/property4sale_list.asp

And North Bank has the biggest range in condo pricing from $376,000 to $1.4 million:

http://www.northbankcondos.com/floorplans-pricing.php

I would think that perhaps this new development could be priced even a little more affordably since it's a bit further from the action and in not quite the same premium spot.

Posted 10 months ago #
Analogue Kid
5th by West-Northwest
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I wonder if they'll buy and demolish the defunct power plant as well

Posted 10 months ago #
I can talk to buffalos
They're right by my earlobes.
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Downtown proper is very affordable imo. You get much more for your money renting a condo downtown than you do in the Arena District. Regardless, more housing anywhere even close to downtown is good to me. IF a new complex arises on the near eastside, campus, grandview, downtown, german village, where ever it is good news to me. The more units in the central city the better.

Posted 10 months ago #
KingLincolnUrbanEnthusiast

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I agree downtown is affordable, as is the central city and urban neighborhoods...if you take the time to look. There are lots of smaller brick homes and good housing stock. When you live in the burbs, commute and pay crazy property taxes to live on barren acres and look at the "total landed" and complete cost..you would be better off with an apartment or small home in the city and truth be told you could afford to pay tuition to private schools for your kids. People are lazy and don't take the time to do their homwework, explore all their options ansd calculate the real costs of living 40 minutes outside the central city. The driving stress alone is an issue...

My prediction, is that all these urban core neighborhoods will continue to flourish and offer more housing options at all price points not less...

Posted 10 months ago #
lifeontwowheels
Highland West
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I can talk to buffalos said:
Downtown proper is very affordable imo. You get much more for your money renting a condo downtown than you do in the Arena District. Regardless, more housing anywhere even close to downtown is good to me. IF a new complex arises on the near eastside, campus, grandview, downtown, german village, where ever it is good news to me. The more units in the central city the better.

Affordable by whose standard? Empty nesters or DINKs? Is it affordable for young professionals coming out of college with staggering student loans?

I'd love to see new units but it just seems everything is so focused on luxury. I get that most of what we are getting is new build, so the cost is naturally going to be up. Aren't some of the student oriented projects in Discovery District hitting the 700-800 range for a 1 bedroom?

Posted 10 months ago #
Pablo
Crestview Addition
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Analogue Kid said:
I wonder if they'll buy and demolish the defunct power plant as well

If they buy it, I hope they incorporate at least the facade into the new development. I find it really interesting:
http://maps.google.com/maps?q=Columbus,+OH&hl=en&ll=39.969539,-83.018349&spn=0,0.009645&sll=37.0625,-95.677068&sspn=40.460237,79.013672&z=17&layer=c&cbll=39.967137,-83.018345&panoid=OQFkcRXN2G2wchVlQQtHEA&cbp=12,166.45,,0,-15.12

Posted 10 months ago #
heresthecasey
OSU
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Pablo said:
If they buy it, I hope they incorporate at least the facade into the new development. I find it really interesting:
http://maps.google.com/maps?q=Columbus,+OH&hl=en&ll=39.969539,-83.018349&spn=0,0.009645&sll=37.0625,-95.677068&sspn=40.460237,79.013672&z=17&layer=c&cbll=39.967137,-83.018345&panoid=OQFkcRXN2G2wchVlQQtHEA&cbp=12,166.45,,0,-15.12

Well they certainly took that into consideration with their last architecturally-significant acquisition...

Oh, wait... No they bulldozed it to the ground and now we have an empty lot in place of a stunning and historic facade.

Posted 10 months ago #
I can talk to buffalos
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lifeontwowheels said:
Affordable by whose standard? Empty nesters or DINKs? Is it affordable for young professionals coming out of college with staggering student loans?

I'd love to see new units but it just seems everything is so focused on luxury. I get that most of what we are getting is new build, so the cost is naturally going to be up. Aren't some of the student oriented projects in Discovery District hitting the 700-800 range for a 1 bedroom?

I don't know what a dink is, but I am a YP with a child and 5 figures worth of student loans, and I rent this place for about 1 dollar a sqf downtown. It is a luxury unit with hw floors, granite, and all the other extra bullshit. 1 dollar per sqf is very reasonable imo.

In all honesty I believe your definition of a YP and mine are probably different. A YP imo is just that, a young professional. Professionals are lawyers, accountants, engineers, finance professionals, software developers, doctors, etc.

Posted 10 months ago #
jpizzow
580 N. Park St.
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I always thought that power plant would make a cool restaurant/retail location, sort of like the Power Plant in Baltimore.

Posted 10 months ago #
lifeontwowheels
Highland West
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I can talk to buffalos said:
I don't know what a dink is, but I am a YP with a child and 5 figures worth of student loans, and I rent this place for about 1 dollar a sqf downtown. It is a luxury unit with hw floors, granite, and all the other extra bullshit. 1 dollar per sqf is very reasonable imo.

In all honesty I believe your definition of a YP and mine are probably different. A YP imo is just that, a young professional. Professionals are lawyers, accountants, engineers, finance professionals, software developers, doctors, etc.

Dual Income, No Kids

Posted 10 months ago #
CalebR
Lincoln Village
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jpizzow said:
I always thought that power plant would make a cool restaurant/retail location, sort of like the Power Plant in Baltimore.

That would be sweet! Then we could open up the banks take out the trees and put a park on the river bank. The empty space right after you get off 670 coming from the west could be where they put the kayak and bike rentals in talks...

Posted 10 months ago #
I can talk to buffalos
They're right by my earlobes.
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lifeontwowheels said:
Dual Income, No Kids

Again, we have 2 kids, single income, and can easily afford a place downtown with plenty of money left over for savings. This as I said before is in a pretty luxurious place. If you really cannot afford to live downtown you probably need to reevaluate your career choices. Downtown was much cheaper than anywhere else we looked when we moved here 3 months ago. We checked everywhere from grandview to UA, to Victorian Village, to German Village, Short North, and Italian Village. Not only is it the cheapest, but when you are able to only have 1 car because I can walk to work, it makes it even cheaper.

The most overpriced are imo, was the Arena District. Tbe places were not even that nice, and the rents seemed expensive.

Posted 10 months ago #
KingLincolnUrbanEnthusiast

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that's my point everyone thinks that downtown is expensive - don't get it. Try living at Polaris and working downtown now that's expensive!. E Towne street has some amazing apartments that are reasonable near Topiary Park and Olde Towne has good values for the size/location/quality proposition as well. Even Victorian Village and German Village does have some affordable options if you take the time to investigate!

Posted 10 months ago #
lifeontwowheels
Highland West
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KingLincolnUrbanEnthusiast said:
that's my point everyone thinks that downtown is expensive - don't get it. Try living at Polaris and working downtown now that's expensive!. E Towne street has some amazing apartments that are reasonable near Topiary Park and Olde Towne has good values for the size/location/quality proposition as well. Even Victorian Village and German Village does have some affordable options if you take the time to investigate!

My question was never about what's there now, I'm looking at what's stopping new development from being built at a wider variety of price points to be more inclusive. Town St. is awesome, I've looked there myself and there are some great deals. I just fail to see why all the affordable options have to be on the periphery of downtown.

Posted 10 months ago #