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640 W Nationwide Mixed Use Development

Home Forums General Columbus Discussion Development 640 W Nationwide Mixed Use Development

Viewing 9 posts - 16 through 24 (of 24 total)
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  • #1098309

    heresthecasey
    Participant

    I actually really like the name Pen West.

    #1101473
    Josh Bauman
    Josh Bauman
    Participant

    http://www.nytimes.com/2006/05/24/realestate/commercial/24atlanta.html?pagewanted=all&_r=0

    I would love to see the rest of this site developed in a very urban fashion per Atlantic Station in Atlanta. A commercial shopping hub, new office space, a mixture of residential… And, the Atlanta project is built on top of 15,000 parking spaces (as part of the environmental remediation of the site which would be the same with the Jaeger site) as well as bridging other infrastructure. I want Columbus to think BIG with the rest of this development — there are such restrictions within the site right now and it could be an amazing addition to the Arena District and a huge bridge project between Victorian Village/Goodale Park, Downtown/Arena District, and the Scioto Peninsula/Franklinton

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    #1101538

    CB_downtowner
    Participant

    I’m guessing these will be luxury units? If I had one big issue with downtown development projects, I’m less worried about height as I am the startlingly low focus on new affordable housing/rental units.

    #1101561
    Walker Evans
    Walker Evans
    Keymaster

    I’m guessing these will be luxury units? If I had one big issue with downtown development projects, I’m less worried about height as I am the startlingly low focus on new affordable housing/rental units.

    I think the big developers are going to build whatever they can profit from the most, and when land acquisition costs are high and financial lenders want a guaranteed return on their investment, you can be sure that expensive apartments/condos are more appealing of a project than less expensive apartments/condos.

    Unfortunately, many of the fixed costs are the same to build apartments — land, taxes, permits, structural materials, labor, etc. The fixtures and finishes are generally what separate an affordable unit from a luxury unit for most people, and those cost differences are pretty minimal in the big picture of the development budget. So in the end, charging $800/mo versus $1600/mo is just lowering the return on investment.

    Nothing will change until either costs can be reduced (city-owned land turned over to developers for nothing with a promise of affordability?) or some other incentive can be given to make it worthwhile to build something more affordable for the middle-class. Otherwise, we’ll see the high-end market continue to be catered to until it’s tapped out in terms of supply and demand, and lower price points are the only way to continue to build and profit.

    Keep in mind that *none* of this is unique to Columbus. This exact same situation is prevalent in every major US city right now, from Nashville to New York to Portland to Atlanta to Pittsburgh and beyond.

    In the meantime, the great thing about Columbus that is somewhat unique is that you don’t have to venture far outside of Downtown if you want affordability while retaining the amenities of being very close to the city’s center. There’s a lot of more affordable homes for sale in the King-Lincoln District, Franklinton, Old Oaks and Southern Orchards areas, most specifically:

    $99k – 1,500 SqFt 4 Br / 2 Ba 100-year old brick home just two blocks from Children’s Hospital:

    http://www.trulia.com/property/3124475542-882-E-Livingston-Ave-Columbus-OH-43205

    $140k – 1,260 SqFt 3 Br / 2Ba modern home one block outside Downtown with a skyline view:

    http://www.trulia.com/property/3217114235-200-Martin-Luther-King-Jr-Blvd-Columbus-OH-43203

    $125k – 1,200 SqFt 2 Br / 1Ba 120 year old renovated historic home in OTE:

    http://www.trulia.com/property/3209836046-258-S-20th-St-Columbus-OH-43205

    #1101567
    MichaelC
    MichaelC
    Participant

    Yes, and while there are hopefully plenty of people that want to take advantage of neighborhoods near downtown, living near downtown is obviously not the same as living downtown.

    This will continue to be a challenge in Cbus and elsewhere, sure, but one in which we’ll hopefully see some development–pardon the double entendre–sooner rather than later.

    High-end developments downtown can do a lot of good. But if we want to hit 20,000-30,000 downtown residents–and all the myriad benefits thereof–as in many of our peer communities, our city and our developers will have to figure out a way to make money with something other than luxury options.

    #1101595
    Walker Evans
    Walker Evans
    Keymaster

    Yes, and while there are hopefully plenty of people that want to take advantage of neighborhoods near downtown, living near downtown is obviously not the same as living downtown.

    True. Just pointing out that while it’s currently impossible to have your cake and eat it too (live in a 2000 sqft penthouse at Broad & High for $200/mo), there’s a very good alternative that doesn’t require moving all the way out to Pickerington or Grove City or Hilliard in order to find affordability.

    Personally, I love being within a short walking distance of everything I want to do Downtown while still having an incredibly affordable and historic home that gives us a small bit of backyard space to stretch our legs out in. Best of both worlds, IMHO.

    #1101616

    ohbr
    Participant

    Yes, and while there are hopefully plenty of people that want to take advantage of neighborhoods near downtown, living near downtown is obviously not the same as living downtown.

    This will continue to be a challenge in Cbus and elsewhere, sure, but one in which we’ll hopefully see some development–pardon the double entendre–sooner rather than later.

    High-end developments downtown can do a lot of good. But if we want to hit 20,000-30,000 downtown residents–and all the myriad benefits thereof–as in many of our peer communities, our city and our developers will have to figure out a way to make money with something other than luxury options.

    +1

    Should downtowns be relegated to the same mentality as suburbs? Oh, well if you can’t afford New Albany, you can always just live in another more affordable suburb.

    While there is something to be said for living where you can afford, and Columbus has some great near downtown neighborhoods that other cities don’t, as Michael states, we can’t expect a true population boom by only catering to a certain income level. Sure, private companies need to make as much profit as possible to be able to keep turning out these projects, but maybe it’s time for the city to start incentivizing development a little differently by possibly providing the larger tax breaks and abatements to affordable housing and weening developers off tax abatements for luxury living. If we don’t begin to focus on solutions for more affordable rents for both residents and businesses, downtown does in fact turn in to a neighborhood that isn’t much different than some of the rich suburbs. Then how do you get those who live in the lower income areas downtown if it ends up being not much more than a rich person’s playground? While that seems hyperbolic, if we only see luxury and a handful of affordable, that may end up being the reality. Better to start working toward those solutions now than later.

    #1114626

    wpcc88
    Participant

    A lot of site prep going on in this area right now, topsoil mostly but progress nonetheless.

    #1114711

    WJT
    Participant

    A lot of site prep going on in this area right now, topsoil mostly but progress nonetheless.

    Good news!

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