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Wood Co's SN Northstar Bldg New Aprtmnts now leasing

Home Forums General Columbus Discussion Wood Co's SN Northstar Bldg New Aprtmnts now leasing

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  • #533329

    InnerCore
    Participant

    joshlapp said:
    I like your perspective. At what point do you think denser lower priced point units make sense? I can see a demand for small, even utilitarian units, in the most high value areas but I can also see where the numbers and financing would be less worth it for a developer trying to make money when they can build larger more expensive units.

    I should add as a caveat that I recently moved in to a ~325 sq ft apartment near first and high that rents for $475/month with utilities. I can see more people willing to sacrifice space to live in a great location and still have the disposable income to enjoy the very perks that make the neighborhood great (restaurants, bars, boutiques). There just aren’t that many spaces that aren’t old SFH converts for rent (and even very few of those at lower price points).

    I don’t think the smaller units (around 400 sf) make sense for anything other than redevelopment of older structures for a long time. There is just to much available land.

    Do the math, if you’re renting 325 sf at $475 with utilities then that’s about $1.46 per SF. So a comparable 700 SF would have to rent for $1,000.

    I’d rather build one 700 sf unit instead of two 325 sf units. The largest costs are the kitchens and bathrooms. So you’re really making the project more expensive.

    You need extremely high land prices for new build micro units to make sense.

    #533330
    Walker Evans
    Walker Evans
    Keymaster

    InnerCore said:
    The problem is that is has to be market driven.

    Agreed. Thanks for crunching some numbers for examples and the sake of conversation. Obviously, I don’t think this would necessarily work for a large development. Perhaps something smaller. A new 30-50 unit development set up like this in the heart of Downtown could have the potential to attract the type of tenant who is interested in living car-free and having access to every bus line from Broad & High gives them the ability to easily get anywhere.

    In a region of nearly 2 million, there’s got to be a small handful interested in this type of arrangement.

    #533331

    mrpoppinzs
    Member

    @InnerCore

    That is some good information and sharp insight. Some of your posts are really informative.

    #533332

    InnerCore
    Participant

    Walker said:
    Agreed. Thanks for crunching some numbers for examples and the sake of conversation. Obviously, I don’t think this would necessarily work for a large development. Perhaps something smaller. A new 30-50 unit development set up like this in the heart of Downtown could have the potential to attract the type of tenant who is interested in living car-free and having access to every bus line from Broad & High gives them the ability to easily get anywhere.

    In a region of nearly 2 million, there’s got to be a small handful interested in this type of arrangement.

    I think you can definitely find more than a handful. The problem is designing an entire development for them. The more likely scenario is that one lives here, two live there, etc.

    But what I have thought about is a car share program. I’m sure you’re familiar with Zipcar. In Miami there is a smaller company that does the same thing called Cars2go. But I was thinking on an even smaller scale.

    So let’s say you work in the downtown/SN area. So if you rent a unit you can get to and from work pretty easily. And you’ve got a growing number of restaurants, bars, etc. But Columbus is still pretty spread out so you still need to get to places like Easton. And let’s face it, you’re not going to spend the kind of money people are paying on these new apartments and condos and then take a bus out to Easton. So you really cant go without a car.

    So I was thinking if you could find a way to get reduced parking and instead provide communal cars. So let’s say you build 100 units. Then you need 160 parking spaces. You provide the 10 visitor parking spaces and another 45 spaces for 30 units to diversify for less risk. Then for the remaining 70 units you work out a deal to provide 15 cars that would also take up 15 spaces. So all in all you would have to provide 70 spaces and 15 cars instead of 160 spaces. That saves you 90 spaces or about $1.8M on parking spaces. Subtract about $300k for 15 cars and you’re still up $1.5M. Then just increase the rent slight to cover the cost of maintenance and group liability of the vehicles.

    So say rent $1300 for a one bedroom. Instead you charge $1400 for a one bedroom with fractional ownership of car. So sure you’re paying an extra $100 a month but you can ditch the car that you paying $350 for, plus another $100 for insurance. Now your saving $350 a month and you can still use a car occasionally.

    You would just have to figure out some system for how people divide the car time. Maybe use some sort of credit system and require more credits for the weekend. And then adjust the car fee depending on how much they use it.

    So now you have a real incentive to move to an urban area, ditch the car and ride the bus or walk for the vast majority of you’re daily commutes.

    #533333

    Twixlen
    Participant

    InnerCore said:
    I think you can definitely find more than a handful. The problem is designing an entire development for them. The more likely scenario is that one lives here, two live there, etc.

    But what I have thought about is a car share program. I’m sure you’re familiar with Zipcar. In Miami there is a smaller company that does the same thing called Cars2go. But I was thinking on an even smaller scale.

    So let’s say you work in the downtown/SN area. So if you rent a unit you can get to and from work pretty easily. And you’ve got a growing number of restaurants, bars, etc. But Columbus is still pretty spread out so you still need to get to places like Easton. And let’s face it, you’re not going to spend the kind of money people are paying on these new apartments and condos and then take a bus out to Easton. So you really cant go without a car.

    So I was thinking if you could find a way to get reduced parking and instead provide communal cars. So let’s say you build 100 units. Then you need 160 parking spaces. You provide the 10 visitor parking spaces and another 45 spaces for 30 units to diversify for less risk. Then for the remaining 70 units you work out a deal to provide 15 cars that would also take up 15 spaces. So all in all you would have to provide 70 spaces and 15 cars instead of 160 spaces. That saves you 90 spaces or about $1.8M on parking spaces. Subtract about $300k for 15 cars and you’re still up $1.5M. Then just increase the rent slight to cover the cost of maintenance and group liability of the vehicles.

    So say rent $1300 for a one bedroom. Instead you charge $1400 for a one bedroom with fractional ownership of car. So sure you’re paying an extra $100 a month but you can ditch the car that you paying $350 for, plus another $100 for insurance. Now your saving $350 a month and you can still use a car occasionally.

    You would just have to figure out some system for how people divide the car time. Maybe use some sort of credit system and require more credits for the weekend. And then adjust the car fee depending on how much they use it.

    So now you have a real incentive to move to an urban area, ditch the car and ride the bus or walk for the vast majority of you’re daily commutes.

    I love the idea of a development-based car share system. Each unit could come with “X” number hours of car a month, with the option of adding more for cash-money. There could even be different vehicles (like a cargo van or truck) available, so even those few times you need to move a large thing, it’s solved.

    It’s a creative solution to transition the desire to have the freedom of wheels, without the hassle and cost of ownership.

    #533334

    billbix
    Member

    InnerCore

    Great idea on the car share progam for apartments in really walkable areas. I wouldn’t ditch my car for only a bus pass, but I would be willing to share one if I didn’t need it to get to work on a daily basis.

    It seems a creative and practical, real world solution.

    #533335

    goldenidea
    Participant

    I dropped by Wood Co’s offices earlier this afternoon. The receptionist said that over 40% of their new units above Northstar are leased already.

    #533336

    buckette13
    Member

    Really nice apartments and great location, there are few as good. Just can’t afford it.

    I am saving my pennies for the day when the Columbus Metropolitan Housing Authority puts Bollinger Towers forsale. It is my hope for somewhat ‘lower cost’ apartments in the SN.

    #533337

    mrpoppinzs
    Member

    ^ I never thought of that, but someday they probably will sell Bollinger Tower as they have all the others. Skyview (old Sawyer Towers on Mt Vernon Plaza) was privatized and is a hot mess, but there is a lot more money to be made at Bollinger.

    It probably has the best chance of being affordable for the short north – $800ish one bedroom maybe?

    #533338
    Josh Lapp
    Josh Lapp
    Participant

    If Bollinger was rehabbed using the LIHTC program, you are in for a 15 year wait.

    #533339

    lattethunder
    Participant

    joshlapp said:
    If Bollinger was rehabbed using the LIHTC program, you are in for a 15 year wait.

    I’m pretty sure Bollinger is LIHTC, and also Elderly. I’d make a sad face here, but to be honest I’m pretty happy there’s affordable, quality Senior housing in the area. =)

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