Over $500 Million in New Construction Under Way in Downtown Columbus
The Capital Crossroads Special Improvement District recently released their mid-year report, detailing the ongoing evolution of Downtown Columbus during the first half of 2016. The organization calculated a total of $501 million worth of development that is currently under construction, and another $1.2 billion still in the development pipeline, waiting to begin.
Over half of Downtown’s construction projects are comprised of residential, hotel and convention center development. The largest projects include the $125 Million Convention Center expansion and renovation, the $75 million Coleman Government Center and Parking Garage, and the $55 million Ohio Veterans Memorial and Museum.
On the residential side, the population of Downtown Columbus is likely to surpass 8,000 by the end of the year, doubling where it stood in 2004. Over 830 apartment and condo units are currently under construction Downtown with another 1,300 units proposed.
“Five residential projects broke ground in the first half of 2016 for a total of 236 new units under construction,” states the report. “Two of the five projects – Parks Edge Condos and Sixth Street Mews – will bring owner-occupied units to the market.”
While Downtown’s housing market is still dominated by apartments — which currently stand with a 97 percent occupancy rate — the submarket has seen an uptick in condo sale trends. A total of 84 units were sold during the first half of 2016, a nine percent increase over the same period the year prior.
The Downtown office market continues to slightly outperform the suburban market as a whole. Office vacancy rates have continued to fall to 11.4 percent during the second quarter of 2016, down from 13.6 percent in the year prior. The vacancy rate for suburban offices in Central Ohio is 11.8 percent.
Capital Crossroads tallied up nine new retail businesses that have opened Downtown since the start of 2016, a trend that is outpacing the typical number of 12 new retail openings per year.
“Emerging clusters include the areas around Grant and Long, and Fourth and Main,” explained the report. “Proposed projects at Gay and High will add a considerable amount of first floor retail space in one concentrated area.”
To view the full report, visit www.downtowncolumbus.com.
Photos by Walker Evans.