More Student Housing on the Way in Fifth by Northwest
The overall strength of the rental market in Columbus – along with what some have called an underserved market for high-end student apartments – have combined to create a frenzy of development activity around the Ohio State University.
And while most of these projects have been clustered close to the main campus along High Street and Lane Avenue, a local developer is betting that the market is strong enough to support a 586-bed, student-oriented development a little farther afield.
The Griff, a 288-unit, four-story apartment complex by Westerville-based Metro Development, is currently under construction at 1234 Steelwood Road. The eight-acre site, which formerly held a large warehouse, is located about a quarter mile east of Kenny Road, roughly equidistant between Kinnear Road to the north and Chambers Avenue to the south.
Leasing Manager Lisa Grant said that the project is on schedule to be completed by August of 2016. She described the response from the market so far in very positive terms.
“The pre-leasing is going great – we started accepting applications online in October, and are currently at about 15% pre leased for phase one,” she said, adding that, “we are almost out of four-bedrooms.”
Rents for the fully-furnished apartments range from $1,275 a month for a one-bedroom to $2,800 for a four-bedroom, four-bath unit. A parking spot in the two-story garage would add $75 a month to the price, although parking in surface lots will be available for free.
Fifth by Northwest Area Commission Chair Rebecca Obester said that the board did not review the overall project, just the signage. No rezoning was necessary because it is being developed as an extended stay hotel.
“It’s a beautiful design, though,” she said. “They almost look like condos.”
Obester also sees potential in the development’s proximity to the cluster of university-owned buildings along Kinnear Road, especially if OSU moves forward with plans to enhance the infrastructure along the corridor and provide a more direct connection to the main campus.
For ongoing discussion of this development, CLICK HERE to visit our Messageboard.
For more information, visit www.thegriffosu.com.
Renderings by Jonathan Barnes Architecture & Design.