Work to Start on Affordable Apartments at Alrosa Villa Site
A groundbreaking ceremony was held this morning at 5055 Sinclair Ave., the former site of the Alrosa Villa music venue. A three-building, 180-unit apartment complex is planned for the 7.5-acre site.
The apartments will range from one to four bedrooms in size and be priced for families earning between 30 and 70 percent of the area median income (for a three-bedroom apartment that translates to an income of just over $22,000 and a monthly rent of $566 at the 30 percent level).
The NRP Group is developing the $45 million project, which will be called the Sinclair Apartments and is scheduled to be completed in 2023.
Today’s event featured speakers from the city’s Department of Development, state lawmakers, and officials representing other partners in the project. A press release laid out the funding sources that will be utilized to build the development:
- $28 million in tax-exempt and taxable bonds issues by the Columbus Metropolitan Housing Authority
- $17.75 million in Low Income Housing Tax Credit Equity from the Huntington National Bank
- A $4.25 million loan from the City of Columbus
- $3 million from an Equity Bridge Loan and another $2.5 million in BGF Funds from the Ohio Housing Finance Agency
“With a large percentage of families in Franklin County spending nearly half of their income on rent, Sinclair Apartments will provide them with relief while simultaneously allowing for the community to grow and flourish,” said CMHA Chief Operating Officer Scott Scharlach in a statement. “The affordable housing crisis can be solved only by public and private institutions working together. We’re honored to collaborate with our partners who are committed to addressing this problem with world-class housing for all income levels.”
Alrosa Villa was a long-running music club that shut down in 2020. It was the site of a 2004 incident in which four people were shot and killed, including former Pantera guitarist “Dimebag” Darrell Abbott.
NRP’s plan to redevelop the site had the approval of nearby neighborhood groups and was later approved by both the Development Commission and City Council.