COLUMBUS, OH - A local developer plans to build a $25 million apartment and condominium project south of the old Lazarus building, continuing a renaissance in the city's RiverSouth district. Lifestyle Communities plans to begin work this summer on 130 apartments and 76 condominiums that will be marketed to young people who can't afford some of the other Downtown living options. The units are expected to open in winter 2010. The project will cover two parking lots sandwiched between the Lazarus building and the former Lazarus parking garage.
Nationwide Realty Investors had been advising the Columbus Downtown Development Corp. on the multifaceted RiverSouth revitalization project and will continue to help oversee a new use for Columbus City Center. But Lifestyle Communities stepped forward to do the residential project and is in contract to purchase the land from a subsidiary of the development corporation. "Ultimately, we felt that Lifestyle had the right product at the right time at the right market," said Columbus Mayor Michael B. Coleman. "Nationwide is doing great things, but we thought Lifestyle could produce (housing for) this young, professional group of residents who have been demanding lower-price options."
The residences are part of the RiverSouth transformation that will include: Restoration of the former Lazarus department store, which has been converted primarily to office space. Construction of the Scioto Mile, a mile-long park along the Scioto River that stretches into RiverSouth. That project is expected to begin this year and be completed in 2011. The city's development of a 773-space garage at the southeast corner of Rich and Front streets. Conversion of a portion of Front Street to two-way traffic. Creation of a pedestrian-friendly environment along Wall Street.
"It'll be a really happening neighborhood," Coleman said. "It'll be hip, cool. We've been very focused on the design and materials being used. The public spaces there are going to be fabulous." Lifestyle Communities is working with D.W. Taylor Associates architects of suburban Baltimore to create a row-house look for the apartments and condos, Lifestyle Communities CEO Michael DeAscentis Jr. said. "The concept is to bring the town house Downtown, with wood construction and front doors on the sidewalk," he said. "There were no lot lines. Everything was attached."
Lifestyle Communities has been one of the more prolific builders in central Ohio in recent years. It has six multifamily communities outside I-270. DeAscentis said that despite the downturn in the housing market, the timing seemed right for the company's first Downtown project. "Young people want to live Downtown," he said. "It's hard to create a neighborhood on a half-acre of ground. We needed a size and scale of community where we could create that neighborhood. "We really got excited about the site, with the Scioto Mile and the plans for City Center. We think it's an amazing opportunity for us."
The brick and stone buildings will have shared rooftop terraces, a central plaza and about 300 parking spaces that might all end up underground. The streets will be updated with granite curbs, brick pavers and landscaped streets. Apartments will range from 700 to 960 square feet and will rent for $750 and $990 per month. Condominiums will start at $125,000 and average 1,175 square feet. The average price for the condos is $170 per square foot. Most of the recently built Downtown condos have averaged more than $200 per square foot. "That's really what people are kind of screaming for, is something affordable," said Kevin Wood, president of the Downtown Residents Association of Columbus. "If they're starting at $125,000, that's probably as good as you can get."
Source: ColumbusDispatch.com