If you think like I do, you will know after reading the article below that the Arena District housing would more likely increase in value for the next few years. As per the article, the city has the next plan the would include residential apartment buildings, office buildings, parking garages and a Giant Eagle. I think this may be a good time to consider Urban Living in Columbus...what do you think??
More Jobs, Housing, Offices and Retail Coming to Arena District
(Columbus) — Mayor Michael B. Coleman will ask City Council to consider legislation that would allow the City to sell property at Neil and Vine streets to make way for a $250 million investment that would bring about 1,000 new jobs, housing and office space to the Arena District. The legislation was on Council’s agenda tonight for a first reading.
“I am pleased with growth of the Arena District, which continues to bring together development, businesses and residents to show what can be done to bring a new generation of investment,” said Mayor Coleman. “And I’m especially excited about adding 1,000 jobs in this tough economy.”
NWD Investments will purchase the 2.4 acre lot for $2 million and plans to develop a 250 unit multi-family housing project in this area. This site, when combined with adjacent properties already owned by NWD Investments, allows for development of the northern boundaries of the Arena District and the completion of an expanded master plan that includes residential apartments, office buildings, parking garages and, through a partnership with Continental Real Estate, a Giant Eagle grocery store.
This final phase of Arena District development will result in an additional $250 million in private investment, bringing total private investment in the Arena District to roughly $1 billion.
“With this significant project, Nationwide is continuing its long standing commitment to revitalizing the heart of our city,” said Development Committee Chair Maryellen O’Shaughnessy. “They have a proven track record of success when it comes to understanding the challenges of urban development.”
The Arena District is located in a Tax Increment Financing (TIF) District. Nationwide Reality Investors will be responsible for infrastructure costs upfront and will be reimbursed from 100 percent of available TIF funds. TIF revenue will be generated from existing Arena-area TIFs. Funding for the Giant Eagle parking structure will also come from TIF revenues. Infrastructure improvements include: Neil Avenue, Vine Street, Brodbelt, Convention Center Drive improvements and transmission lines.
“We are pleased to have the opportunity to work with the City of Columbus and continue to develop in Downtown Columbus,” said Brian J. Ellis, President and COO of Nationwide Realty Investors. “This expansion of the Arena District will bring even more people to live and work in the Arena District and downtown Columbus, creating an energy and vitality that is essential for a successful downtown.”
Recent development in the Arena District includes the completion of the Condominiums at North Bank Park and an office building at 230 West Street, as well as the ongoing construction of Huntington Park.
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