Columbus, IN – The Columbus Redevelopment Commission (CRC) has approved Phase I of a new, two-block, mixed-use development project slated for downtown Columbus, south of Second Street. The CRC authorized the approval of the development agreement earlier this week for the nearly $40 million Phase I of the downtown project. The CRC is entering into a contract with developer Flaherty & Collins Properties (F&C) for the development.
As one of the Midwest’s largest and most experienced developers of multifamily properties, Flaherty & Collins Properties is a leader in development, construction and property management. Since 1993, F&C has completed more than $2 billion in developments and have an ongoing pipeline of $500 million in development. The company has projects throughout Indiana, Illinois, Kentucky, Minnesota, Missouri Ohio, and Washington, D.C., with additional projects coming online in Michigan and Oklahoma.
For over two years, the CRC has worked with a team of advisors, including Hunden Strategic Partners (HSP), a real estate advisory and owner’s rep management firm based in Chicago, to complete various stages of development planning for the downtown mixed-use project, including a developer selection process that attracted 11 development teams in 2019.
Stifel, a public financial advisory firm, and Barnes and Thornburg, bond counsel, have also been advising the CRC on the development.
The first phase of the downtown project includes the following development elements:
- 200 luxury apartments
- Urban grocery
- 5,000 square feet of retail and restaurant space
- Added parking for residents, visitors, and downtown workers
The CRC plans to use proceeds from the future increase in property assessments on the site to induce development.
“This project will help transform downtown Columbus, especially for residential development. Having an urban grocery easily walkable for all of downtown’s residents will help encourage even more private investment in our downtown. Flaherty & Collins Properties is an ideal partner for the first phase of this mixed-use project,” stated Mayor James Lienhoop.
Deron Kintner of Flaherty & Collins Properties said, “We are excited to partner with the City of Columbus, as their downtown has been on our radar for some time. We are keenly aware of how unique and special Columbus is, and we look forward to being a long-term contributing member of the community.”
Phase I is expected to break ground in early 2022, once detailed designs and budgets are complete. A phased opening for this portion of the development is projected for 2023 and 2024. The second phase of development, which will likely be approved down the line now that Phase I is underway, will include the development of a hotel and conference center.