The 120,000-sf property at Broad Street and Grant Avenue wasbuilt in 1917 by architect Frank Packard. However, the building hasbeen vacant for about 20 years, says David Adelman, president andCEO of the company. He says the building had asbestos in theinterior and exterior of the building, and took a while to restoreto a safe environment. "Fortunately, the city was very efficientand responsive to our needs," he tells GlobeSt.com. "This was anormal timeframe for environmental abatements, but it wasn't asfast as some developers would like."

The new units are designed for luxury, Adelman says. The unitsoffer views of the downtown, marble bathrooms and cherry-woodkitchens, in-unit washers and dryers, a fitness center and 15,000sf of retail and restaurants. About six tenants have so far signedfor units, which will be available for move-in starting Aug. 1.Adelman says the units range from 700 sf to 1,150 sf, and in pricefrom $680 to $1,500 per month.

The city is in need of more apartments for graduate students oryoung professionals who want to live downtown, he says. "Columbusis now full of condos, but there's very few high-end rentalfacilities. The market for this type of property is doing great. Ina bad economy, people are staying in school longer because theycan't find jobs, and this property is very close to 32,000 collegestudents nearby," Adelman says. Schools in the area include theColumbus College of Art and Design, Franklin University, ColumbusState Community College, Capitol University Law School and GrandMedical Center. The company is also renovating a similar propertyfor 70 apartment units about a block and a half from the Senecabuilding.