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

The new units are designed for luxury, Adelman says. The units offer views of the downtown, marble bathrooms and cherry-wood kitchens, in-unit washers and dryers, a fitness center and 15,000 sf of retail and restaurants. About six tenants have so far signed for 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 price from $680 to $1,500 per month.

The city is in need of more apartments for graduate students or young professionals who want to live downtown, he says. "Columbus is now full of condos, but there's very few high-end rental facilities. The market for this type of property is doing great. In a bad economy, people are staying in school longer because they can't find jobs, and this property is very close to 32,000 college students nearby," Adelman says. Schools in the area include the Columbus College of Art and Design, Franklin University, Columbus State Community College, Capitol University Law School and Grand Medical Center. The company is also renovating a similar property for 70 apartment units about a block and a half from the Seneca building.