COLUMBUS—This city is just one of several in the US that in the past few years has attempted to revive its downtown by creating green space and cleaning its waterways. And after several years of effort, the work is beginning to pay off in a big way. In 2014, the city removed the Main Street Dam, which stopped the Scioto River from flowing freely through the city center, opening up a vast amount of new land as the river narrowed. The city then transformed it into a 33-acre park called Scioto Greenways, and joined it to another 145 acres along the river called the Scioto Mile. The downtown's new park-like atmosphere has helped accelerate a trend toward urban core living seen throughout much of the US. Experts predict the downtown population will surpass 8,000 by the end of the year, doubling where it was in 2004. More than 44% of these residents are 20 to 34 years old. And developers currently have more than 830 apartments and condo units under construction and have proposed building an additional 1,300 units. “We've got a whole new market comprised of millennials that want to live where they work,” Amy Taylor , chief operating officer of the Columbus Downtown Development Corp. , tells GlobeSt.com. The presence of Ohio State University, one the nation's largest schools, is a big driver, as every year thousands graduate and find that Columbus is at an exciting stage in its development. “We're now ready to capture that market.” Essentially, what Columbus has pulled off is a complete re-engineering of its core, which had fallen victim to the urban planning ideas of the 1960s. “Our streets were designed to get people out as quickly as possible,” Taylor says. And a great number of buildings were torn down in that era, eventually leaving 24% of downtown covered with surface parking lots. However, these days all that open space has been a big benefit to developers, which have been able to launch projects of considerable size and impact, Taylor points out. Other cities, by contrast, have had to move forward by fits and starts, doing rehab jobs that garner only a handful of units at a time. New residential projects include:

Microliving: Although micro-apartments are more popular in large cities such as New York and San Francisco, they are catching on in Central OH. The Microliving apartments building has 51 apartments, with square footage ranging from 250 square feet to 310 square feet. A second Microliving project is in the works, and will include six micro-units and several studios of less than 460 square feet.
The 25-Story Millennial Tower “vertical city” is expected to include micro-units among its 100 apartments and condominiums. The property will also include two stories of retail, 180,000 square feet office space and parking.
Parks Edge Condos: Located in the Arena District, the development will be a 12-story 69-unit condominium building, and will offer an ownership option in the downtown.

Furthermore, developers have several mixed-use projects under construction. These include Day Companies' project on the east side of N. High St. between Gay and Long streets . It will include three buildings with more than 100,000 square feet for residences and retail. Builders also recently broke ground on the Ohio Veterans Memorial and Museum , another key project for the downtown. Located across the river on the Scioto Peninsula, at completion it will become a 50,000 square foot cultural and educational institution designed to honor those who served in the military. L Brands founder Les Wexner and his wife donated half of the funds needed for the project. Taylor says the museum will open in 2018. “It's been underutilized land and this is the right time to focus on it.” The downtown's residential market has a vacancy rate that hovers near zero, she adds. And residents now “have parks, open spaces, museums, and walking trails, all without having to pay New York City rents. It's a great trend to be a part of.” Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

Microliving: Although micro-apartments are more popular in large cities such as New York and San Francisco, they are catching on in Central OH. The Microliving apartments building has 51 apartments, with square footage ranging from 250 square feet to 310 square feet. A second Microliving project is in the works, and will include six micro-units and several studios of less than 460 square feet.
The 25-Story Millennial Tower “vertical city” is expected to include micro-units among its 100 apartments and condominiums. The property will also include two stories of retail, 180,000 square feet office space and parking.
Parks Edge Condos: Located in the Arena District, the development will be a 12-story 69-unit condominium building, and will offer an ownership option in the downtown.

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Downtown Revival Prompts $180+ Million in Residential Projects

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