Corus Bank is providing the developer, Davis Group, anon-recourse loan. The Davis Group includes Allison S. Davis, amember of the city's plan commission.
In addition for a 229-space parking garage, plans for theColumbian include ground-floor retail space. The building, designedby DeStefano + Partners, will include units ranging from 825 sf to6,000 sf.
The development site is north of Roosevelt Road as well as theCentral Station development. This summer, plans were endorsed for798 more units in the 1300 and 1400 blocks of S. Michigan Avenue.However, potential competition five blocks north has beeneliminated, as a conversion of the Blackstone Hotel was scrappedwith its sale to Sage Hospitality Resources, which is converting itto a Marriott Renaissance.
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