Lifestyle To Break Ground on $25M Multifamily

COLUMBUS, OH-Lifestyle Communities Ltd. is going to build a $25-million multifamily project Downtown. The RiverSouth Residential Project, planned for Front Street between Town and Rich streets, will have 200 condo units and 130 rental units, said Mayor Mike Coleman during his 2008 State of the City Address recently.

The company hopes to break ground this summer on the project. The average price of the condos will be $200,000, for an average 1,175 sf, and the rents will range from $750 for a one-bedroom unit to $990 for a two-bedroom unit, according to a spokesman for the mayor’s office. Amenities will include shared rooftop terraces, a central plaza and available underground parking, the spokesman tells GlobeSt.com.

“We’ve listened to young professionals who want more affordable housing options downtown,” said Coleman during his speech. “They want to live Downtown, but can’t afford many of the 5,000 condominiums now built or being developed. To all our young professionals, we don’t want your last day in Columbus to be the day you graduate, there’s a future here for you.”

The developer is going to reportedly pay the city $3 million for the property’s four quarter blocks, and is getting financial incentives from the Columbus Downtown Development Corp. The company is one of central Ohio’s most prolific attached-housing developers, building more than 1,200 units per year. Michael DeAscentis Jr., CEO, did not return a call for comment on this story.