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Writer's pictureColliers | Columbus

THE WEEKLY REVIEW | July 26, 2024


Keeping up with CRE trends is as easy as 1-2-3 with our weekly piece! The Weekly Review is a new blog series that will be released every Friday. The market is constantly growing and adapting to new ventures and ideas, and our goal is to provide up-to-date information into what is happening in both the Columbus and U.S. markets, as well as the commercial real estate industry as a whole. As stories evolve, the Weekly Review will continue to follow along and update our clients and community.


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1

“The developer behind a proposed downtown Columbus tower may tweak the design of the project after feedback from the Downtown Commission. The commission Tuesday considered the project from Bluestone Brothers Capital on a conceptual basis, meaning no action was taken. Bluestone Brothers is proposing a 23-story mixed-use building with 290 apartments and a five-story commercial building at 199 E. Rich St. “


“The 23-story building would front Rich Street and the commercial building would front 4th Street. The project is proposed to span the entire block bounded by East Rich, South 4th, East Cherry and South Young streets. The building that houses Little Palace and El Camino would not be torn down in this proposal. However, the buildings that house 16-Bit Bar + Arcade, Dirty Frank's Hot Dog Palace and the former Red Velvet Cafe are proposed to be demolished. According to city staff, those buildings were built between 1900 and 1940.”


2

“Columbus City Council will consider six pieces of legislation that would overhaul the city's zoning code along major thoroughfares. There will be a public hearing on the legislation and then an official vote will take place on July 29. The new zoning code, which was proposed in April, would create six new mixed-use districts with allowances for more density and height; eliminate parking requirements in the mixed-use districts; and establish objective design standards, including regulations about how a building should interact with the street and pedestrians.”


“Since the code was proposed, the city has hosted several hearings and elicited comment from residents. The legislation council will vote on has slightly changed from what was proposed this spring."


3

“Nationwide Realty Investors plans to build a new $100 million mixed-use building at Grandview Yard. The new project, dubbed Parkline, will be six stories and 385 apartments. Parkline will be built in an "S" shape, so there will be multiple courtyards and views of nearby Ray DeGraw Park. The building will also have commercial uses on the ground floor fronting Yard Street, according to NRI.”


“NRI also plans to build a parking garage adjacent to the building. This new parking garage brings the number of parking spaces at Grandview Yard to about 6,000, NRI said. Construction will start at the end of this year and wrap up in 2026, according to NRI. What is today Grandview Yard was formerly an industrial district. The first phase of Grandview Yard opened in 2010. The addition of Parkline brings NRI's ongoing investment in the area to over $1 billion, the firm said.”





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