Columbus developer, Arshot Investment Corporation, is proposing a 25 story mixed use ‘vertical city’ for Scioto Mile Park along the Scioto River. Arshot principal, Bill Schottenstein, say that the $35 million Scioto park is a major catalyst for the development.
Millennial Tower will incorporate retail, office, residential and entertainment uses in 400,000 square feet towering above Scioto Mile riverfront park. Important to Columbus commercial real estate agents is the 40,000 square feet of nnn triple net retail and restaurant space. We have quite a bit of supply coming online in 2017 and 2018 and it’s needed. Although we have plenty downtown, there will be another 180,000 square feet of office space.
In a press release, Bill Schottenstein said: “We have experienced a paradigmatic shift in the market. Young professionals are actively seeking ‘live-work-play’ environments,” Speaking for myself, there are some much older, still working professionals who would be interested in such an arraignment.
Schottenstien also said: “These creative minded professionals are gravitating towards urban, walkable environments that are active and transit-friendly, with open and collaborative work spaces and residences in close proximity to great parks and restaurants”.
The building will occupy the entire block of South Ludlow, Front, and West Rich and Cherry and will feature :
- 2 floors of retail, 6 floors of office space and 10 floors of apartments and condominiums.
- Ceiling heights of up to 18 feet with floor to ceiling glass.
- 360-degree views of downtown and the Scioto Mile.
- 180,000 square feet of office space composed of six, 30,000-square-foot open floorplates with possible Columbus coworking space
- A 40,000-square-foot retail space likely to feature a grocery.
- Parking for more than 600 vehicles.
- 24-hour fitness center.
- Pool and dog park.
Naming rights will be available for the building so it won’t likely remain Millennial Tower. Although that might be a dumb name in my opinion, the concept certainly isn’t. This is a very LAish progressive looking building that nails its intent of attracting and keeping a younger, more creative and collaborative work force to and in Columbus.
I hate to paraphrase The Donald, but this is a terrific project for River South and I hope that NIMBYs and area commissions don’t do terrible things to it like cut it down to about seven stories. If we’re going to have three million by 2050 as is predicted, we need more density downtown and that means building taller.
It’s probably a longs ways out to inquire about leasing retail or office space, but contact me, Scott Harris Realtor at 614-905-6614 if you want to get started. Speaking of that, who would be willing to master lease a floor to create some new coworking / incubator space in the tower?