Columbus Short North – North Market Tower Gets a Haircut
As usual in Columbus, the previously proposed height of 35 stories for the North Market Tower gets clipped to 26+/-, but the floor plates are larger per the latest revisions a few days ago. This is the first time in nearly two years that the project has seen any major revisions. Many Columbus commercial real estate agents, brokers and Realtors were doubting whether it would get built at all.
The Director of Development for the City of Columbus, Steve Schoeny, stated that the changes are both architectural and pragmatic. The design has gotten shorter and wider so they feel that the massing fits better with the neighborhood. As mentioned above, the height has dropped to around 26 floors. I wouldn’t be at all surprised that it drops further because after all this is the City of Columbus.
Another change is that agreement has been reached that 15 to 20 percent of the housing units will be priced at ‘workforce housing’ aimed at residents earning 80 to 100 percent of area medium income.
Plans remain in place for the addition of 11,000 square feet of ground floor market space, which will expand the market by about 50%. This will allow for many more merchants plus event space with both indoor and outdoor seating. So in summary, the space will include:
- 11,000 square feet of additional market space
- 352 space parking garage
- 90,000 square feet of office space
- 200 room boutique hotel
- 150 residential units
- Both ground floor and rooftop restaurant and bar
Once approvals are granted from Downtown Commission and North Market Historic District and of course, Columbus City Council, Construction is anticipated to begin in Summer 2020 with construction expected to take 24 to 30 months.
I would expect Columbus commercial Realtors, brokers and agents to be happy to have a little additional net lease property to lease up. For those folks planning to do a 1031, there won’t be anything Columbus commercial real estate for sale this time around, but if I can answer any questions, I’ll research and give it a try. Contact me, Scott Harris Realtor at 614-905-6614.