NP Limited, Trivium Plan Summer Start for Upscale 504-Unit M-F Project in Westerville

By Adrian Maties, Associate Editor

Columbus is in the middle of an multi-family development boom. Ten projects and more than 2,000 new units and are expected to be delivered in the central area of the city alone, according to Columbus Underground.

According to new projections by the Ohio Development Services Agency, the population of metropolitan Columbus is expected to overtake that of metro Cleveland by 2020. Marcus & Millichap Real Estate Investment Services Inc. estimates that vacancy will drop to 4.4% this year and average monthly rents will reach $774.

Meanwhile, multi-family development is also thriving beyond the city limits. At the end of April, the Westerville City Council approved plans for the first phase of the Ravine at Westar, an upscale complex planned for a 54-acre site between Polaris Parkway and County Line Road west of Alum Creek.

This summer, developers NP Limited and Trivium plan to start construction on the 504-unit project. David Meleca, the project’s architect, told ThisWeek Community News that the design will convey European style with Tudor-inspired elements.

The project will be constructed along an extension of Worthington Road. Plans also call for a connector to Old Worthington Road and a brick clubhouse with a pool.

Charts courtesy of Marcus&Millichap

Messer Construction Tapped for $370M OSU Project; Review Shaves Budget by $26M

By Adrian Maties, Associate Editor

Ohio State University announced last week that it has tapped Messer Construction Co. to lead the team of construction and design firms on the $370 million North Residential District renovation and expansion program. Construction is expected to start in July.

The project will add 3,200 new beds to the North Residential Area, bringing the total to 6,359. New dining facilities, recreation facilities and other support facilities will support the university’s Second-year Transformational Experience (STEP) Program.

When Ohio State’s trustees approved the plan last August, the project carried a $396 million price tag. A competitive review process that started in early December has trimmed $26 million from that estimate, and additional savings could emerge during final design.

“The time and effort we put into this review process allowed us to work with industry experts to identify efficiencies in construction techniques and scheduling that will not only save a significant amount of money, but will also allow us to deliver facilities that will enhance the student experience, including the new Second-year Transformational Experience Program,” said Jay Kasey, the university’s senior vice president for administration and planning at Ohio State. “We are dedicated to keeping costs affordable for students while delivering an exceptional product.”

The team led by Cincinnati-based Messer Construction includes Miles-McClellan Construction, Jacobs Engineering Group Inc., Brailsford & Dunlavey, HKS Inc., Schooley Caldwell Associates, KZF Design Inc., Heapy Engineering, Shelley Metz Baumann Hawk, Korda Nemeth Engineering, and MKSK. Completion is scheduled for fall 2016, when the university will require sophomores as well as freshmen to live on campus.

Rendering: Ohio State University 

Vision Development Launches $23M M-F Complex on Columbus’ West Side

By Adrian Maties, Associate Editor

As Columbus enjoys its biggest apartment building boom in years, Vision Development, Inc. is joining those trying to capitalize on the area’s growing population and improving economy. The Columbus Dispatch reports that the Upper Arlington developer has started work on a $23 million apartment and town house complex on Columbus’ West Side.

Vision Development purchased a 14-acre parcel for the project on Edwards Farms Road on March 8, and began site preparation a few days later. Dubbed District Apartments, the complex will offer 228 one-, two- and three-bedroom units with fully equipped kitchens and modern amenities.

Residents will have access to on-site management, a swimming pool, an exercise room, community space, a business center and organized activities. The complex will be close to shopping, employment, recreation, dining, entertainment and educational resources. Major highways and public bus transportation are nearby.

Vision Development expects to start leasing the units this fall and complete construction in the summer of 2014.  Monthly rents will range from $930 to $1,795.

According to Marcus & Millichap Real Estate Investment Services Inc.’s annual apartment report, builders will complete 1,100 multi-family units in Columbus this year, almost double the total for 2012.

 Demand will remain high, however, and vacancy will fall to 5.5 percent by the end of the year. Asking rents are expected to increase to $720 per month while effective rents will climb to $687, representing upticks of 2.9 percent and 3.3 percent, respectively.

Photo credits: Vision Development, Inc.

Charts courtesy of Marcus&Millichap.

Prologis Lands SpeedFC for 770 KSF Build-to-Suit Distribution Facility in Etna

By Adrian Maties, Associate Editor

Prologis, Inc. announced March 25 that it has signed an agreement with SpeedFC, Inc., a Dallas-based e-commerce service provider, for a 770,000-square-foot build-to-suit distribution center in Etna.

Located at Prologis Park 70 Etna, near Pataskala, the facility will be close to major freeways and 20 minutes from the Port Columbus International Airport. It will have numerous energy-efficient features and will be outfitted with automated material handling equipment, including a 450-station bomb bay unit sorter. SpeedFC plans to invest $3.2 million in the Etna project and will move into the new distribution center this fall.

“We are pleased to support the ongoing success of SpeedFC and enhance their operations with this Class-A distribution center,” commented Prologis senior vice president Brian Marsh. “Supply of large space in the U.S. remains limited and e-commerce fulfillment continues to drive strong demand.”

On Monday, the Ohio Tax Credit Authority extended an eight-year, 50% tax credit to SpeedFC, which promised to create 250 jobs with an annual payroll of $6 million, primarily in warehousing and distribution positions. Hiring is scheduled to start in September. SpeedFC also made a commitment to retaining 242 existing jobs. The total of 492 jobs will carry an annual payroll of $11.5 million.

Tim Bubb, Licking County Commissioner, said, “Keeping SpeedFC in the Columbus Region is a major accomplishment and helping the company expand to a larger facility while doubling its workforce is a major win.”

During its Monday meeting, the Ohio Tax Credit Authority also approved a tax deal for Verizon Wireless. The company plans to move to Hilliard, add 500 new jobs and retain 1,900 others in the region. The Ohio Tax Credit Authority approved tax credits for 13 projects throughout the state.

Photo credit: Prologis

Champion Adds 108-Unit Westerville Complex to Growing M-F Portfolio

By Adrian Maties, Associate Editor

Champion Property Management, a privately-held, fully-integrated, multi-family investment firm, just completed its twelfth apartment community acquisition of 2013. A Champion-sponsored affiliate purchased Caleb’s Creek Apartments, a recently completed 108-unit apartment complex in Westerville. The purchase price has not yet been disclosed.

“Caleb’s Creek will be our fourth apartment complex on the northeast side of Columbus,” noted Michelle Yeager-Thornton, Champion’s co-founder and chief operating officer. “The area surrounding Hamilton Rd. is rapidly growing, and we believe Caleb’s Creek will be another great addition to our multi-family portfolio.”

Champion’s latest acquisition is located close to many retail, dining and entertainment options in Westerville, one of central Ohio’s fastest-growing locations.

Located at Hamilton Road and Warner Road, Caleb’s Creek Apartments opened last year. It offers one- and two-bedroom garden-style apartments as well as corporate housing and short-term leases.

Apartments feature fully-equipped kitchens, nine-foot-high ceilings, full-size washer and dryer connections, patios and balconies. Community amenities also include a swimming pool with sun deck and a 24-hour fitness center. Founded in 2010, Champion now manages 3,000 multi-family units in central Ohio.

Photo: Champion Property Management