Updated over 1 year ago on .
162 unit micro housing ground up development deal Columbus Ohio seeking partners
We are in rezoning for a 162 unit micro unit 20 story development in columbus OH and looking for partners:
Some press (outdated with recent revisions but gets the message across):
https://columbusunderground.com/11-story-building-proposed-f...
Site Data
Site Area: 0.0977 acres
Disturbed Area: 0.0947 acres
Pre-Developed Impervious Area: 0 acres
Post Developed Impervious Area: 0.0947 acres Zoning: Pending CPD Zoning Approval
Current Certified Address: 278 S Glenwood Ave Tax Parcel Number: 010-018394
Area Commission: Franklinton Area Commission
Building Data:
Total Gross Floor: 79980 SF
Total Dwelling Units: 162 units (3 Retail Spaces In Addition)
Density: 1620 Units / Acre
Floor Area Ratio: 85,066 Building Sq Ft / 4257 Site Area = 19.98
Height District: H-60 (Existing), H-200 Proposed
Max Building Height: 199’ 11” (By Pending CPD Zoning)
Parking and loading Required:
162 DWELLING UNITS x 1.5 SPACES/UNIT = 243 SPACES 3,400 SF RESTAURANT (1 SPACE/75 SF) = 46 SPACES 1,900 SF RETAIL (1 SPACE/250 SF) = 8 SPACES Total is 297 spaces required
ADA SPACES provided: 0 SPACES
Minimum Loading Spaces: None Required
Total Spaces Required: 1 SPACES REQUIRED
Parking Provided:
REDUCTION TO 0
BICYCLE PARKING PROVIDED: 0 BIKE RACKS
REFUSE CALCULATIONS/NOTES: 0.5 CY PER DWELLING UNIT REQUIRED, each unit will be provided with a 25 Gallon Trash Can which will be collected at the door each evening if they set it out and part of the Valet and hospitality contract. Same with Recycling during assigned evenings and the bins cleaned weekly. This is Via a private hauling contract.
TREES PROVIDED: 6 rooftop and 2 in the public right of way, 8 total with additional planters and natural elements throughout the rooftop areas and first floor.
Micro housing is a smart economic solution for urban living. Our 162-unit micro housing project in Columbus, Ohio, showcases significant economic advantages, as highlighted by the Urban Land Institute (ULI) report.
Economic Advantages of Micro Housing
Higher Rent Per Square Foot
Micro units command higher rent per square foot compared to traditional apartments. Despite smaller size, tenants pay more per square foot for prime locations and amenities. This increased revenue potential is key. The ULI report shows this trend across high-demand urban areas (Urban Land Institute) (Archinect).
Higher Occupancy Rates
Micro housing developments often have higher occupancy rates than traditional apartments. Affordability and urban locations attract a wide range of residents. High demand for affordable, well-located housing ensures robust occupancy rates, steady rental income, and minimal vacancies (Urban Land Institute) (Archinect).
Cost-Effective Construction
The smaller size of micro units allows for more cost-effective construction. Developers can fit more units into the same footprint, optimizing land use and reducing overall development costs (Archinect).
Lower Operating Costs
Micro units typically have lower operating costs. Their size requires less energy for heating, cooling, and lighting, lowering utility expenses. The compact design also means lower maintenance costs. These reduced operating costs contribute to higher net operating income for property owners (Urban Land Institute) (Archinect).
Key Definitions from the ULI Report
Micro Units
Small apartments, typically 275 to 450 square feet, designed for maximum efficiency and livability through innovative design and multifunctional furniture (Urban Land Institute).
High-Density Urban Areas
Micro housing is suitable for high-density urban areas where space is at a premium and real estate costs are high. Successful implementations in cities like New York, Boston, and San Francisco highlight this (Archinect).
Shared Amenities
Common facilities available to all residents, including kitchens, lounges, gyms, and outdoor spaces, fostering community interaction and providing additional living space (Urban Land Institute) (Archinect).
Conclusion
Our 162-unit micro housing project in Columbus, Ohio, represents a forward-thinking approach to urban living. Focusing on economic advantages—such as higher rent per square foot, higher occupancy rates, cost-effective construction, and lower operating costs—we aim to offer an attractive investment while meeting the housing needs of a diverse urban population. Micro housing not only addresses financial and spatial constraints but also promotes sustainable, community-oriented living.
For a comprehensive understanding of the economic benefits and other advantages of micro housing, refer to the full ULI report on micro units here: https://uli.org/.../ULI.../MicroUnit_full_rev_2015.pdf
Rob Ellis
Pink Development and Construction LLC
614-400-8762
- Robert Ellis