Metro Development building more apartments near Easton
COLUMBUS, Ohio (COLUMBUS BUSINESS FIRST)--Metro Development is gearing up to add two new developments near Easton and John Glenn Columbus International Airport.
Columbus City Council on Monday approved a rezoning for Walden Lakes, which will break ground in mid-January, said Metro Development CEO Tre' Giller.
The multifamily development will have 15 buildings with one-, two and three-bedroom units. There will be 360 units total at 2600 Stelzer Road.
Metro Development is also working on another multifamily community in that area, to be called the Residences at Eden Park, located near Cassady Avenue and Agler Road. That development will likely break ground this summer, Giller said, as it is in engineering now.
Those two projects will join the 480-unit Victoria Manor at Stelzer and Codet roads and the 240-unit Woodfield Park at 2845 Austin Manor Blvd. The four projects will include a total of 1,344 units and will total $194 million in vertical construction, Giller said.
Woodfield Park is completely leased and Victoria Manor will be ready for the first residents to move in this coming spring.
The developments will bring workforce housing to the residential area north of where I-670 and I-270 meet, between Easton and John Glenn Columbus International Airport. All of these sites are close to public transit and are a short drive from major job centers like the airport, Citygate Business Park and Easton.
The project sites are in North East community reinvestment area, meaning all the projects will get 15-year, 100% tax abatements.
All four complexes will make 10% of units available to those making 60% of the area median income as well as 10% to those making 80% of the area median income, totaling 270 units, Giller said. Affordability is a CRA requirement.
Giller said Metro Development had planned at least two developments in the area prior to its CRE designation and has since decided to target additional opportunities.
The walkup apartment product Metro Development consistently builds is well-received in the area, Giller said.
"This is an area that's been underserved for years," Giller said. "We're building new product, where new product hasn't been built for 20 years."
The Walden Lakes development and the Victoria Manor development have three-bedroom units, which are needed for families seeking to live in the area or for someone needing a work-from-home office.
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