Developers Launch Next Phase of $500M Columbus Project

Rendering of Two at Peninsula. Image courtesy of The Daimler Group and Flaherty & Collins Properties

Co-developers Flaherty & Collins Properties and The Daimler Group have launched the second phase of The Peninsula, an urban redevelopment project designed to transform downtown Columbus, Ohio. The proposed $211 million phase two of the project will feature new residential units, Class A office space and ground-floor retail space.

The Peninsula is a $500 million redevelopment of 26 acres of land near the Center of Science and Industry, or COSI, on the Scioto riverfront in downtown Columbus. The initiative is led by the Columbus Downtown Development Corp. and Capitol South Community Urban Redevelopment Corp. after it was prioritized as a key project in the 2010 Downtown Columbus Strategic Plan. Indianapolis-based Flaherty & Collins is the residential development partner, Columbus-based Daimler is the office development partner and Columbus-based Rockbridge Capital is the hotel development partner.

READ ALSO: 2021 Top Multifamily Development Firms

The Peninsula’s two-acre second phase extends from Belle and West Broad Streets to Starling Street. The base of the building features a four-story, 950-space parking garage topped by a seven-story, approximately 245,000-square-foot office building and Two at The Peninsula, a 30-story, approximately 400-unit residential tower, and 9,000 square feet of ground-floor retail space. Flaherty & Collins and Daimler expect construction on the proposed phase two of the project to begin in 2022, with completion by 2025.

“The resort-style living offered in the phase two tower will be unlike anything available elsewhere Downtown as a healthful alternative to the suburban commuter lifestyle and will complement our initial product of 330 units in phase one,” said F&C General Counsel Deron Kintner.

The new building would sit just to the north of the $250 million first phase of the development, which is currently under construction, and wraps around the phase one office building. The Peninsula’s initial phase encompassed the 330-unit One at the Peninsula luxury apartment building, the 232,000-square-foot office building developed by Daimler, a 197-key hotel developed by Columbus-based Rockbridge Capital, and a 1,400-space parking garage.