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