The proposed development is located in Franklinton adjacent to downtown Columbus, Ohio
COLUMBUS, Ohio, Aug. 14, 2024 /PRNewswire/ — Robert Ellis, principal of Pink Development and Construction LLC, continues to champion the Ivy Residences, a 62-unit mid-rise project in Columbus, despite recent setbacks. Following a second rejection from the Development Commission, Ellis is now working to have the proposal drafted into legislation for a City Council vote expected in September or October 2024.
Project Overview: From 20 Stories to 8 Stories with Concessions
Originally proposed as a 20-story tower, the Ivy Residences have been reduced to an 8-story, 89-foot structure in response to feedback from city officials and community stakeholders. The site, currently zoned for manufacturing, would be transformed into a commercial planned development, adding much-needed residential units to the area. The project aligns with Columbus’s urban development goals, following similar projects like the six-story residential development by National Church Residences on the same street.
Support and Opposition: Navigating City Departments and Area Commissions
Most city departments back the project, recognizing its potential to enhance Columbus’s urban landscape. However, the Planning Division and Franklinton Area Commission oppose it, raising concerns that Ellis believes are irrelevant to the rezoning phase and better suited for the final compliance plan. Ellis’s team has refined the project through over ten drafts, collaborating closely with the Zoning Department and various engineering and architectural experts. The current design, a pencil tower, contrasts sharply with the vertical developments more common in larger cities.
Financial Overview: Appraisal, Land Equity, and Development Costs
The Ivy Residences project stands on solid financial ground, highlighted by a recent appraisal valuing the land at $930,000, conducted by the capital markets advisory teams at Berkadia and Colliers. It’s important to note that this appraisal is contingent on the successful rezoning of the property. This valuation underscores the significant land equity already gained, despite the reduction in building height, which has decreased the potential land value by over $1 million.
The development is expected to cost approximately $7.5 million, with an anticipated stabilized value of $13.5 million based on current underwriting. The project is strategically sized to qualify for agency non-recourse debt, with a $5 million minimum loan amount, making it essential to maintain the current scale of the development.
Next Steps: Legislation and City Council Vote
With the Development Commission’s decision behind him, Ellis is focused on advancing the Ivy Residences proposal through City Council, with a vote anticipated in September or October 2024. This legislative effort is crucial for overcoming the obstacles posed by the Planning Division and area commissions.
Call to Action: Media Engagement and Community Support
Ellis and Pink Development and Construction LLC are engaging with media outlets and the community to garner support as the Ivy Residences project moves forward and seeking potential equity and development partners. The project represents a significant opportunity to introduce innovative urban development in Columbus.
Conclusion
The Ivy Residences project is a bold step in Columbus’s urban development, addressing housing needs while introducing vertical growth. Ellis remains committed to the project and is confident that City Council will see its merit. The upcoming vote will be pivotal, and community and media support will be crucial in determining the project’s future.
For more information, please contact:
Robert Ellis
Pink Development and Construction LLC
Email: [email protected]
Phone: 614-400-8762
SOURCE Pink Development and Construction LLC
