Several private companies are investing in a $70 million project to bring new affordable housing to Columbus’ Franklinton neighborhood. The Columbus Metropolitan Housing Authority (CMHA) “announced its plan to create a rental housing community of 234 apartment units near the popular River & Rich apartments,” The Columbus Dispatch reports. The Westrich development includes two buildings, a four-story building with 114 units and a five-story building with 120 units. The second building “will be mixed-use, with the first floor hosting 8,000 square feet of commercial space and 229 parking spaces in both a garage and neighboring surface lot,” according to the article. The one- and two-bedroom and studio apartments will have “good views of downtown” and modern finishes, and will be “for people making below 100% of the area median income,” CMHA said. An amenity deck will have “outdoor TVs, lounge areas, an outdoor grilling space, fire pits, big outdoor balconies, and a pool.”
CMHA is “putting $47.2 million of its general revenue bonds toward the new apartments, with the rest of the total $70 million” coming from private companies. Columbus-based developer CASTO is the largest contributor; other supporters include The Kelley Companies, The Robert Weiler Company, and Mark Cain, of S. Cain Development and Construction. Scott Scharlach, CMHA’s chief operating officer, said this approach to funding is a new one for the organization. He said CMHA “served as the sole construction lender for this project, with CMHA essentially acting as a bank. We’ve never done that before for a mixed-income property. Westrich represents a milestone achievement not only for CMHA but for all our partners who successfully helped bring the funding package together.” For more, read the full article (subscription may be required).
