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: rob@pink-construction.com
Phone: 614-400-8762
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content:https://www.prnewswire.com/news-releases/robert-ellis-and-pink-development-and-construction-llc-advocate-for-62-unit-ivy-residences-project-in-columbus-302222645.html
SOURCE Pink Development and Construction LLC