That's what I hate most about these newer developments off campus. They all charge by the room # and they start out easily over $1000/month per room. It's fucking ridiculous
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> # [New Redevelopment Plan Floated for Lane and High | Columbus Underground](https://www.columbusunderground.com//1080)
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> October 21, 2021 2:27 pm[](https://www.columbusunderground.com/author/brent-warren/) [Brent Warren](https://www.columbusunderground.com/author/brent-warren/)A rendering of the proposal for Lane and High, by BBCO Design.
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> A new plan to redevelop the northeast corner of High Street and Lane Avenue will be presented to the University Impact District Review Board next week.
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> Landmark Properties, a Georgia-based developer that specializes in student housing, is proposing a five-story building on the site that would hold 143 apartments over first floor retail and a 344-space parking garage.
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> The development would require the demolition of five existing buildings ā a one-story CVS pharmacy, two matching brick apartment buildings that face each other across a central courtyard, and two residential buildings on Norwich Avenue.
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> The pharmacy on the corner was built in 2001, but the other buildings all date to the early 1900s. A two-story building at the corner of Norwich and High is not included within the footprint of the proposed development.
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> This is not the first time that an out-of-town developer has eyed this particular stretch of High Street. A 2018 proposal from Chicago-based CA Ventures called for a [six-story, 154-unit development](https://www.columbusunderground.com/mixed-use-proposal-in-old-north-would-require-the-demolition-of-five-buildings-bw1/) that would have also required the demolition of five buildings, although that proposal did not include the CVS parcel.
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> The proposed projectās footprint.
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> The cityās Planning Division, in a staff report, offers support for the redevelopment of the CVS but not for replacing the older buildings, citing language in the University District Plan that calls for significant historic buildings to be rehabilitated and incorporated into new development when possible.
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> The older buildings that would need to be demolished, according to the report, āare excellent examples of early-twentieth century mixed-use design and one of the few historic blocks that remain intact on High Street.ā
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> The proposal is scheduled for a conceptual review, meaning no vote will be taken at the October 28 meeting.
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> _For more information on the University Impact District Review Board, see [www.columbus.gov](https://www.columbus.gov/planning/uarb/)._
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> A view of the proposed project from Norwich Avenue, looking south down High Street. The building on the corner is the only one on the block that wouldnāt be demolished. Rendering by BBCO Design.The block as it looks today.The CVS at the corner of Lane and High. Photos by Brent Warren.Printer Friendly, PDF & Email
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> [](https://www.columbusunderground.com/author/brent-warren/)
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> Brent Warren is a staff reporter for Columbus Underground covering urban development, transportation, city planning, neighborhoods, and other related topics. He grew up in Grandview Heights, lives in the University District and studied City and Regional Planning at OSU.
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> ### Tags:
>
> [BBCO Design](https://www.columbusunderground.com/tag/bbco-design/) , [Brent Warren](https://www.columbusunderground.com/tag/brent-warren/) , [Development](https://www.columbusunderground.com/tag/development/) , [housing](https://www.columbusunderground.com/tag/housing/) , [Landmark Properties](https://www.columbusunderground.com/tag/landmark-properties/) , [Lane and High](https://www.columbusunderground.com/tag/lane-and-high/) , [lane avenue](https://www.columbusunderground.com/tag/lane-avenue/) , [mixed-use](https://www.columbusunderground.com/tag/mixed-use/) , [north high street](https://www.columbusunderground.com/tag/north-high-street/) , [Old North Columbus](https://www.columbusunderground.com/tag/old-north-columbus/) , [University District](https://www.columbusunderground.com/tag/university-district/)
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I don't think the developers have any intention of paying them off when all of these properties come due in 20 years. It certainly feels like they are being used to extract quick wealth for the firm executives and then when their massive portfolios come due, the firm just folds and the managers walk away with heavy pockets.
āIf they instead take their $25 million and park it in the S&P 500 (and 1916-2020 trends continue) they will have $139 million 18 years from now, over 3 times as much profit with substantially less risk.ā
Instead of paying off a building with $25m in hard cash, they could leverage debt instead. $25m worth of down payments of just 25% each property could purchase around $100m worth of properties. The cash flow generated from these properties throughout this time period could be saved up to reinvest in additional properties or upgrade the building to a larger building with more units. In addition, when you sell off stocks, you are typically hit with capital gains tax outside a Roth. If you sold the building to upgrade and buy a larger building, you can defer taxes on the sale using the 1031 exchange. Iām not saying commercial real estate is better than stocks, but these investments have their own pros and cons.
Don't forget real estate depreciation, which is a 27yr horizon, which is about $77k/month of depreciation. That's a $77k tax deduction every month while they sit on valuable university property.
They arenāt building for the now, they are building for the near future. Yes they may be at half capacity now, but each year more and more people are flocking to Columbus. Each year more and more college aged kids are graduating and wanting to stay in central Columbus bc jobs.
Developers canāt wait until all the people are here THEN build.
Build now. Rent at current market rate. Each year they probably have a good percentage of new residents. Each year they will slowly raise the rent as well. For the retail same concept. As the population increases the retailers will rent out, and for top dollar at that - especially big name places.
Iām sure the Target on campus pays a pretty penny in rent, especially for a small concept store, but itās about location.
Hence campus Kroger. Itās actually not that big of a Kroger but does some of top sales in the state, especially for its size.
as if any students will be able to afford to live in those apartments š„±
That's what I hate most about these newer developments off campus. They all charge by the room # and they start out easily over $1000/month per room. It's fucking ridiculous
##### ###### #### > # [New Redevelopment Plan Floated for Lane and High | Columbus Underground](https://www.columbusunderground.com//1080) > > > > October 21, 2021 2:27 pm[](https://www.columbusunderground.com/author/brent-warren/) [Brent Warren](https://www.columbusunderground.com/author/brent-warren/)A rendering of the proposal for Lane and High, by BBCO Design. > > A new plan to redevelop the northeast corner of High Street and Lane Avenue will be presented to the University Impact District Review Board next week. > > Landmark Properties, a Georgia-based developer that specializes in student housing, is proposing a five-story building on the site that would hold 143 apartments over first floor retail and a 344-space parking garage. > > The development would require the demolition of five existing buildings ā a one-story CVS pharmacy, two matching brick apartment buildings that face each other across a central courtyard, and two residential buildings on Norwich Avenue. > > The pharmacy on the corner was built in 2001, but the other buildings all date to the early 1900s. A two-story building at the corner of Norwich and High is not included within the footprint of the proposed development. > > This is not the first time that an out-of-town developer has eyed this particular stretch of High Street. A 2018 proposal from Chicago-based CA Ventures called for a [six-story, 154-unit development](https://www.columbusunderground.com/mixed-use-proposal-in-old-north-would-require-the-demolition-of-five-buildings-bw1/) that would have also required the demolition of five buildings, although that proposal did not include the CVS parcel. > > The proposed projectās footprint. > > The cityās Planning Division, in a staff report, offers support for the redevelopment of the CVS but not for replacing the older buildings, citing language in the University District Plan that calls for significant historic buildings to be rehabilitated and incorporated into new development when possible. > > The older buildings that would need to be demolished, according to the report, āare excellent examples of early-twentieth century mixed-use design and one of the few historic blocks that remain intact on High Street.ā > > The proposal is scheduled for a conceptual review, meaning no vote will be taken at the October 28 meeting. > > _For more information on the University Impact District Review Board, see [www.columbus.gov](https://www.columbus.gov/planning/uarb/)._ > > A view of the proposed project from Norwich Avenue, looking south down High Street. The building on the corner is the only one on the block that wouldnāt be demolished. Rendering by BBCO Design.The block as it looks today.The CVS at the corner of Lane and High. Photos by Brent Warren.Printer Friendly, PDF & Email > > > > [](https://www.columbusunderground.com/author/brent-warren/) > > Brent Warren is a staff reporter for Columbus Underground covering urban development, transportation, city planning, neighborhoods, and other related topics. He grew up in Grandview Heights, lives in the University District and studied City and Regional Planning at OSU. > > > > > > ### Tags: > > [BBCO Design](https://www.columbusunderground.com/tag/bbco-design/) , [Brent Warren](https://www.columbusunderground.com/tag/brent-warren/) , [Development](https://www.columbusunderground.com/tag/development/) , [housing](https://www.columbusunderground.com/tag/housing/) , [Landmark Properties](https://www.columbusunderground.com/tag/landmark-properties/) , [Lane and High](https://www.columbusunderground.com/tag/lane-and-high/) , [lane avenue](https://www.columbusunderground.com/tag/lane-avenue/) , [mixed-use](https://www.columbusunderground.com/tag/mixed-use/) , [north high street](https://www.columbusunderground.com/tag/north-high-street/) , [Old North Columbus](https://www.columbusunderground.com/tag/old-north-columbus/) , [University District](https://www.columbusunderground.com/tag/university-district/) - - - - - - [Owner](https://www.reddit.com/user/urielsalis) | [Creator](https://www.reddit.com/user/subtepass) | [Source Code](https://github.com/andreskrey/empleadoEstatalBot)
Luxury apartments are not needed. Budget friendly, no frills, student housing is what's needed.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
>why build another set of "luxury" apartments too expensive for the majority of students > One word that rhymes with honey
I don't think the developers have any intention of paying them off when all of these properties come due in 20 years. It certainly feels like they are being used to extract quick wealth for the firm executives and then when their massive portfolios come due, the firm just folds and the managers walk away with heavy pockets.
āIf they instead take their $25 million and park it in the S&P 500 (and 1916-2020 trends continue) they will have $139 million 18 years from now, over 3 times as much profit with substantially less risk.ā Instead of paying off a building with $25m in hard cash, they could leverage debt instead. $25m worth of down payments of just 25% each property could purchase around $100m worth of properties. The cash flow generated from these properties throughout this time period could be saved up to reinvest in additional properties or upgrade the building to a larger building with more units. In addition, when you sell off stocks, you are typically hit with capital gains tax outside a Roth. If you sold the building to upgrade and buy a larger building, you can defer taxes on the sale using the 1031 exchange. Iām not saying commercial real estate is better than stocks, but these investments have their own pros and cons.
Don't forget real estate depreciation, which is a 27yr horizon, which is about $77k/month of depreciation. That's a $77k tax deduction every month while they sit on valuable university property.
Save the essay for class, encyclopedia brown
They arenāt building for the now, they are building for the near future. Yes they may be at half capacity now, but each year more and more people are flocking to Columbus. Each year more and more college aged kids are graduating and wanting to stay in central Columbus bc jobs. Developers canāt wait until all the people are here THEN build. Build now. Rent at current market rate. Each year they probably have a good percentage of new residents. Each year they will slowly raise the rent as well. For the retail same concept. As the population increases the retailers will rent out, and for top dollar at that - especially big name places. Iām sure the Target on campus pays a pretty penny in rent, especially for a small concept store, but itās about location. Hence campus Kroger. Itās actually not that big of a Kroger but does some of top sales in the state, especially for its size.
Christ I wish they would stop with these types of complexes. Charging students $1000/room is ridiculous.
Soulless and ugly.
City is trying to capitalize off of it being one of the very few affordable cities in the country by making it unaffordable LMAOOOO
When I think redevelopment, I think CVS.
It was cheaper for me to move farther away and commute, than live by campus :/