2nd Street property up for sale

About 10 acres at Second and Lafayette streets in downtown Columbus is being offered for sale to developers.

Columbus Redevelopment Commission members have approved advertising to sell the property with a specific set of conditions, hoping to find a developer to build a multiuse $60 million project combining a hotel, apartments, extended-stay suites and retail.

Commission members approved a bid sheet Thursday that includes the following goals for the property:

  • Any one or a combination of a hotel, market-rate apartment complex, townhomes or condominiums.
  • Ground floor for retail or commercial use.
  • On-site parking with a minimum that meets zoning requirements.
  • Creative use of green space.
  • Construction architecture that complements existing downtown businesses and increases downtown interest and activity.
  • Buildings to be placed along street frontage consistent with downtown and land-use regulations.
  • Maintaining the People Trails segment on the south part of the property, with negotiations on relocating the trail possible.

The requirements are among those agreed upon during a joint meeting between the redevelopment commission and Columbus City Council on Sept. 2.

The redevelopment commission has had control of the three parcels of land since Columbus Downtown Inc. transferred it to the city on April 19, 2012.

Doug Pacheco, city consultant working on redevelopment, told commission members that two appraisals on the property have been requested. An average of those appraisals will be used to establish the base amount the city will seek for the property, he said.

The request for offers on the property also asks developers to consider that the city is working on the State Street Corridor Project to improve the eastern Columbus neighborhood, including renovating sidewalks, street lighting and more, and adding streetscape, People Trails and bridge improvements.

Since the State Street project adjoins Second Street by way of the intersection of Second and State streets, the city hopes to create a fluid development corridor so that both projects contribute to each other aesthetically and economically, according to the offering document about the property.

The property was once considered for a large sports tourism site in 2010, but when developers were asked to express interest in the property, only two responded, and neither mentioned a sports development.

Altera Development, which is part of Avison Young of Dallas, has proposed a multistory hotel with retail, apartments, an extended-stay suite facility and a city park. The proposal from RealAmerica of Fishers emphasized its experience in housing projects around the state.

City officials emphasized extended-stay housing, apartments and a hotel have been mentioned by Columbus manufacturers such as Cummins Inc., which has told the city that short-term, extended-stay options for executives and employees would help business operations.

The requested appraisals on the property are due back by early to mid-October, Pacheco said. After the proposal to sell the property is legally advertised, proposals submitted for the property will be opened in a public redevelopment commission meeting, he said.

What's next

Columbus Redevelopment Commission has asked for an appraisal of about 10 acres at Second and Lafayette streets prior to advertising offers to purchase the land for development into a multiuse hotel and apartment complex, with retail. The appraisals are due back in early to mid-October.