Developers working on renovating the former Faith Victory Church into upscale apartments could qualify for a tax abatement after Columbus City Council members gave initial approval to an economic development target area designation for the property.
If the council approves the request on final reading next month, the project will be designated an Economic Development Target Area, which is required before the city could consider any request for a tax abatement for the 18,696-square-foot structure.
The up-scale, market-rate apartment complex is being proposed for the former Faith Victory Church site near Donner Park. The 96-year-old building at 1703 Home Ave. has been vacant since 2016 and is in deteriorating condition.
Property owners and developers Rick and Janeen Sprague purchased the property last July for $275,000. They plan to transform it into 21 efficiency, one-bedroom and two-bedroom market-rent apartments that will rent from $800 to $1,000 a month, Rick Sprague said in an earlier interview.
The redevelopment has already received a favorable response from neighbors, Councilman Tom Dell said.
“The people I’ve talked to have just been thrilled,” Dell said. “This is something they were wishing for back a year ago when we had some other discussions of another project for the property.”
For more on this story, see Thursday’s Republic.
