Columbus City Council has approved an economic development target area, part of the process needed for a local developer to construct 16 townhomes in the downtown area.
The economic development target area for the development by Central Townhomes LLC is on 0.23 acres of land on the north side of Seventh Street between Sycamore and Chestnut Streets. Currently, four vacant houses, which will be demolished, sit on the properties.
“Originally, we were talking about looking for an area in the downtown where we could building that ‘missing middle’,” said Robin Hilber, assistant director of community development for the city. “So it definitely looks like this would be an attractive area. It’s close to the library, right across from Central Middle School, close to Lincoln CSA.”
The economic development target area designation would mean that the city could offer increased incentives, including tax abatements, to developers seeking to revitalize the area, city officials said.
The council also approved a $4.5 million tax abatement for Central Townhomes, which is for 10 years on each of the townhomes.
The abatement would save the owner of the properties — Central Townhomes LLC or whoever eventually purchases the townhomes — an estimated $193,000 in property taxes over 10 years, Hilber said.
Central Townhomes LLC has expressed interest in investing $4.5 million to build 10 two-bedroom, two-bathroom townhomes and six three-bedroom, 2.5-bathroom townhomes on the properties, Hilber said. The townhomes would range in size from 1,000 to 1,260 square feet, and the anticipated selling price for the townhomes is between $225,000 and $275,000, Hilber said.
Central Townhomes LLC is based in Columbus and was registered as a limited liability company with the state in January, according to the Indiana Secretary of State’s office. Richard L. Sprague is listed as the company’s agent and is the developer on the project.
The company is listed as the owner of the four vacant houses, according to public records.
It acquired the house at 702 Chestnut St. for $110,000 on Jan. 10, the house at 706 Chestnut St. for $120,000 on Jan. 13 and the house at 705 Sycamore St. for $200,000 on Jan. 24.
Central Townhomes LLC also is listed as the owner of the house at 822 Seventh St., which was last purchased for $31,000 by Bartholomew on Sycamore LLC on Dec. 21, 2018. Ownership was transferred to Central Townhomes LLC on Jan. 13. No sale price was listed.
Sprague, attended the meeting virtually and said that once plans are approved by the state, the demolition of the vacant homes could begin in June, with construction to begin “no later than August.” The townhomes might be ready for occupancy by the next spring.
Hilber also noted that she received a phone call from a concerned citizen about the project. The individual was concerned about a large tree on Seventh Street that the resident hoped would not be removed or damaged in the project.
“She said, in fact, she and several of the parents from Central Middle School students will be devastated if a tree is torn down that is on that block,” said Hilber. The caller added that this shade tree has four cars that park under it, and that she would like the tree to be maintained.
The council’s next meeting will be streamed online on the city government website at 6 p.m. Wednesday, June 3. Council members said they hope to have a regular meeting with council members attending in council chambers going forward after the June 3 meeting.
