COLUMBUS AT A CROSSROADS

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In today's newsletter:

• Mayor Announces $500M Housing Bond: State of the City address outlines ambitious plans

• Growth Slowing But Still Positive: Bank of America report shows 40% decrease in migration

• New Albany Named Ohio's Richest Town: Columbus suburb continues to attract wealth

• LeVeque Tower Apartments Converting to Condos: Historic building offering ownership opportunities

• Columbus Zoning Changes Slow to Produce Results: Nine months in, only one major project materialized

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A MESSAGE FROM GAGAN: GROWTH COMES WITH GROWING PAINS...

Columbus continues to evolve, but this week's reports show some interesting contradictions. While we're still attracting new residents, the pace has slowed compared to the pandemic years.

Yet our mayor is proposing ambitious housing bonds, and developers are still planning major projects downtown. I mean, where else can you yell “OH and hear a “IO” back?

Honestly, the biggest problem really is not he residential growth, its the housing permits. Not affordability, not stature, not traffic, permits. With more builders and with more new construction homes, most of our problems would be solved.

More permits means more homes, more homes means choices and a stabilizing market.

These mixed signals tell me something important - we're transitioning from explosive growth to something more sustainable. And honestly, that might be exactly what we need right now. I did an entire video on the real estate market thus far

Watch it by clicking on that handsome face!

CONT.

What's particularly noteworthy is how our suburbs are flourishing. New Albany's recognition as Ohio's richest town shows how the Columbus metro area continues to attract wealth and investment, especially with projects like Intel's $28 billion chip facility.

Meanwhile, downtown is experiencing its own renaissance with the conversion of LeVeque Tower apartments to condominiums and new development planned for the former Spaghetti Warehouse site.

Let's dive into all the exciting updates happening across Central Ohio!

-Gagan Timsina

MAYOR ANNOUNCES $500M HOUSING BOND IN STATE OF THE CITY ADDRESS

In his 2025 State of the City Address, Mayor Andrew Ginther outlined bold plans to address Columbus's growth and housing needs, including a $500 million affordable housing bond to be placed on the November ballot.

Most people didn’t watch it. (Probably watching anime or something). But, since we love you, yes you! We took and synthesized the most important things, he talked about 2 major things:

Housing Initiatives:

• Need for 200,000 housing units in the next decade

• City commits to building 100,000 units - half the region's needs

• New Division of Housing Stability launching this summer

• 14% increase in residential construction permits in 2024

Safety Progress:

• Homicides down 37% in Q1 2025

• Felonious assaults reduced by 15%

• Clean and Safe Corridor Initiative expanding to three new areas

• Conversion of 59,000 streetlights to LED technology

• New Mental Health & Addiction Crisis Center opening next month

Mayor Ginther emphasized regional collaboration through the Central Ohio Regional Housing Coalition and a commitment to being "the safest big city in America" while ensuring inclusive growth that benefits long-time residents.

The feedback has been both positive and negative on my Instagram:

"We will not only build a better city – and a stronger region — but a better, safer and more fulfilling life for every person, for every family, who calls Columbus home," said Mayor Ginther.

As things come to fruition (or don’t) we will tell you and let you know! I’m glad you’re here. :).

COLUMBUS GROWTH SLOWING, BUT STILL POSITIVE

Columbus continues to attract new residents, but at a slower pace than during the pandemic years. According to a recent Bank of America Institute report, 40% fewer people moved to the region in late 2024 compared to 2020.

Key Migration Highlights:

• Columbus ranks 2nd behind Indianapolis for net positive population change

• Migration in Q4 2024 was less than Q4 2023

• Midwest cities like Indianapolis and Cleveland seeing acceleration in population growth

• Larger cities like Chicago, Detroit, and St. Louis experiencing population decreases

Despite the slowdown, Columbus remains attractive primarily due to its relative affordability. However, economist Joe Wadford warns this could be changing: "As more people move to areas like Columbus, zip codes with the least expensive rents are also seeing the fastest rent increases."

A major challenge identified in the report is supply shortage. While residential building permits for multi-unit apartments have decreased nationwide, the Midwest is the only region bucking that trend—potentially good news for Columbus in the long run.

NEW ALBANY CROWNED OHIO'S RICHEST TOWN

The title for Ohio's richest town goes to New Albany. Stacker named the city one of the wealthiest in the state, beating out some of the more well-known areas. This Columbus suburb has been the subject of significant urban development, including Intel's $28 billion computer chip manufacturing facility, which recently secured a multibillion-dollar partnership with Amazon.

Why New Albany Tops the Charts:

• Median household income: $224,824 (nearly 200% above national median)

• Nearly 57% of households earn over $200,000

• Unemployment rate just 2.2%

• Less than 1% of families have income below poverty level

Community Highlights:

• Once named America's best suburb by Business Insider

• Education system ranked among top 3% of Ohio school districts

• Several parks and more than 70 miles of trails

• Strong arts and entertainment offerings

This recognition further cements the Columbus metro area's reputation for creating desirable communities that attract high-income residents and major corporate investments.

DEVELOPMENT PLANS FOR SPAGHETTI WAREHOUSE SITE

The Downtown Commission will soon review design plans for a proposed development on the former Spaghetti Warehouse site. The large brick building that held the restaurant for over 40 years was demolished in February, making way for an exciting new mixed-use project.

Development Details:

• Two seven-story buildings with 250 total apartments

• 277 parking spaces across two garages

• Amenity decks in each building

• Double-height commercial storefronts on first floors

• Pedestrian plaza connecting Broad Street and State Street

Project Highlights:

• Called "The Macklin" after a historic hotel that once stood on the site

• Led by local developers Falco Smith & Kelley and the Robert Weiler Company

• Between 30-40% of units will be affordable for households earning less than 80% AMI

• Scaled down from earlier 15-story proposal due to rising costs

The brick wall along the southern edge will be removed, allowing for better access and street engagement. First floor spaces will include a bar, lobby, fitness center, bike repair area and co-working space according to submitted plans.

This development represents another significant investment in downtown Columbus, continuing the trend of urban residential growth.

PARTNER WITH THE COLUMBUS REPORT

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The solution? Get featured where the attention already lives. Right now, over 1,150 engaged subscribers open this newsletter every week and they don't just skim.

With a 60% open rate and a 3.6% click-through rate, this is not just traffic. It's trust. It's eyes. It's real Columbus energy.

The theorem? When your brand shows up in the right place, in front of the right people, growth gets easier. Visibility becomes leverage. And this right here could be your starting point.

The sponsorship seat is open. If you're looking to put your brand in front of a Columbus-based audience that actually pays attention, this is your moment.

Sponsor The Columbus Report. Sponsor the city. Get seen.

Schedule a call with Gagan or one of the growth directors below.

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LEVEQUE TOWER APARTMENTS CONVERTING TO CONDOS

The 69 apartments in Downtown's historic LeVeque Tower are being converted into condominiums. Kaufman Development Corp., which developed the apartments as part of the broader renovation of the West Broad Street high-rise a decade ago, plans to sell the units as their leases expire over the next 18 months.

Property Details:

• Units range from 750 to 1,750 square feet

• Prices from $240,000 to $650,000

• Five units currently listed between $294,500 and $470,000

• HOA dues range from $608 to $924 monthly

• Property taxes abated until 2032

Building Amenities:

• Round-the-clock concierge service

• Fitness center

• Garage parking

• The Keep Kitchen & Liquor Bar with delivery service

• Starbucks and several lounge areas

Built in 1927, the 47-story LeVeque Tower was once the tallest building between Chicago and New York. After a $27-million renovation, the historic landmark now includes a hotel and various commercial spaces in addition to the residential units.

COLUMBUS ZONING CHANGES SLOW TO PRODUCE RESULTS

Nine months after Columbus approved sweeping zoning changes called "Zone In," the initiative appears to have produced only one major project. Both supporters who hoped for a wave of housing development and opponents who feared the same are still waiting to see significant results.

The Single Major Project:

• 16-story student-housing tower at Lane and North High streets near Ohio State

• Previously would have been too tall under old zoning code

• Allowed under new zoning regulations

Why the Slow Start:

• Development projects take considerable time to create and develop

• Rising construction and borrowing costs challenge project feasibility

• Assembling large lots on major corridors is difficult for many builders

• Focus may shift to neighborhood development in later phases

Other City Housing Initiatives:

• Tax abatements for new housing across the entire city

• Requirements for affordable housing components

• $200-million bond package approved in 2022

• Tax breaks approved for 2,441 residential projects between 2020-2024

City officials remain confident that Zone In will bear fruit in the coming 12-18 months, particularly as developers adjust to the elimination of parking requirements and the increased height allowances along major corridors.

QUESTION FOR YOU

If we did a “Deal of the Week” for our favorite property and why it is our favorite property, would you want to see that?

We are getting reached out to a TON by builders, for both sponsorships posts, and with discounts/builder rates, and obviously with out goal to be the greatest media source in the 614, we want to hook you up.

Just comment back to me with a “Yes” or a “No” so I know what’s up

THIS WEEK'S WRAP-UP

Home Sellers: Despite slowing migration, Columbus continues to face housing shortages, keeping the market competitive for well-positioned properties.

Home Buyers: With LeVeque Tower converting to condos and new developments like The Macklin offering affordable units, downtown living options are diversifying.

Real Estate Investors: New Albany's continued growth and Intel's massive investment signal strong long-term potential in the northern suburbs.

Bottom line: Columbus is transitioning from explosive growth to more sustainable development, with significant investments in both urban and suburban communities. The combination of relative affordability, improving safety, and continued job growth positions our region well for the future.

Thinking about making a move? Let's chat and connect you with our partners!

[Schedule a call]

See you next week,

P.S. With the mayor proposing another $500 million housing bond, the city is clearly committed to addressing our housing needs. This could mean more opportunities for both buyers and investors in the coming years.

P.P.S. If you liked this newsletter, please share! Columbus is growing, and everyone should know what's happening in our amazing city.