Columbus State Community College announced it is helping to fund a new affordable housing apartment complex near its campus downtown.
Columbus State said in a news release it is working with developer Woda Cooper Companies to build a $47 million, 160-unit complex near the downtown Columbus campus called Opportunity Pointe. The college said it wants to address a lack of affordable housing options in and around downtown.
Columbus State Community Partners is contributing seven parcels to the project through a long-term land lease with Woda Cooper. The land is on the block between Cleveland and North Grant avenues and East Spring and East Long streets.
Zachary Woodruff, the college’s chief real estate development officer and executive director of Columbus State Community Partners, said in a news release that the apartments will help improve student success by addressing housing insecurity. Woodruff said the complex would also help the community by bringing affordable rents within reach of low wage workers in Columbus.
“The Opportunity Pointe apartments will simultaneously address a critical student need, support the broader regional demand for affordable housing and revitalize a largely dormant downtown block," Woodruff said.
The news release said Woda Cooper and the college have about 75% of the block and the developer is working to obtain the rest of the properties there.
Columbus State said rents will range between $400 and $1,000 for a one bedroom to $1,300 for a three bedroom apartment.
Of the 160 units in the building, 20 will be reserved exclusively for Columbus State students.
The college said the project depends on a 9% tax credit that Woda Cooper is seeking from the Ohio Housing Finance Agency. If the tax credits are approved, construction could begin by 2025.
