The two towers of Latitude 525 would be demolished under a new proposal currently under court consideration.
The Columbus City Attorney's Office said in a statement the sale of the property could close by the end of the year. Demolition could begin in 2025. The new development proposal under consideration calls for an affordable rate for all of the units that would be built on the near east side plot.
Real estate investment company Nuveen offered to purchase the property for $7 million.
A mix of apartment complexes and townhome-style buildings proposed for the seven acres of land would total 393 units. The developer said they want 100% of the units to be affordable with many restricted to 60% of the area median income. That means no one making above about $45,000 would be able to rent the apartments.
About 177 units will be targeted to senior and intergenerational households. Older residents are estimated by the proposal to spend no more than 30% of their income on rent.
Near East Side Commissioner Kate Curry-Da-Souza said the neighborhood is hopeful their old neighbors will get first dibs at any apartments that are built.
"It is going to change the skyline of the Near East Side. But we are very hopeful that this would give us an opportunity to have restoration of housing, which is very needed here on the Near East Side," Curry-Da-Souza said.
Curry-Da-Souza said people living on the Near East Side have concern about the affordability of any proposal that could come forward. She said the neighbor is still reeling from when more than 100 families were evacuated around Christmas of 2022.
"It is very much felt in the neighborhood because it tears apart at the fabric of families. It tears apart at the fabric of relationships and community that we've built over decades and decades of people living here on the Near East Side," Curry-Da-Souza said.
Unlike the two 15-story towers near the interchange of I-670 and I-71, the new proposal calls for multiple buildings with none reaching above six stories tall.
The units range from from studio to three-bedroom units in low and mid-density multi-family buildings.
The projected rental costs range from:
- Studio - $1,041
- 1BR - $1,109
- 2BR - $1,327
- 3BR - $1,528
The developers estimate construction could be finished by 2028.
