Prime Development Opportunity: 7-Story Hotel in Columbus, Ohio

Please find all supporting files, including the appraisal report, development underwriting, zoning text, site plan, and renderings, in the files section.

Property Address: 278 South Glenwood Avenue, Columbus, OH 43223

Overview:
Seize a prime investment opportunity in the rapidly growing Columbus market. This 0.1-acre site, currently zoned as a Manufacturing District, is set for a 7-story hotel development. We are seeking capital equity partners and co-general partner sponsors to collaborate on this project. With final zoning clearances and parking reduction approval pending, this is a unique chance to contribute to a transformative project, with groundbreaking targeted for 2025.

Property Details:
Appraised Value: $930,000 (Colliers report, July 2024, contingent on final zoning clearance)
Current Status: Vacant land, zoned Manufacturing District (M)
Proposed Development:
Building Size: 22,500 GSF (Gross Square Feet)
Hotel Rooms: 78
Height: Up to 7 stories or 70' by right
Features: Rooftop amenity deck, lobby, and basement utilities
Parking: Seeking a parking reduction variance to accommodate urban density and transit access and offsite parking within 750'

Development Highlights:
Zoning Status: Currently zoned Manufacturing District (M). We are applying for final zoning clearances to accommodate the hotel use and to reduce parking requirements.
Parking Study: A comprehensive study supports a parking reduction, aligning with the transit-oriented location and existing on-street parking availability submitted for final BZA approval.
Hotel Features: The proposed 7-story hotel includes 78 rooms with modern amenities, catering to business travelers and tourists.
Transit Accessibility: The site is located in a transit-oriented area with nearby bus stops, enhancing convenience for guests without personal vehicles.
Community Impact: The development is expected to contribute positively to the local economy by creating jobs and providing additional accommodations for visitors.

Investment Opportunity:
Capital Partnerships & Co-General Partner Sponsors: Pink Development and Construction LLC is seeking equity partners or co-general partners to finance the project or cash sale buyout at full listing price. All joint equity proposals will be considered.
Recapitalization Structures: Open to strategies to recapitalize and cover engineering and architectural plans, with a goal to break ground in early 2025 with delivery in early 2026.

Financials & Due Diligence:
Underwriting: Detailed financials and proformas are available for review. Pink Development and Construction LLC is committed to providing transparent and comprehensive data to assist in due diligence.

Act Now: This is a limited-time opportunity to partner on a high-profile hotel development in the growing Columbus market.
Contact Robert Ellis at Pink Development and Construction LLC for more information about partnership opportunities, recapitalization options, and to review the financial overview.