Luxury apartments planned for downtown Chase Tower
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Chase Tower at 100 E. Broad St. Photo: Google Maps
With JP Morgan Chase now gone from its namesake tower near Capitol Square, developers have plans to replace the former offices with luxury apartments.
Why it matters: The proposed Chase Tower project at 100 E. Broad St. involves the convergence of several local trends: a rise in luxury housing and the transformation of underused office buildings as many workers still clock in from home.
- Plus, the redevelopment helps the city with its goal of quadrupling the downtown residential population by 2040.
State of play: JP Morgan Chase moved its local office workers to a separate campus in Polaris in 2021.
- Building owner Lingerfelt CommonWealth Partners told the Dispatch at the time it had no plans to convert it to housing, but has apparently reversed course.
- Though downtown is rebounding well from the pandemic, nearly 25% of Chase Tower remained unoccupied during the first quarter of 2023, Columbus Business First reported.
The latest: The Columbus Downtown Commission will hear an application Tuesday to change the 25-story tower from office to mixed-use space.
Details: Developers want to use historic rehabilitation tax credits to fund a renovation of the granite plaza and build new apartments on all but two floors that will remain office space.
- Ground floor commercial space will also stay — welcome news for fans of the popular Lexi's on Third deli.
- The proposal doesn't list the number of planned units, their price points or a construction timeline, but does lay out an amenity-focused 21st floor that will offer a fitness room, yoga/aerobic studio, game lounge and co-working station.
Meanwhile, about 500 feet to the northeast, a similar project is ongoing to redevelop the 26-story Continental Center office building into 336 apartment units and commercial space.
- The state awarded a $5 million tax credit toward the $89 million project.