DevelopOhio

Capital University is seeking to sell about a 3-acre site on Bexley’s Main Street, creating a rare opportunity in the land-locked Columbus suburb, one “that could translate to more affordable housing” in the community, Columbus Business First reports. Capital is selling the apartment property because the units are no longer needed and “would take about $10 million to renovate,” according to the article. Bexley Mayor Ben Kessler “said he personally would like to see a mixed-use, mixed-income development be built on the site” between Bexley City Hall and the Bexley Gateway shops, and that the city is “open to working with a developer on incentives to make the development happen.” Bexley’s Main Street “currently has a community reinvestment area, or CRA,” to provide tax abatements for developers; the “base incentive is a 15-year, 70% abatement, Kessler said, but if the average development cost per unit is less than $150,000, the abatement would be 100% for 10 years.” Kessler said the incentive was “an early take on an affordable housing incentive. . . . for building housing for a greater swath of the population.” For more, read the full article (subscription may be required).