Fairfield Homes, Inc. Announces Development of Elevate 340 Apartment Community in Downtown Columbus
Lancaster, OH - Fairfield Homes, Inc., a full-service property management, development and construction company, today announced the development of Elevate 340, a high-quality, environmentally sustainable, and income-integrated residential apartment community in Columbus Ohio’s downtown Discovery District.
Recent studies indicate that Columbus is experiencing the largest shortage of affordable, available rental units of Ohio’s three largest metropolitan areas. Elevate 340 is serving a critical role in addressing the shortfall of affordable housing for families in downtown Columbus.
“Increasing access to affordable housing is the most cost-effective strategy for reducing childhood poverty and increasing economic mobility,” said Jennifer Gorsuch Walters, President of Fairfield Homes, Inc. “Elevate 340 will offer convenient, comfortable, and amenity-rich apartment homes for a wide range of incomes in the heart of downtown’s Discovery District. We are proud to be part of state and local efforts to address the affordable housing shortage through the development of communities like Elevate 340.”
“Transforming former office space into housing with access to all the opportunities our Downtown affords is the Columbus Housing Strategy in action,” said Andrew J. Ginther, Mayor, City of Columbus. “I’m grateful to Columbus voters for their support of our historic Affordable Housing Bond, which is making projects like Elevate 340 possible. Working together, we can meet our regional growth head-on and ensure that every Columbus resident can find a safe and supportive home near jobs, services and transit.”
The development, adjacent to Nationwide Children’s Hospital, is an amenity-rich and attainable housing community with a mix of 74 units in three-, two-, and one-bedroom family-size floorplans. Fifty-five units at Elevate 340 are set aside for families at or below 60% of the Area Median Income (AMI). Nineteen units are designated as market-rate to bring together and create opportunity for families participating in the economically diverse downtown workforce.
“NAHT is excited and honored to partner with Fairfield Homes and Fifth Third Bank in providing these much-needed affordable rental homes in downtown Columbus,” said Lori Little, President and CEO, National Affordable Housing Trust. “Developing housing has always been challenging, but following Covid, it has been extremely difficult. Fairfield Homes has never waivered in pushing this project forward and they are to be commended for their perseverance. We look forward to celebrating with all the project partners at the grand opening.”
The Elevate 340 site is conveniently positioned on the corner of Fulton and Grant between major employers, including Nationwide Children’s Hospital, OhioHealth’s Grant Hospital, and Franklin University. The location provides close access to grocery stores, restaurants, childcare facilities, parks, schools, employment opportunities, healthcare services, and entertainment venues. On- site property management, a fitness room, in-unit laundry, and multiple community spaces are planned for residents. Elevate 340 will obtain LEED Silver green certification from the U.S. Green Building Council rating system.
“Fifth Third Bank shares the commitment of Fairfield Homes to providing quality, affordable housing to the communities we serve,” said Jennifer Snider, Vice President, Community Development Lending Director, Fifth Third Bank. “We expressly demonstrated our commitment with a ~$13MM equity investment combined with an $11MM construction loan provided to the Elevate 340 development. We are proud to have partnered on this project, which will provide 74 units (55 LIHTC units and 19 market rate units) that are desperately needed in the city of Columbus, Ohio.”
Elevate 340 is the result of the synergy formed by strong, mission-oriented partners. Financing partners include the Ohio Housing Finance Agency, the City of Columbus, National Affordable Housing Trust, Affordable Housing Trust for Columbus and Franklin County, the Franklin County Treasurer, the Columbus-Franklin County Finance Authority, and Fifth Third Bank.
Fairfield Homes will serve as developer and property manager. Design and Construction partners include Shremshock Architects and Elford, Inc.
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Fairfield Homes, Inc. is a full-service property management company present in over 113 communities with more than 4700 units throughout Ohio and in neighboring states across the Midwest. We specialize in the development, construction and management of affordable, quality housing for low and moderate-income households. Our portfolio includes affordable and conventional multi-family housing as well as senior housing. We specialize in HUD Section 8, Rural Development 515, Low-Income Housing Tax Credit (LIHTC) and combination properties. To learn more about Fairfield Homes, Inc., please visit fairfieldhomesohio.com.
