Franklinton 'Spaghetti Warehouse' lot marketed for ~250-unit multifamily
Key Questions
What is the current status of the former Spaghetti Warehouse site in Franklinton?
The 1.66-acre parcel is being marketed by Weiler for a potential ~250-unit multifamily development targeting affordable housing specialists. The project follows the Macklin failure and is positioned for LIHTC, tax-exempt, and bridge financing stacks, enhanced by OHFA 2027 guidelines amid rent softening and a 266k housing gap. No offering memorandum or lenders are secured yet; next steps include confirming subsidies and partners.
Why is the Franklinton site viable for affordable multifamily development?
OHFA 2027 guidelines and RFPs improve site viability despite Big Darby caps and softening rents. The parcel targets LIHTC/tax-exempt/bridge financing post-Macklin failure, addressing a 266k unit housing gap. Related projects like Latitude Five25 demolition signal redevelopment momentum in the area.
What challenges has the Spaghetti Warehouse site redevelopment faced?
The project has stalled, as noted in reports on the former site's redevelopment plan. Previously anticipated development has not progressed, leading to current marketing efforts by Weiler. No OM or lenders are in place, with focus now on securing subsidies and partners.
Weiler lists 1.66-acre parcel targeting affordable specialists with LIHTC/tax-exempt/bridge stacks post-Macklin failure; OHFA 2027 guidelines/RFPs enhance site viability amid rent softening, 266k gap, Big Darby caps. No OM/lenders yet. Next: secure OM, confirm subsidy/partners.