Franklinton 'Spaghetti Warehouse' lot marketed for ~250-unit multifamily
Key Questions
What is the Franklinton 'Spaghetti Warehouse' lot?
The lot is a 1.66-acre parcel in Franklinton previously associated with the Spaghetti Warehouse. It is being marketed by Weiler for a potential ~250-unit multifamily development. The site targets affordable housing specialists following the Macklin project failure.
What financing options are targeted for this site?
The parcel targets LIHTC, tax-exempt, and bridge financing stacks. OHFA 2027 guidelines and RFPs enhance its viability amid rent softening, a 266k affordability gap, and Big Darby caps. No offering memorandum or lenders are secured yet.
What are the next steps for the Franklinton lot development?
Next steps include securing an offering memorandum and confirming subsidies and partners. The project is currently in developing status. Related challenges include site cleanups, as seen in the Upper Arlington Golden Bear site where the developer missed deadlines.
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.