Momentum is Building in Uptown Columbus
Thursday, May 22nd, 2014
As W.C. Bradley Co. Real Estate LLC nears completion of its renovations at the Mill #1 and Machine Shop buildings in uptown Columbus, interest in the new apartment units is running high. According to W.C. Bradley Co. Real Estate President and COO Mat Swift, 26 of the 29 apartment units in Mill #1 are already pre-leased.
"We should be getting our certificates of occupancy for Mill #1 in the next few weeks. We've had a lot of interest and are very pleased," Swift said.
"Our Mill #2 and Administration buildings uptown remain fully leased so it's been a very good market for us."
Established in 1885 as a cotton factoring business, W.C. Bradley Co. is one of the oldest companies in the region. Its real estate division was established in 1966 to market W.C. Bradley properties and provide full-service development and brokerage to the Columbus/Phenix City area.
"We own a number of old buildings in the downtown area that we have converted to offices, condos, apartments and retail. Our sole mission is to continue to enhance downtown and our portfolio of properties," Swift said.
Who's moving uptown?
Many residents in Uptown Columbus have typically been affiliated with Columbus State University or the military. However, according to Swift, the demographics of people moving into the area now are all over the board.
"Our residents are people who like an urban lifestyle. They like to walk or bike the Riverwalk, go to the Saturday morning market and walk to restaurants," he said.
"They prefer the lifestyle that comes with a downtown unit versus a garden apartment with a pool in the suburbs."
The downtown area – also called uptown – has begun to achieve the density needed to support a full range of retail services. According to Swift, there are 750 to 800 students living downtown and 750 to 1,000 other residents.
"Our best model is Greenville, SC where there are 3,000 to 4,000 residents downtown with 35 to 40 entrepreneurial restaurants and retailers," Swift said.
"We're getting there. Typically grocery stores and drug stories and other retailers are the last to come because it's hard for retail to sustain business on just office and visitor traffic. We're starting to see new restaurants come to downtown and do well, sometimes better than they had been doing in a suburban location."
Discussions continue with Columbus State University on moving two additional schools to the downtown campus. Moving the schools of nursing and education would add another 2,000 residents to the downtown area, further building density and momentum
"It's no secret. We've been talking with CSU for the last couple of years. We had the Board of Regents down a couple of weeks ago and there are still a few things we need to do but I'd say we are 60 to 70 percent there," Swift said.
Enhancing a vibrant downtown
Enhancements to Uptown Columbus are ongoing to support the active, urban lifestyle attracting residents. A zip line is planned to cross over the Chattahoochee River from Columbus to Phenix City. Construction is expected to begin soon and be complete by the end of the summer.
"We plan to build a 60-foot tower at 11th and Bay and have two zip lines go 1,400 to 1,500 feet across the river. It'll take about 35 to 40 seconds," Swift said.
"Once you land on the Phenix City side, there will be a ropes course there and then a boat will ferry people back to Columbus."
Outdoor attractions have proven popular downtown. According to Swift, the whitewater rafting business has taken on a life of its own.
"The outfitter expected to draw about 6,000 rafters from June to December of last year but ended up with 16,000, far exceeding his expectations. In 2014, he expects his business to grow to 25,000 rafters," Swift said.
A plan for the challenges
With growth comes challenge, mostly in the form of traffic, noise and some crime. While a late-night concert can enhance an urban lifestyle, the noise can also annoy a downtown resident.
"Those kind of challenges are all part of an urban environment. We have a good master plan for Uptown Columbus that is helping us minimize and manage those issues," Swift said.
More information on the Columbus Riverfront development plan is available at www.edsaplan.com/en/Portfolio/Columbus-Riverfront. More information on W.C. Bradley Co. Real Estate LLC is available at www.wcbradleyrealestate.com.
