Residential and retail development booming in downtown Columbus

View of Downtown Columbus from Drone 10 (Chris Blake / WBNS-10TV)
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The landscape of downtown is changing from the ground up. It seems at times the entire city is under construction from residential to retail development.

Why now? And what's driving the interest?

Director of Development Steve Schoney says Columbus' growth can be attributed to people, namely the large number of students who are graduating from nearby colleges like Ohio State and Columbus State.

"We have a great talent generation people are attracted to that companies are attracted to that," he said.

It doesn't hurt that interest rates are low and consumer confident is also high. Still, Columbus is growing at a pace similar to Austin, Texas and Nashville, Tennessee.

If population projections hold true, by 2040, just 23 years from now, Columbus will have 2.6 million people making it the largest metro area in the state.

Those people will need places to live and play. Two major projects are on the horizon. One of them is a 35 story, $100 million dollar project called Market Tower.

It will be located on top of the existing parking garage at the North Market.

The building will connect directly to the Market allowing residents easy access to fresh food vendors.

The developer says it will be another year before a groundbreaking can happen, and no one is sure how long it will take to finish. Financing for the project has yet to be completed.

A few miles from that project, sits another ambitious construction plan called the Scioto Pennisula.

This 21-acre property, which is now a parking lot behind COSI, will transform into a neighborhood of 1,500 planned residential units, retail, and office space along with a hotel.

The city says it's yet to pick a developer.

"If we're successful working out and agreement I would expect an announcement sometime this Fall early Winter something like that and you would see plans coming out in the spring, says Schoney.

Watch the video for more details about downtown development.