A new mixed-use, 32-story mixed-use office and residential tower to be known as Merchant Building is expected to open in 2026 in the North Market neighborhood of Columbus, Ohio.
Developed by Columbus, Ohio-based investment firm Rockbridge Capital and developer Edwards Cos. and designed by Seattle-based architect NBBJ, was among the largest multifamily builds to break ground last year with a price tag of $345 million when it was first announced. That cost has since increased to $430 million. Providence, Rhode Island-based Gilbane Building Co. is constructing the structure.
In addition to the Merchant Building, the adjacent North Market, a 148-year-old public market that features dining and shopping from dozens of vendors, will also gain 15,000 square feet of expansion over two stories, which includes space for eight or nine more vendors in the market. Alongside the space, the developer will also add a farmers’ market and plaza.
As of last year, the city of Columbus has dished out nearly $50 million to aid aspects of the project, which include the expansion of the market itself, a new atrium and work on the parking garage and spaces.
Some of those funds have gone to non-construction costs — construction was halted in February 2023 as archaeologists dug for human remains on the jobsite. The city gave approximately $7.1 million for the removal and care of bodies discovered during the digs, Business First reported.
Long known as an affordable place to live, Columbus, Ohio, has been a surprisingly lucrative market for multifamily developers and owners recently. Ohio’s capital saw 4.5% year-over-year rent growth in March, second only to New York City.
Gilbane Development Company is the project development, financing and ownership arm of Gilbane, Inc., a private holding company in its fifth generation of family ownership and management. Gilbane Development Company provides a full slate of real estate development and project management services. Completed projects incorporate every aspect of real estate including: student housing, multifamily, residential communities, mixed-used developments, corporate headquarters, healthcare facilities, operational | data | distribution centers, R&D | manufacturing facilities, and many types of facilities delivered through public-private partnerships. Through its trademarked “Next Level of Student Housing” program, Gilbane Development Company has completed or currently has in development over 13,000 beds of student housing.
