5-Story Mixed Use Building Planned for Short North
A pair of local real estate and entertainment veterans are proposing a new Short North mixed use project. Chris Corso and Mark Smith, through their development arm Concept Equity Development, are proposing a 5-story retail/apartment project on the corner of High Street and Third Ave.
3rd & High St. — The Location of the Proposed Mixed-Used 5-Story Building
The company has partnered with local multi-family experts Preferred Living to handle the construction as well as management of the residential component. The yet to be named project will contain 115 residential units, 9,400 square feet of retail / restaurant space and parking for 140 cars. It will be a mix of studio, one and two bedroom units and include a fitness center and two open air courtyards above the parking.
“We acquired this property thirteen years ago. At the time it was a couple of blocks north of the action but we knew it was growing towards campus. It was within the zone of the newly installed arches, we were willing to roll the dice” said Smith.
The ground floor space will target a mix of retail, restaurant and entertainment uses. There are no leases in place but the company is in discussions with multiple users. The existing tenants on the property will have first shot at the new space if interested.
“We had significant interest in the property from a number of local developers but knew we wanted to be heavily involved in the process” said Smith. “Partnering with Preferred has allowed us to bring our experience in entertainment and retail and have a solid partner on the apartment side”
The project complements the company’s entertainment project across the street. They have been in the process of redeveloping four properties on the east side of High Street over the last 18 months. This includes Standard Hall and a yet to be named restaurant that will open later this year in the former plasma donation center space.
“I’ve lived down here over 20 years and have watched the neighborhood change dramatically. Our experience with Forno and Pint House, as well as across the street told us it was time to pull the trigger,” added Corso. “Having projects on both sides of the street allows us to create synergy”
This project marks the second time the pair has partnered with a local developer on property they own. They have partnered with Continental Real Estate and Concord Hospitality on a Marriott AC hotel on Park Street. They had acquired that property over the last decade and developed it into a premier nightlife destination before the redevelopment of the hotel.
“We want to continue on with quality projects. We have been very quietly acquiring good locations over the last 17 years and it’s time to bring them into the development mix” said Corso.
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