Lifestyle Communities Announces Groundbreaking at the New Downtown River South Community

FOR IMMEDIATE RELEASE
June 13, 2008
CONTACT: Grace Miller (614) 918-2069

June 13, 2008, Columbus, Ohio — Lifestyle Communities will break ground on their new River South community downtown on June 13, 2008.  Located on 2.8 acres along South Front Street between West Town and Rich streets, the new project is estimated to open in late 2009 and will include 210 residential units.  Lifestyle Communities hopes to target young buyers looking for moderately priced housing in an urban setting.   

“The beauty of downtown is that downtown is the amenity” says Michael DeAscentis Jr., CEO of Lifestyle Communities.  “There’s absolutely pent-up demand for this young demographic.  It’s a product at a price that they can afford”. 

The apartments will include one and two bedroom units, with rent in the $800's.  Condominiums will start at $125,000, and the average base price of units will be in the low $200,000's.   The residential development will include enclosed courtyards, a fitness center, rooftop terraces and outdoor green space, as well as attached parking for all units.  Lifestyle Communities plans to spend $30 million to build the project.

The new Lifestyle Communities project will be built on land formerly occupied by the old downtown Lazarus parking lots.  This development is a part of the revitalization efforts in the River South District, bringing moderately priced housing to Downtown Columbus.  As a part of the City’s efforts, a new 773-space parking garage is being constructed, Front Street will become a two-way street, and a pedestrian-friendly environment is being created along Wall Street. 

“This is a cooperative effort with the City and Columbus Downtown Development Corporation to bring affordable housing to the downtown,” says DeAscentis. “This project is being realized because of the commitment of Mayor Coleman to bring housing to the downtown, and is only possible because of the dedication and assistance of the staffs of Public Service under Director Mark Kelsy, Public Utilities under Director Tatyana Arsh, development under Boyce Safford Reese, and CDDC under the direction of Guy Worley.”

About Lifestyle Communities: 

Lifestyle Communities is the number one condominium and apartment developer in Central Ohio, having developed nearly 5,000 units including over 2,700 condominiums and over 2,100 apartments.  Lifestyle Communities specializes in designing and developing communities that attract the young and talented, delivering quality, moderately priced entry-level housing with exceptional customer service.  We are currently developing units in five exclusive locations in Central Ohio, as well as another location in Lexington, Kentucky.  Our key differentiator has been creating master-planned communities for the first-time home buyers' market and being the market leaders in terms of the quality and craftsmanship of units at our price point.  Lifestyle Communities is a full-service company, whose services include not only development, but property management, mortgage solutions, utility solutions, and construction services, among other services as a part of Builders Resource Group.  Our goal is to exceed the expectations of everyone involved in the development of a Lifestyle community, including our customers, our subcontractors and our lenders.