Columbus, Ohio is facing an affordable housing shortage, and one developer has a unique solution: transforming the long-abandoned Fort Rapids Hotel and Water Park into over 300 affordable apartment units. The project, spearheaded by Maxwell Drever of Drever Capital Management, aims to breathe new life into the dilapidated property and provide much-needed housing options for the city's residents.
Hamilton Rising: A Generational Opportunity
Drever's vision, dubbed "Hamilton Rising," focuses on repurposing the existing infrastructure of the Fort Rapids site, which has been vacant for nearly a decade. He believes the location along Interstate 70 and Hamilton Road presents a significant opportunity to revitalize the area.
"It's a generational opportunity to restore the Hamilton corridor," Drever stated, highlighting the potential for positive impact on the surrounding community.
More Than Just Apartments
The developer envisions more than just apartments. Drever plans to leverage the existing amenities of the former hotel, including a large commercial kitchen, conference rooms, a restaurant, and a bar, to create opportunities for local entrepreneurs. He hopes to foster a vibrant community within the complex.
"They've got a huge commercial kitchen, they've got these monster conference rooms that can be used for other things. It's got a restaurant, it's got a bar," Drever explained.
Drever Capital Management specializes in converting distressed hotel properties, making them well-suited for this ambitious project. Rents are projected to be around $700 per month, significantly lower than market rates in the area.
However, the project is currently awaiting approval from probate court. A timeline for the court's decision and subsequent development has not yet been announced. The former hotel and indoor water park shut down in 2016 due to health, safety and fire code violations. A fire further damaged a portion of the facility nearly a year ago. Despite these challenges, Drever remains optimistic about the project's potential to address Columbus's affordable housing needs and revitalize a blighted property.