May 3, 2025

Core Spaces Proposes $225 Million Apartment Towers in Columbia

News Summary

Core Spaces, a Chicago-based developer, plans to construct two towering apartment buildings in downtown Columbia, MO, pending city approval. The $225 million development aims to transform a vacant lot into vibrant residential hubs, featuring a 27-story market-rate tower with 700 units and a 22-story student housing tower. The project includes an 11-level parking garage and retail space, fostering community engagement and economic growth in the area. City officials express optimism for increased foot traffic and local business support. The proposal will undergo further city review in mid-May.

Columbia, MO – A Chicago-based developer, Core Spaces, has proposed a $225 million project to construct two large apartment towers in downtown Columbia, pending approval from city officials. The development aims to transform a currently vacant surface parking lot bordered by Main, Assembly, and Hampton streets into a vibrant residential hub.

The plans include a 27-story market-rate apartment tower with around 700 units and a 22-story section specifically designed for student housing. The market-rate building is projected to reach a height of 270 feet, while the student housing portion will stand at 230 feet. Together, the towers will provide more than 2,000 total beds and approximately 719 new apartments, boasting an impressive density of around 916 beds per acre, which surpasses the city’s limit of 150 beds per acre for student housing developments.

Recently, Columbia’s Board of Zoning Appeals granted an exception for the project during a meeting on May 1. The two towers, alongside an 11-level parking garage containing over 1,500 spaces, are expected to significantly reshape the skyline of downtown Columbia. The modern garage will facilitate parking for residents, office workers, and the public, with an allocation of 450 spaces available for the city’s office building during nights and weekends. The apartment units will be limited to no more than four bedrooms each, adhering to city regulations that seek to prohibit apartments featuring five or more bedrooms.

The land, valued at over $2.7 million, encompasses 2.6 acres and was recently sold to an Atlanta-based company. Core Spaces is recognized for its successful student housing complex in the area, known as The Hub. The upcoming proposed project is anticipated to bring a fresh wave of economic activity to downtown Columbia, also supported by local business owners and residents who see the potential for increased foot traffic.

Columbia officials, including the mayor and members of the city board, have expressed optimism regarding the anticipated economic benefits for local businesses. Furthermore, the development’s impact on traffic has been a topic of consideration. Developers plan to minimize potential congestion by designing the new parking garage to have a single entry point on Assembly Street, in stark contrast to the five entry points that currently exist with the current lot.

Core Spaces has been refining the project since 2019, with initial delays stemming from parking arrangements for neighboring office buildings. The development also incorporates plans for retail space along Main Street, aiming to complement the residential components and foster a sense of community within the area.

The proposal is set to undergo further review by the city’s Design and Development Review Commission on May 15, followed by examination by the Planning Commission in July. Community feedback has been largely positive, although a handful of business owners have raised valid concerns regarding existing parking limitations and whether the new development will adequately accommodate the needs of current businesses. However, the overall outlook for the project remains hopeful, with many recognizing the potential for revitalization in the heart of downtown Columbia.

This substantial project marks a significant milestone in Columbia’s urban development and is projected to substantially impact local housing availability and the downtown economy.