Buyer found for two Columbus Public Housing Projects

VTT Management has stepped up as a buyer for two Columbus public housing projects: Sawyer Towers and Lincoln Park.

Here is an excpert, but you can read the full article at the Dispatch:

Theodorakos is offering $2 million for the twin high-rise Sawyer Towers just east of Downtown and $2.2 million for Lincoln Park on the South Side, said CMHA Executive Director Dennis Guest.

According to the company’s Web site, VTT “specializes in the acquisition, revitalization and management of undervalued and distressed real estate.”

But Theodorakos apparently isn’t looking for subsidies, Guest said. His understanding is that the apartments would be renovated and offered at market rates.

If that’s the case, then any sale likely would not affect CMHA’s plan to empty the complexes and give residents Section 8 vouchers so that they can rent privately owned places. Sawyer Tower residents already are in the process of moving.

You can also investigate VTT Management online at their website.

“Our Mission: To Eliminate Urban Blight, One City at a Time!”

In practice, this means moving the public housing residents out, re-vamping the buildings into “exclusive residences” (language from VTT website), and selling them at market rates to folks following the trend towards a downtown lifestyle. Gentrification in process….

Sawyer Towers

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