Terra’s Multifamily Rundown - January 9th, 2025
Terra Capital
Terra Capital is a Real Estate Private Equity Company that focuses on purchasing value-add small multifamily properties
News Rundown
Columbus Pushes Forward on Housing Growth with Zoning Updates and Regional Coalition Columbus Mayor Andrew Ginther discusses the city’s efforts to address housing needs, including the first zoning update in 70 years and the launch of the Regional Housing Coalition. New zoning rules that took effect in August allow for more than 88,000 new housing units in mixed-use districts along major corridors. Residential permits were up 21% last year, adding 6,500 new units, with 17% classified as affordable. In 2025, the city plans to make smaller zoning updates, like allowing accessory dwelling units, while preparing for larger changes in 2026 and 2027. The Regional Housing Coalition will focus on adding 200,000 units across Central Ohio over the next decade, including 100,000 in Columbus.
Amgen Inc. recently expanded its footprint in New Albany, Ohio, about 15 miles northeast of downtown Columbus, by purchasing an additional 22 acres next to its existing site. The biopharmaceutical company, which opened its $474 million processing and packaging plant earlier this year, made the move to allow room for future growth as demand for its therapies continues to rise. While the newly acquired land can’t be developed just yet without an amendment to its agreement with the city, it’s a common strategy in the area where companies like Meta and Google have also secured extra land for potential expansion. Amgen’s facility spans 177 acres and employs 400 people.
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Indiana University received a $138 million grant from Lilly Endowment Inc. to create the IU Launch Accelerator for Biosciences at the 16 Tech Innovation District in Indianapolis. Set to open in 2027, the facility will focus on advancing research and developing treatments for diseases like cancer, diabetes, and rare conditions while supporting workforce growth in Indiana’s life sciences sector.
President Joe Biden is reportedly planning to block Nippon Steel’s proposed $14 billion acquisition of U.S. Steel, citing national security concerns. The move aims to keep key American industries under domestic control. Nippon Steel and U.S. Steel have pushed back, filing a lawsuit that claims the decision is politically motivated and violates due process. The decision has also raised questions about its impact on U.S. & Japan relations and the future of the American steel industry.?U.S. Steel is headquartered in Pittsburgh, and operates major facilities in Pennsylvania, Ohio, and Indiana.