Bowdeya Tweh

btweh@enquirer.com

A Columbus developer's plan to renovate three historic Downtown buildings for apartments and retail space is now dead.

Peak Property Group was under contract to buy the Mill End Drapery Building at 26 W. Seventh St. However, the property went back on the market a few weeks ago, said Don Murphy, a senior vice president and principal at Cassidy Turley Cincinnati.

Peak Property signed a purchase agreement May 2013, but the deal is now dead, Murphy said. The list price for the 38,076-square-foot building is $975,000. The Oskamp-Nolting building is being marketed for residential and retail use and Murphy said the property has a prime location across the street from Macy's Cincinnati headquarters.

"The interest is very strong," Murphy said about the building. "We've got quite a few out-of-town investors interested and have a couple tours scheduled."

Murphy said the deal likely fell apart because of difficulties the developer had in securing adequate project financing. The company was awarded nearly $1.5 million in Ohio Historic Preservation Tax Credits earlier this year to support the project.

A Peak Property representative reached Tuesday said there were no new details to report on the project. Andrew Lallathin, managing member of Peak Property, did not return calls or email messages seeking comment.

Peak Property proposed a 75-unit apartment development with 15,000 square feet of first-floor retail space across three buildings, which included the 39,000-square-foot Robertson Building at 106 W. Seventh St. and the 20,000-square-foot Lancaster Building at 22-24 W. Seventh St.

In an interview last year, Lallathin said rents would start at $665 for one bedroom apartments and $800 for two bedrooms. The price points were lower to appeal to people who couldn't afford luxury apartment rents but still wanted to live Downtown. Peak Property Group develops and manages multifamily and student housing across the United States.