A vast 252-acre parcel of agricultural land in Madison County, Ohio, has been sold for nearly $82 million, a figure almost ten times its purchase price from just a year ago. The transaction highlights intensifying developer interest in the areas surrounding Columbus.
The sale, which closed on November 6, involved prominent local developer Schottenstein Real Estate Group and a West Virginia-based entity, 21Go Projects LLC. This deal transfers a significant tract of land near Plain City, signaling potential for future development in a rapidly growing region.
Key Takeaways
- A 252-acre property in Madison County was sold for $81.8 million, or about $325,000 per acre.
- The seller, Schottenstein Real Estate Group, had purchased the land for $8.4 million in December 2024.
- The buyer is 21Go Projects LLC, a company based in Charleston, West Virginia.
- The future use of the land remains undisclosed, as both parties are bound by a non-disclosure agreement.
A Tenfold Increase in Value
The property, located at 10045 Route 161 in Darby Township, was acquired by Schottenstein Real Estate Group through its entity, Madison Gateway LLC, in December 2024 for $8.4 million. The recent sale for $81.8 million represents a dramatic escalation in land value in just under a year.
This rapid appreciation underscores the high demand for large, developable parcels in central Ohio's suburban and rural corridors. The land is currently classified for agricultural use and is mostly undeveloped, aside from a small, 1,650-square-foot house built in 1930.
The transaction, recorded by the Madison County Auditor, has sparked speculation about the future of the site, which sits in a strategic location near the expanding Columbus metropolitan area.
Transaction at a Glance
- Property Size: 252 acres
- Sale Price: $81.8 million
- Price Per Acre: ~$325,000
- Previous Price (Dec 2024): $8.4 million
- Value Increase: Approximately 874%
The Key Players Involved
The seller, Schottenstein Real Estate Group, is a major force in central Ohio's development scene. The company has a significant portfolio of large-scale residential and mixed-use projects, particularly in the northwest suburbs of Columbus.
Their past projects include extensive apartment communities such as Jerome Grand, Liberty Grand, and Orange Grand Communities. These developments, often featuring hundreds of units, have reshaped the housing landscape in townships like Jerome, Liberty, and Orange.
The buyer, 21Go Projects LLC, is a more enigmatic entity based in Charleston, West Virginia. Little is publicly known about the company's portfolio or its specific plans for the Madison County property. Representatives for the company could not be reached for comment on their intentions for the site.
A Pattern of Development
Schottenstein Real Estate Group is actively developing other large-scale projects in the vicinity. These include Jerome Summit, a 200-acre mixed-use development, and another project named Madison Gateway, a 250-acre mixed-use plan in Madison County. This sale could be part of a broader strategy of acquiring, preparing, and selling land to other developers for final construction.
Future of the Property Remains a Mystery
Details about the future of the 252-acre tract are scarce. A representative for Schottenstein Real Estate Group confirmed that the company could not discuss the sale due to a signed non-disclosure agreement.
This confidentiality has fueled speculation about the buyer's plans. Given the strategic location and high price paid, possibilities range from another large-scale residential community to commercial, industrial, or high-tech facilities. The area's proximity to Dublin and other economic hubs makes it attractive for various types of development.
The transaction is a clear indicator of the robust health of the central Ohio real estate market and the continued outward expansion from Columbus. As land closer to the city becomes scarcer and more expensive, developers are increasingly looking to surrounding counties like Madison for new opportunities.
Local officials and residents will be watching closely for any zoning changes or development proposals submitted by 21Go Projects LLC in the coming months, which will provide the first concrete clues about the future of this valuable piece of Ohio land.
