COLUMBUS, Ohio (WCMH) -- The former headquarters of the Ohio Democratic Party is being demolished for an apartment building that's expected to bring 74 units to the area. Located Downtown on the corner of East Fulton Street and South Grant Avenue, Elevate 340 will be built by Lancaster-based developer Fairfield Homes. The project has been in the works since 2022 and was recently approved for $1.25 million in grants by Columbus City Council. Colleen Marshall celebrates 40 years at NBC4 When the funds were approved in May, Councilmember Shayla Favor said it was important to push for more housing since Columbus is one of the fastest-growing cities in the country. “We’re grappling with supply and demand here,” Favor said. “We are growing at a rapid rate to the tune of around 40 folks a day and, unfortunately, we don’t have enough housing units.” A news release from Fairfield Homes said recent studies show, of the three largest metropolitan areas, Columbus is experiencing the greatest shortage of affordable and available rental units. "Increasing access to affordable housing is the most cost-effective strategy for reducing childhood poverty and increasing economic mobility," said Jennifer Gorsuch Walters, president of Fairfield Homes. There will be one-, two-, and three-bedroom units. Of the 74, 55 of those will be set aside for families at or below 60% of the area median Income. In May, four of those units were said to be set aside for families at or below 30% of the AMI, but the latest news release from Fairfield Homes said the other 19 would be market-rate. A 74-unit apartment development will be built on the site of the Ohio Democratic Party's former headquarters. (Courtesy Photo/Franklin County Auditor's Office) The apartments will be built on the site of the former Ohio Democratic Party headquarters. Demolition of that building started on Sept. 30 and will be finished after a couple of weeks. Construction on Elevate 340 is expected to be finished by early 2026.