Homestead Companies has inked a new partnership with Lykens Companies and teaming up to bring over 300 apartments to the northeastern corner of Italian Village.

The proposal, announced this week by Homestead Companies and Lykens Companies, calls for 315 units and 398 parking spaces built on eight of the 22 acres that make up the Clark Grave Vault site.

A five-story apartment building and four-story townhomes are being proposed for the first phase of the development, which will be heard by the Italian Village Commission on October 13.

That portion of the proposal would be located on the south side of East Fifth Avenue, adjacent to the railroad tracks that form the neighborhood’s eastern boundary and just north of the large, green-roofed buildings that make up the Clark Grave Vault manufacturing facility.

A site map provided by the Homestead Development shows a second phase of the development to the south, but that portion of the project will not be reviewed by the commission next month.

The map also shows an extended Grant Avenue that could potentially enable connections to the Station 324 apartment complex on East Second Avenue and several neighborhood streets to the west.

“We have built our great reputation through trusted relationships and attractive, high quality, and walkable developments that communities want,” said Matt Canterbury, vice president of development for Homestead, in a statement. “Our partnership with Lykens Companies and the opportunity to enhance the Fifth Avenue corridor is another great example of designing and building multi-family projects that enhance our urban landscapes.”

The proposed project would sit across Fifth Avenue from Thrive Companies’ Grant Park development. And to the west of Grant Park, two significant development proposals were recently approved by the Weinland Park Community Civic Association.

“This is such a special project for us,” said Kevin Lykens, owner of Lykens Companies. “Remaking an industrial parcel like the Clark Grave Vault site into a welcoming gateway that honors Columbus’s hard-working history is exactly the challenge we love to tackle.”