WEST LAFAYETTE, IN-South Street Capital, through its subsidiary BoilerCribs, has proposed building a $50 million student housing complex across from Purdue University’s Mackey Arena. The 10-story building would have 660 beds and 35,000 square feet of retail on the first floor.
The site currently holds a small retail strip called Stadium Square. Marc Muinzer, a South Street partner, says the surrounding area has about $250 million of current or planned development.
However, this building would be one of the tallest in the area, and it’s reported that there may be some push-back about the height. South Street still has to submit and get permission for the plan through the county and city officials.
Muinzer tells GlobeSt.com that there’s tremendous demand for new class A product. “This is the least developed Big 10 school,” he says. “The most the private sector has done here has been 10 to 15-unit projects.”
His company is one of the largest owners and developers near the campus. The firm has about 250 beds already, and is developing another 280 beds at Chauncey Square, a property South Street purchased out of foreclosure in March. “We’re also working on a number of deals near the University of Illinois, and just made our first acquisition at the University of Kentucky six weeks ago,” Muinzer says.
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