(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
WEST LAFAYETTE, IN-After a year of negotiations, the City Council here has approved a new student housing complex here, now called 720 Northwestern, across from Purdue University. The development is now at $45 million after chopping off a floor and adding a grocery store.
South Street Capital is developing the commercial real estate project, which is going up across from Purdue’s Mackey Arena, on the site of an old retail strip center. Recently, the council voted to approve the project by a 4-3 vote, but only after South Street agreed to cut the planned building from six stories to five, resulting in a drop from 600 beds to 490. The project will also have a ratio of .75 parking spaces to resident, a drop from the former 1-to-1 ratio the city had wanted.
Marc Muinzer, co-founder of South Street, tells GlobeSt.com that the firm found Fresh Market Madison to bring in a 22,000-square-foot grocery store. “This is going to be a game changer for the campus, and for the adjacent neighborhood,” he says. Some retailers at the strip center now will come back, totaling about 41,000 square feet of retail at the site.
Muinzer says demolition will begin soon and that groundbreaking should happen this year. He says regardless of the council battle, student housing has been doing very well across the country, and the demand is still very high for the 720 Northwestern project.
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