BLACKSBURG, VA-Campus Management and CampusWorks Development have begun work on a new student housing project adjacent to Virginia Polytechnic Institute and State University. They are building a private, off-campus 913-bed, 254-unit housing community whose total project costs will come in at approximately $45 million.
The redevelopment of the 15.28-acre project calls for the demolition of the Oakbridge Apartments currently on the site. The new community, which will be called "The Edge", will be situated on the Northwest corner of Webb Street and East of Toms Creek Road, directly across the street from the Virginia Tech campus. There will be nine buildings housing a mix of 2,3 and four-bedroom units.
The demolition of Oakbridge is beginning this month with the rest of the project expected to phase in over the next 24 months. Approximately 450 beds will be ready for the 2014 school year and the balance will be delivered for the 2015 school year.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
