The existing multiple-family dwelling is 36,251 square feet in size and includes 50 dwelling units and a total of 59 bedrooms. The applicant proposes to renovate and expand the existing structure by constructing 7 separate additions
onto the north, south and east elevations totaling 4,917 square feet in size which would result in 36
additional bedrooms within the building. Upon completion, the project would maintain 50 dwelling units
but would include 95 bedrooms. In addition, another addition for a 592 square foot bicycle storage area
would be added to the north elevation of the building. The remaining portions of the existing building
would be cleaned, repaired and repainted. Other improvements to the building include all new
fiberglass windows, a new entry canopy, upgraded interior finishes and new or remodeled amenity
spaces including a club room, fitness center, study room and game room. Enhancements would be made
to the interior and exterior lighting and the security system would be upgraded with cameras.
Basically converting it from a typical 1960s 2.5-story walkup of studios and 1BRs to a more student-oriented product with multiple BRs per unit.
7 separate additions. CPM is workin' hard for the money.
As a general note about CPM, I have often wondered when/if they will sell off their long-held
single-fam & duplex properties now that they are a pretty prolific property developer. They got their start buying up individual rental properties around the U and have very quickly grown into a full-blown development (CPM) and construction (Reuter-Walton) company. Have they sold off
any of the student housing they've developed? If they are still holding everything they've ever developed, they either have some incredible financing connections or very deeply-pocketed silent partners. This entire paragraph is off-topic, but to bring it back around to student housing development, I'll remind everyone that CPM alone has nearly 1,600 beds of student housing hitting the market this fall in WaHu and Radius. They have only themselves as competition, since no other large student housing projects hit the market this year.