The Bridges - (950 University Avenue SE)

[gahwi003]

http://www.mndaily.com/2012/10/16/fear- ... saturation’

Sounds like Doran is planning another student housing project across from FloCo. It didn't specify the exact parcel, but I imagine its the one bordering the 35W exit ramp, and University Avenue. Has anyone herd about this yet? Sounds like a great location for some higher density as mentioned in the article.

On the other hand, the article brings up a great point: How many more student housing projects can be absorbed in the market before it bursts?

"Doran is in the early stages of a new project, The Bridges, across from FloCo Fusion. He’s predicting the project will be roughly the same size as his other developments at around 150 units.

Carlson said the Marcy-Holmes Neighborhood Association is not concerned with overbuilding for the time being and hopes for much higher density on the site.

“I think initially they were talking [about] five or six stories,” he said. “We’d like to see maybe even double that amount.”

[min-chi-cbus]

10-12 stories is what Doran is hoping for? Good luck with that! Good news otherwise!!

[mulad]

Working link. Ah, UTF-8...

[FISHMANPET]

I think making some of these upscale properties useful for faculty and staff (especially the young ones) is going to go a long way to prevent over saturation.

Though I'm also wondering what makes a project upscale exactly? Is it finishes, amenities, and space? Space you can't do much with, but as time goes on just don't maintain the finishes and amenities quite as nicely and your units will still fill up. In 15 or 20 years tear out the granite counter tops and replace them with laminate, etc etc. These buildings are going to last a long time, and be economically viable until the U closes or the buildings fall down.

And comparing this to the condo collapse is stupid. The condo market didn't fall over because of over supply, it fell over because the housing market fell over. I suppose you could say we're on the verge of a higher ed bubble, but I don't think that's going to effect the U in any meaningful way.

[Silophant]

950 University would seem to be that empty lot between 10th Ave and the offramp. That's good, since every time I've walked past FloCo I've wondered why Doran tore down an (admittedly empty) gas station to build it when there was a level empty lot across the street.

10-12 stories is what Doran is hoping for? Good luck with that! Good news otherwise!!

I read that as what the Marcy-Holmes Neighborhood Association is hoping for. My guess is that Doran maybe considered that, then went with 6, given that that's apparently what they did with Sydney Hall.

[Nick]

950 University would seem to be that empty lot between 10th Ave and the offramp. That's good, since every time I've walked past FloCo I've wondered why Doran tore down an (admittedly empty) gas station to build it when there was a level empty lot across the street.

10-12 stories is what Doran is hoping for? Good luck with that! Good news otherwise!!

I read that as what the Marcy-Holmes Neighborhood Association is hoping for. My guess is that Doran maybe considered that, then went with 6, given that that's apparently what they did with Sydney Hall.

Sydney Hall got chopped off due to fraternity lawsuit/changed market conditions.

This site definitely should get something a little taller if possible. Nothing can hold it back except the market.

[Nathan]

I find it a bit funny that they talk about over building with 800 units in the next 2 years... around a university that hopes to grow that already has over 51,000 students... That is only 1.5% of the Uni. I just see it as a really good opportunity to shift the desirable place for students to live away from Seward and Northeast and Uptown, where my friends and I paid similar amounts for 4 or 5 of us to live in an old victorian and take the bus/drive and pay for parking. If they can make Dinky Town and Stadium village into a more cool and active neighborhood I think more people will stick around and even choose go to the U. (seeing it's a cool community when they come to do freshman/graduate tours).

[Nathan]

I also think it would be nice if more students were in buildings and some of the "crack houses" that students live in could be restored by professors and such university staff, and really make the neighborhoods a little less, well, trashy lol...

[Silophant]

Sydney Hall got chopped off due to fraternity lawsuit/changed market conditions.

Makes sense. Would have been kinda cool, though, to have two towers bracketing the Dinkytown business district.

[seanrichardryan]

Sydney Hall got chopped off due to fraternity lawsuit/changed market conditions.

Makes sense. Would have been kinda cool, though, to have two towers bracketing the Dinkytown business district.

Uh, what about The Chateu?

[Silophant]

Right, the Chateau and Sydney Hall.

[Nathan]

Sydney Hall got chopped off due to fraternity lawsuit/changed market conditions.

Makes sense. Would have been kinda cool, though, to have two towers bracketing the Dinkytown business district.

There are still opportunities for that @

4th and 16th (SE corner)
4th and 16th (SW corner)
5th and 15th (SW corner)
5th and 15th (SE corner) ???

[min-chi-cbus]

I find it a bit funny that they talk about over building with 800 units in the next 2 years... around a university that hopes to grow that already has over 51,000 students... That is only 1.5% of the Uni. I just see it as a really good opportunity to shift the desirable place for students to live away from Seward and Northeast and Uptown, where my friends and I paid similar amounts for 4 or 5 of us to live in an old victorian and take the bus/drive and pay for parking. If they can make Dinky Town and Stadium village into a more cool and active neighborhood I think more people will stick around and even choose go to the U. (seeing it's a cool community when they come to do freshman/graduate tours).

More like 2,400 units.....but 1,000 around St. Anthony.

[Nick]

I find it a bit funny that they talk about over building with 800 units in the next 2 years... around a university that hopes to grow that already has over 51,000 students... That is only 1.5% of the Uni. I just see it as a really good opportunity to shift the desirable place for students to live away from Seward and Northeast and Uptown, where my friends and I paid similar amounts for 4 or 5 of us to live in an old victorian and take the bus/drive and pay for parking. If they can make Dinky Town and Stadium village into a more cool and active neighborhood I think more people will stick around and even choose go to the U. (seeing it's a cool community when they come to do freshman/graduate tours).

More like 2,400 units.....but 1,000 around St. Anthony.

I'd also add that few of these units are one bedroom and fewer will be occupied by a single student. Many will be two, three, and four bedroom units with lots o' kids packed into them and just a huge pile of dishes in the kitchen.

That said, predicting just where this, let's say, bubble-light will burst is super hard. The economics are shady and imaginary given the amount of students who are either 1) Getting money directly from their parents and 2) Passing on the costs to themselves in 2022 through their loans. I knew a guy who bought an iPod with his leftover loan money at one point during school.

It can't reeeeally burst because it's apartments, at some point units won't fill up and prices will drop. Most of the players other than CPM are pretty heavily diversified around the city so even if they have to run some of the buildings at a loss for a time, it's not like any of these developments will end up gray and cratered like an abandoned building in SimCity 4.

I've been saying for a couple years now that prices will realign around campus, and the first part of that looks to have started if you lookup some rentals on Craigslist. Two years ago Shawn (the administrator) and I rented a moderately ratty four bedroom with some buddies way up on 26th and Como and paid $1800 a month for that. No one seems to be getting away with prices that high anymore.

[min-chi-cbus]

Renting to college kids is definitely the way to start if I ever want to start owning rental property! I remember how expensive those apartments in college were too, and considering $1800/month could buy you a 4 bedroom HOUSE (with a yard, basement, kitchen, multiple bathroom, etc....and a helluva lot more square footage than these college apts. will ever get you), even if the rent is split 4 ways the landlord must come away from the bank each month laughing his ass off! <-- kinda like that!

[nordeast homer]

Can anyone else recall, when they finished up construction on the bridge and cleaned this staging site up, wasn't this property supposed to be built as a CVS?

[go4guy]

One thing about most of the houses that you can rent. They may have more space, but they are a further walk to class, not nearly as nice and clean, and dont have the amenities. I loved the old POS house I lived in for 3 years in college. But I then lived in 1301 University the year after it was built, and that just felt waaaaaaaay better. And speaking of 1301 Univ. That place was built great. Solid concrete construction. Couldnt hear your neighbors if you wanted to. Wish they still built places like that.

[min-chi-cbus]

One thing about most of the houses that you can rent. They may have more space, but they are a further walk to class, not nearly as nice and clean, and dont have the amenities. I loved the old POS house I lived in for 3 years in college. But I then lived in 1301 University the year after it was built, and that just felt waaaaaaaay better. And speaking of 1301 Univ. That place was built great. Solid concrete construction. Couldnt hear your neighbors if you wanted to. Wish they still built places like that.

Funny, I rented apts at Ohio State and wished I had rented a house (some of my buddies did Soph. year and they loved it). However, at OSU houses are as close to school as rentals.

[lordmoke]

Sign went up for this yesterday/ today on the corner facing 35W. "Coming 2014."

[Didier]

I drove by this today and there is a sign up saying "The Bridges" and whatnot.

As an aside, I had to work an event at the U last night so I got dropped off and grabbed dinner first at Dino's Gyros. It's pretty amazing how much different this Stadium Village area feels now as compared to pre-LRT. Obviously University isn't fully opened yet, but now there is only one lane of car traffic in each direction. More than that, though, the density in that area has changed so much. It truly feels like legitimate city neighborhood.

Also, I think there will always be at least some demand for college students to live in shitty housing. There is something about the true college experience that you don't really get living in a $1,200 luxury apartment.