River Caddis, EdR Launch $52M Student Housing Near Iowa State
The JV is developing the mixed-use property, which will include 157 apartments and 7,500 square feet of retail space.
Ames, Iowa—A joint venture between River Caddis Development and EdR has started construction on a $51.9-million, 320,000-square-foot mixed-use development near Iowa State University in Ames, Iowa.
“Our major development criteria is that the community be located pedestrian to campus. This community is across the street from campus and is less than a half-mile from the core of campus,” Rodney J. King, vice president of real estate development, told MHN. “This is also a university with a growing enrollment and Ames is a market favorable for growth.”
Located on the corner of 2700 Lincoln Way, the six-story project will consist of 157 apartment units and 537 pedestrian-to-campus beds in a mix of studios and one-, two-, three- and four-bedroom floorplans. It will also have 7,500 square feet of ground-level retail space.
The apartments will feature luxury amenities including two outdoor resident amenity decks, an outdoor hot tub, club room, fitness center, study rooms, leasing lounge and residential parking. Additionally, residents will enjoy in-unit washers and dryers and Wi-Fi throughout the community.
According to King, the firm’s market research indicated that there is a demand for high-quality student housing in the Ames market, especially in a location so close to campus.
“This community is not only across the street from campus, but it only a block away from the heart of Ames’ Campustown district,” he said. “We believe this new housing is a solid companion piece to the city’s Campustown Revitalization project.”
Opus Design Build LLC is the design-builder and Opus AE Group LLC is the architect an structural engineer of record.
The development is targeting a summer 2018 delivery.