Landmark JV to Develop 210-Unit Student Community
The property will come online in 2026 and feature more than 600 beds.
A partnership between Landmark Properties and W5 Group has acquired a 2-acre site for the development of a 210-unit student housing community in Syracuse, N.Y. The project is already underway and is expected to come online in 2026.
Partners on the seven-story Standard at Syracuse development include Landmark’s in-house general contractor, Landmark Construction, interior designer BKV Design Group and architecture firm Cube 3 Architects.
Slated to comprise more than 600 beds, it will be the first purpose-built student housing project in the city to include five-bedroom floorplans. Apartments will range from studios to five-bedroom layouts and will have bed-to-bath parity, quartz countertops and private balconies in select apartments.
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As part of the project, the developer will preserve the Temple Concord sanctuary, a Reform Jewish congregation and synagogue established in 1839. Landmark plans to redevelop it into a 4,750-square-foot amenity space. Plans call for a gathering space to unwind, study and socialize. Other amenities will consist of a fitness center, sauna, study area and an outdoor hot tub.
The development is at 910 Madison St., adjacent to the Syracuse University main campus and less than 1 mile from the JWA Wireless Dome. Downtown Syracuse is roughly 1 mile away, while the Syracuse Hancock International Airport is 7 miles northeast.
Last year, Syracuse University received approvals to convert the Sheraton Syracuse University Hotel & Conference Center into a nearly 400-bed student community. Located less than 1 mile from The Standard at Syracuse, the property is scheduled to come online in fall this year.
Student housing sector remains strong
The national student housing sector remains strong despite a slowdown in preleasing and rent growth, according to a recent Yardi Matrix student housing report. In May, preleasing reached 80 percent, 10 basis points higher year-over-year, while advertised rents saw a 5.3 percent increase compared to 2023’s same month.
The same source forecasts that 45,495 new beds will be delivered at Yardi 200 schools in 2024, an increase from the 37,576 beds completed in 2023. This delivery volume is comparable with the decade-peak years of 2013 and 2014.
