Iowa City, Iowa—CA Student Living LLC has broken ground on RISE at Riverfront Crossings, a 575,000-square-foot mixed-use development in downtown Iowa City, Iowa, which will offer a 15-story residential tower with 332 fully furnished, market-rate apartments, as well as a 14-story, 151-key Hyatt Place hotel, close to the University of Iowa.
“This was a highly competitive city-owned RFP land site. We found it extremely attractive because the Iowa City market has not seen anywhere near the new supply of highly amenitized, Class A apartments delivered in other Big Ten communities like Madison, Minneapolis, Champaign or Ann Arbor,” JJ Smith, CA Student Living’s chief operating officer, told MHN. “As a point of reference, there are between six-15 newly constructed, high-density apartment buildings in those markets versus none in Iowa City.”
RISE at Riverfront Crossings will offer 332 fully furnished residences, including 111 private studios, as well as 14 one-bedroom/one-bath, 161 two-bedroom/two-bath and 46 three-bedroom/three-bath suites, representing a 100 percent bed/bath ratio. All units will have a shared kitchen and living area and be outfitted with stainless steel appliances, stone countertops, wood-grain flooring and energy-saving LED lighting.
Additionally, the property will boast 18,500 square feet of indoor and outdoor amenity space including an equipped fitness center/yoga studio, an interactive kiosk that provides virtual fitness programming; a club lounge with billiards and poker tables; a Gameday Room/theater; and a business center and study lounge. The 10,000-square-foot rooftop deck will include an outdoor spa, Jumbotron with viewing area, grilling stations and communal tables.
The University of Iowa has had significant enrollment growth compared to other Big Ten universities and is now at its largest ever at 32,600. That number is expected to grow to 34,600 by 2020, according to regent documents.
“Housing capacity is currently at 6,200 beds (less than 20 percent of the enrollment) and is expected to eclipse 7,000 beds with the completion of new residence halls,” Smith said. “This leaves over 25,000 students (80 percent of enrollment) seeking off-campus housing which is a very attractive ratio, one that we pay close attention to when deciding to develop.”
RISE at Riverfront Crossings will also feature 6,000 square feet of ground-level retail space at the northeast corner of the development, and will include 25,000 square feet of Class A office space on the third and fourth floors of the hotel tower.
Located on a site that formerly housed St. Patrick’s Church, which was destroyed in a 2006 tornado and subsequently relocated across town, RISE at Riverfront Crossings is situated just blocks from the Iowa River and Pentacrest, the centralized focal point of the university’s main campus.
The site is adjacent to downtown, near major employers, well-served by public transportation, a short walk to the waterfront park with walking and biking trails, has access to the Iowa River for boating and recreation and is proximate to Iowa City’s shopping, restaurants and retail, including the Ped Mall.
“With the Rise at Riverfront Crossings project, we are able to combine our high-rise apartment expertise in strong university markets with our growing experience in hospitality near major campuses under one umbrella,” Smith said.
The development is scheduled for completion in summer 2018, with pre-leasing for the residences slated to begin in August 2017.