Gilbane Development to Construct 5 Student Housing Communities for $400M
- Sep 20, 2018
Gilbane Development Co. is spending more than $400 million on five new student housing communities with more than 3,500 beds in Illinois, Maryland, Arizona, Oregon and Georgia.
All the buildings are expected to be open by fall 2020, except for Octave at University of Illinois Urbana-Champaign, which is scheduled to begin operating in fall 2019.
“We are excited to further expand our student housing portfolio and to provide our trademarked Next Level of Student Housing experience to students, parents and campuses around the country,” Russell Broderick, senior vice president of Providence, R.I.-based Gilbane Development, said in a prepared statement.
All the communities will have fully furnished units, high-speed Internet, fitness and wellness offerings including heated swimming pools, fitness centers and clubhouses. Other amenities will feature personal and group study areas and computer labs.
The student housing developments are:
- Octave, a two-building, 538-bed community at 210 S. Fourth St. in Champaign, Ill., two blocks from The University of Illinois Urbana-Champaign. Construction on the community began in June.
- Alor, a three-building, 946-bed student housing development combined with 64 units of market-rate and workforce housing located 1,000 feet from Arizona State University’s Tempe, Ariz., campus. Alor will also feature 12,000 square feet of retail space and a parking garage.
- Sierra, a 228-unit building abutting the Oregon State University’s campus in Corvalis, Ore. The property is also a few blocks from downtown Corvalis.
- Towson Row, 720 student housing beds will be part of the $350 million Towson Road mixed-use development with over 1 million square feet of retail, hotel, residential and office space less than .3 mile from the Towson University campus. Groundbreaking for the project being developed with Greenberg Gibbons and Shamin Hotels was held in June. The 5-acre site is less than 15 miles from Baltimore
- Bixby, a 656-bed community at Kennesaw State University in Kennesaw, Ga., 30 minutes north of Atlanta. The development will also include 3,000 square feet of retail and a rooftop sky deck overlooking the KSU football stadium.