The NRP Group, a Cleveland-based full-service developer, general contractor and property manager, announced on May 8 that it will construct a 624-bed, four-story luxury student housing community in Akron.
To be called The Depot, it will be located at 80 E. Exchange St. The NRP Group will invest $30 million at the site of the old Akron Beacon Journal newspaper sorting and storage facility, tearing down the existing building, which has been deteriorating for years, to make room for the new complex.
“Some of the beautiful exterior eaves and other functional elements will actually be incorporated in the interior clubhouse and concierge area as decorative elements to preserve a piece of the history of the building,” said Aaron Pechota, the company’s vice president of development. “We are also salvaging the four monument ‘E’s, denoting the Erie Railroad, and incorporating them into the design of our new courtyard. NRP has been developing multifamily projects across the nation for 18 years, and we’re thrilled to build a student housing community right here in our own backyard.”
The Depot will be located less than a quarter mile from the University of Akron’s campus. It will offer students one-, two-, three- or four-bedroom floor plans, ranging from 592 to 1,386 square feet. Each apartment will feature granite countertops, in-unit washer and dryer, walk-in closets, ceiling fans and contemporary furnishings including a 42” flat-screen television. Students will also have their own individually keyed bedroom and bathroom.
Building amenities include on-site parking, a heated pool, an outdoor lounge and outdoor bar and kitchen, an indoor gas fireplace, indoor-outdoor living space, a game room, a large group fitness classroom and fitness facility, private study rooms, a media lab room and conference room, and much more. The developers think The Depot’s ”location, unparalleled design and countless amenities will make it the first-class living experience for Akron students.”
The project is expected to be completed in August 2014. However, leasing will start this August. Asset Campus Housing will handle the leasing and on-site property management.
NRP is the eighth-largest multifamily developer in the nation. Last year, The National Association of Home Builders named it the “Multifamily Development Firm of the Year.”
Rendering courtesy of The NRP Group.