The market-rate apartments are expected to rent between $1,500 and $2,900 for a mix of studio, one- and two-bedroom units, according to city documents. Loeks said there already is a list of potential buyers for the condos and the apartments in the earlier phases of the development also have a wait list. The new residential tower is set to have 165 apartments and up to 30 condos. Loeks said they also are hedging the investment by adding condos to the mix. “It became a more challenging project, but we’re feeling pretty good with what we have with the downtown market for apartments being generally fully saturated.” For the Studio Park development team, however, it was perfect timing. The complex also has 106 existing apartments.Īs the world continues to wade through turbulent economic times with rising interest rates, increasing construction costs and tight labor markets, it might seem like a curious time to embark on a massive project.
Phase 2 opened in 2020, including a seven-story, 100,000-square-foot office building that brought Acrisure downtown and the 155-room Canopy by Hilton Hotel. The first $130 million phase opened in 2019 and includes a nine-screen movie theater, outdoor piazza, 200-seat concert venue and multiple dining and retail options, as well as a 900-space parking garage. Once completed, likely in late 2024, the catalytic downtown project will be well north of $200 million in investments, said Loeks, partner in Olsen Loeks Development and president of Studio C, owner of project. SW, which is a $62 million, 16-floor residential tower with apartments and condominiums. Loeks just might find himself living in the “world-class” units.Ĭonstruction is well underway on the residential tower phase of the Studio Park development at 123 Ionia Ave. Once the residential tower expansion of Studio Park is completed, J.D.
0 kommentar(er)
