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Posted: Saturday, April 5, 2014 8:00 pm | Updated: 9:46 pm, Sat Apr 5, 2014.
Construction underway for colleges apartment building
With the recent thaw, construction of Phase II is now underway. Phase II, the second apartment building being constructed on Williston States campus, is a mirror image of the first apartment building built at WSC, completed in August 2013.
Managed by Dakota Commercial & Development Co., Phase II is an 11 million dollar project consisting of four stories and 80,000 sq feet making up 74 residential units. Additionally, 13,000 square feet of space will provide 41 underground parking stalls and 8,000 sq feet of will be available for commercial use.
Three million of the total cost was garnered through the Housing Incentive Fund, provided by the North Dakota Housing Finance Agency. Half of the units in Phase II will be dedicated to housing essential service workers in the area, while the other half will be available at market rate.
There are current conversations between Dakota Commercial and Williston State in regards to the market rate units as the college is continually looking for ways to meet student housing needs. While discussions are still underway, WSC President Dr. Raymond Nadolny says, the college plans on using some of these units for student housing. Its very similar to what one sees at other major universities.
Dakota Commercial is not yet looking for tenants or taking information from those hoping to occupy the residential units.
However, they are seeking business interested in filling the commercial space(s) which will be online this coming winter. More information about available residential units will be announced to the public as the project nears completion.
Expected completion of Phase II is December 2014.
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Construction underway for colleges apartment building
A 26-story luxury apartment building planned for downtown Clayton is the latest foray into the market for modern high-rise living in the St. Louis area.
Jerry Crylen a developer behind the $75 million Clayton project, called The Crossing said construction of the 250-unit building should begin this fall.
The Crossing is among at least six new apartment towers on developers drawing boards from Clayton to downtown St. Louis.
It seems like everyone now is interested in high-rise development, said Bradd Beggs, a principal of Development Strategies, a real estate consulting firm in St. Louis. At this point, its a pretty underserved market.
How many such towers get built is undetermined. Also murky is whether a sudden sprouting of several high-end apartment high-rises would exceed the demand for such residences.
Beggs said Clayton appears ready now for more high-rise living. The success of Clayton on the Park, a 206-unit building, established a market there for pricey rentals, he said.
Creve Coeur-based Koman Group opened the 24-story project on Bonhomme Avenue in 2012 after converting the former hotel and senior residence into high-end apartments.
It leased pretty quickly, Beggs said. It has since increased rents and it showed that a Clayton market is there.
Clayton on the Park rents begin at more than $1,000 for a studio and top $4,000 a month for three-bedroom units.
Crylen said the Crossing will have a rooftop swimming pool, a fitness center and ground-floor retail space. The glass-and-aluminum design by HDA Architects has four parking levels and 20 floors of apartments.
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High-rise apartments planned for Clayton
Samuelson Development has spent the past 15 years building and managing apartments in Sioux Falls, one of the fastest growing cities in the nation.
Now, the construction firm has struck out for the west where it is seeing new opportunities and investing millions of dollars.
"We love the Rapid City market," saidMatt Petersen, property manager for Samuelson Development. "Our research showed there was a high demand for luxury housing."
The company, which has about 600 properties in its portfolio, is spending about $16 million on the Copper Ridge Apartments project now under construction at 2000 Golden Eagle Road in southwest Rapid City, project manager John Samuelson said.
It is the company's first project in Rapid City.
The construction of those apartments, along with the Gateway Apartment project on Marlin Drive in southern Rapid City that has a permit value of $15.1 million,represents a resurgence in the construction of new multi-housing projects in Rapid City after the national housing market implosion of 2008.
In 2007, 18 building permits were issued for multi-family housing with a value of$18,863,915, according to the Rapid City Community Development and Planning website.
But in 2008, new apartment construction slowed to a crawl, Brett Limbaugh, director ofCommunity Planning and Development Services for Rapid City, said.
Data from theRapid City monthly and yearly building permit reviewsshowed the city issued a total of 11 permits from 2008 to 2011, with a total permit value of $8,585,405.
However, there was still a demand for apartments even as construction slowed, Limbaugh said.
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Rapid City seeing growth in apartment building
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