More Real Estate Projects in the Works as UofA Enrollment Increases
By: Rebecca Jeffrey
Updated: January 25, 2013
More Real Estate Projects in the Works as UofA Enrollment Increases
The University of Arkansas student body continues to grow, surpassing 24,000 this school year and only expecting more.
With school expansion, comes housing expansion on and off campus.
In 2012 alone more than 2,700 rooms were built in Fayetteville. So far 2013 is following suit.
The corner of Duncan Avenue and Center Street is the most recent site approved by Fayetteville to be redeveloped. The project is called West Center.
The business behind it, Specialized Real Estate Group, best known for their project Eco Modern Flats.
"We believe in the revitalization of urban settings, especially downtown Fayetteville," Seth Mims, partner with the Specialized Real Estate Group said.
Especially, next to the University of Arkansas campus, which is busting at the seams in student growth.
"We're just meeting that need, but we're doing it in a way that is absolutely in line with the city of Fayetteville's planning goals and their future guidelines for the development of our city," Mims said.
As early as spring 2013, construction could begin on the 5 story, 175 unit complex next to campus. The group is working to attain a LEED certification like many of their other projects around the city. LEED is a green building rating that ensures the highest levels of sustainability.
"It will be a truly urban, both in form and setting, walkable community, where we are going to remove dilapidated buildings and replace them with modern and sustainable multifamily communities," Mims said.
A part of the LEED certification, a developer must try to salvage whatever is on the property at the time. Due to the state of the two small apartment buildings and three houses on the property, they will be knocked down. Mims said they'll help residents currently living in the buildings relocate.
According to developers, building on developed land is actually harder and more expensive than a blank slate.
"Yes, it's more challenging but certainly more rewarding for us. Leasing is going fantastic on all of our other projects," Mims said.
With the University expecting another 4,000 students in upcoming years, building is more appealing.
"There is so much demand right here that I am confident that the projects that are here will all fill up and so will ours as well."
The complex is expected to be complete Fall of 2014.
The University of Arkansas student body continues to grow, surpassing 24,000 this school year and only expecting more.
With school expansion, comes housing expansion on and off campus.
In 2012 alone more than 2,700 rooms were built in Fayetteville. So far 2013 is following suit.
The corner of Duncan Avenue and Center Street is the most recent site approved by Fayetteville to be redeveloped. The project is called West Center.
The business behind it, Specialized Real Estate Group, best known for their project Eco Modern Flats.
"We believe in the revitalization of urban settings, especially downtown Fayetteville," Seth Mims, partner with the Specialized Real Estate Group said.
Especially, next to the University of Arkansas campus, which is busting at the seams in student growth.
"We're just meeting that need, but we're doing it in a way that is absolutely in line with the city of Fayetteville's planning goals and their future guidelines for the development of our city," Mims said.
As early as spring 2013, construction could begin on the 5 story, 175 unit complex next to campus. The group is working to attain a LEED certification like many of their other projects around the city. LEED is a green building rating that ensures the highest levels of sustainability.
"It will be a truly urban, both in form and setting, walkable community, where we are going to remove dilapidated buildings and replace them with modern and sustainable multifamily communities," Mims said.
A part of the LEED certification, a developer must try to salvage whatever is on the property at the time. Due to the state of the two small apartment buildings and three houses on the property, they will be knocked down. Mims said they'll help residents currently living in the buildings relocate.
According to developers, building on developed land is actually harder and more expensive than a blank slate.
"Yes, it's more challenging but certainly more rewarding for us. Leasing is going fantastic on all of our other projects," Mims said.
With the University expecting another 4,000 students in upcoming years, building is more appealing.
"There is so much demand right here that I am confident that the projects that are here will all fill up and so will ours as well."
The complex is expected to be complete Fall of 2014.
