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Off-campus apartment complex to capitalize on growth
Contractors plan housing, parking for future student populations
Ashley Bennett
Issue date: 2/1/08 Section: News
Private developers have plans to bring a 10-story apartment complex and parking deck west of the N.C. State campus to aid the growing student population.
Tim Luckadoo, associate vice chancellor for student affairs, met 2 weeks ago with Capstone Development, a student housing firm based in Alabama, to discuss its plans.
According to Luckadoo, the firm has designed an apartment complex that may be named Stanhope Village, which will house approximately 900 students in two-, three- and four-bedroom apartments and include a parking deck for residents.
Luckadoo explained that while the developers already have plans for the complex, it has not been approved yet.
"City council has to approve it all and then they have to design the building, which could take 12 to 18 months, and then build it, which may also take 12 to 18 months," Luckadoo said.
That projection puts the complex's opening at least two to three years away, according to Luckadoo.
If the city council approves the plans, Luckadoo said Capstone Development would build the apartment complex and parking deck running lengthwise to the railroad tracks on the land behind the Dan Allen Parking Deck.
"The firm will lease all of the land from Val Valentine, and then build and manage the complex and parking deck themselves," Luckadoo said.
To build the parking deck however, Luckadoo said the developers plan on knocking down several homes in that area.
"I believe these houses are pretty old and boarded up," Luckadoo said. "There is a neighborhood in that area though, and I suspect the people living there are going to be very concerned with what's happening."
Luckadoo has no doubt as to why Capstone Development is choosing to build student housing facilities near the University.
"I think a lot of developers are looking at N.C. State as a growing university," Luckadoo said. "Enrollment is expected to grow to 40,000 by 2017, so it's an attractive market opposed to other schools that aren't growing as fast as we are."
Tim Luckadoo, associate vice chancellor for student affairs, met 2 weeks ago with Capstone Development, a student housing firm based in Alabama, to discuss its plans.
According to Luckadoo, the firm has designed an apartment complex that may be named Stanhope Village, which will house approximately 900 students in two-, three- and four-bedroom apartments and include a parking deck for residents.
Luckadoo explained that while the developers already have plans for the complex, it has not been approved yet.
"City council has to approve it all and then they have to design the building, which could take 12 to 18 months, and then build it, which may also take 12 to 18 months," Luckadoo said.
That projection puts the complex's opening at least two to three years away, according to Luckadoo.
If the city council approves the plans, Luckadoo said Capstone Development would build the apartment complex and parking deck running lengthwise to the railroad tracks on the land behind the Dan Allen Parking Deck.
"The firm will lease all of the land from Val Valentine, and then build and manage the complex and parking deck themselves," Luckadoo said.
To build the parking deck however, Luckadoo said the developers plan on knocking down several homes in that area.
"I believe these houses are pretty old and boarded up," Luckadoo said. "There is a neighborhood in that area though, and I suspect the people living there are going to be very concerned with what's happening."
Luckadoo has no doubt as to why Capstone Development is choosing to build student housing facilities near the University.
"I think a lot of developers are looking at N.C. State as a growing university," Luckadoo said. "Enrollment is expected to grow to 40,000 by 2017, so it's an attractive market opposed to other schools that aren't growing as fast as we are."
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