Elmwood Park New Jersey-based Aptitude Development has submitted a rezoning petition to rezone the property from Type J: Unrestricted to Type H: Area Commercial. This is in order to build a 7-story, 192 apartment building with 509 beds and 282 parking spaces.
I have no renderings to share yet and asked the MRC and the developer for more information and am waiting to hear back.
Is there demand for more student housing (i.e. is enrollment increasing?), or does this just shuffle students from other apartments in the area? Not saying that's a bad thing, just curious. With demand in the area high, presumably the existing apartments vacated by students would be backfilled by others (students or otherwise).
Very surprised. You'd think Foundry would have wanted that land. I assumed Crescent made it unavailable. Happy to see this, but those south facing views will be into a parking garage for the most part. Students won't mind.
^Agreed, quite surprising that the Foundry team didn't acquire the property, but they are already investing a lot of money in the area, and perhaps there is a limit to how much debt they wanted to take on, even though they have more money than most of us will ever see.
Regarding the south-facing views, it might not be as bad as you think, since their own garage will likely be sandwiched back there against the alley.
I'm getting off topic but does the Foundry own the silver where CORTEX East has been rendered, the parcel between phase II & trestle/greenway/freeway? I would assume so. In addition, after 5 years the historical requirements expire on the Foundry building itself and essentially they could also demo the garage along FPP and build anew. So to Tim's comments, maybe they already have a lot going on in terms of finances but I think they still have plenty of room to go with a couple more phases of Foundry without the corner parcel.
Might even be the fact that Foundry was hoping & maybe quietly trying to recruit another developer to pick up and get something going sooner rather than later for the Cresecent Electric site. A few more nearby customers for the Food Hall, Fresh Thyme, etc. At this point, I can see a hotel proposal somehow coming into the picture or nearby to compliment the Foundry even with Midas hotel across the street and the recently opened hotel in CWE.
hmmm... i don't expect this to be a quality project. hopefully better than the Standard but that's a vey low bar. we'll see. a little concerned about the proliferation of private (i.e. non-institutional) student housing as well. these multi-bedroom-shared-kitchen-suite-type places are not built for reuse/adaptation down the road. at least it's not replacing anything significant.
I assume this would be the same "light gauge steel" construction used for The Marshall Arkansas and The Marshall Syracuse. Aptitude's other projects can be viewed here: https://www.aptitudere.com/properties.
wabash wrote:I assume this would be the same "light gauge steel" construction used for The Marshall Arkansas and The Marshall Syracuse. Aptitude's other projects can be viewed here: https://www.aptitudere.com/properties.
The Marshall Arkansas (226 units - 564 beds):
The Marshall Syracuse (147 units - 287 beds):
I mean could be worse but this style is pretty par for the course near university’s now a days. Does this mean we are going to get a “The Marshall” St. Louis? Ha.
I think the design of this will be good. Not sh*tty like the Standard, but not as good as some of the other projects that have gone up recently (if that makes sense). The Midtown Redevelopment Corporation reviews the projects and can have a say in the design. If they don't like it, they'll say so. Some of aptitudes projects look cheap but some others look nice. I'd hope for a nicer one of the bunch.
As for how well student housing does in the area, I think it can support more. The Verve filled up quickly and the Standard continues to have high occupancy numbers. So does the Icon. However, I do think this will be the last project built just for student housing in the area for a while since the offerings at that point will be plentiful. Throw in the normal apartments planned or going up nearby and there's enough new housing options for students and young professionals.
Amazing to think 800+ people could be living within the same block as City Foundry 3 years from now. Add the new hotel across the street, new movie theater, new pedestrian trail directly connecting to Metrolink and one can see why this vision could have some staying power.
Hopefully the NW corner of Vandeventer & Forest Park Ave is next.
SLU must be having a hell of an easier time recruiting these days. The neighborhoods in all directions have improved significantly over the past 15 years.
Will Crescent be relocating to another part of STL, moving to the burbs or closing? Would like to see a win:win.
Wondering the same thing myself. That building of theirs is relatively new. After all, Crescent Electric used to be in the Crescent Building, 4340 Duncan, before Cortex was a thing and they relocated to their current site.
