Developer aims to break ground this summer on 250-unit apartment complex in Walker
MLive.com | Michael Kransz | May 26, 2022
WALKER, MI – A Chicago-based developer aims to break ground this summer on a 250-unit apartment complex off of Lake Michigan Drive in Walker.
In addition to apartments, the development will also later feature about 68 single-family lots and commercial space along Lake Michigan Drive.
The entire project being developed by Stoneleigh Companies is located on about 105 acres at 3485 Lake Michigan Drive NW that was formerly home to a bowling alley and the Lincoln Country Club.
The apartment complex, called the Savannah at Waterford Village, will feature 250 apartment units across 39, single-story buildings. Each of the units, which come in one-, two- and three-bedroom options, is attached to a two-car garage.
It will also feature a 5,255-square-foot clubhouse, sidewalks, streetlights and gathering spaces within open areas.
Earlier this month, final plans for the apartment complex portion of the project got the greenlight from the Walker Planning Commission. Once permits are in hand, Rick Cavenaugh, president of Stoneleigh, said he hopes to break ground in July.
The first apartment units could be open for occupancy as early as summer 2023, with all units estimated to be built and ready for residents by the following summer, Cavenaugh said.
Depending on the number of bedrooms and the location within the complex, monthly rent could range from about $1,600 to $2,500, he said.
As for the 68 lots for single-family homes, Stoneleigh will sell those lots to builders to construct the homes. Depending on the size of use, the commercial property area along Lake Michigan Drive could fit about three businesses or more, Cavenaugh said.
The project is a long time coming, Cavenaugh said. Stoneleigh approached Walker about the project around the start of the pandemic, which slowed down some of the approval process.
The development also drew some worries from nearby residents, who voiced concerns about traffic impact, stormwater flooding issues and proximity to their homes, according to Cavenaugh.
In response, Stoneleigh moved some of the apartment building locations further back from the property lines of nearby neighbors. The company also got approval for a new traffic signal on Lake Michigan Drive at Waterford Village Drive, which is the new public road that will lead into the complex.
That new traffic signal, he said, will help regulate the traffic flow in the area that he says some people otherwise speed through. Waterford Village Drive will also directly connect Lake Michigan Drive to a neighborhood north of the development off of Leonard Street.
As for the already-present flooding issues in the neighborhood west of the development, Cavenaugh said that’s not something his development can solve. However, he said, the new apartment complex will have its own storm system and won’t further add to the problem.
Cavenaugh said the property is in a great location, being about 4 miles away from downtown Grand Rapids and along Lake Michigan Drive nearby retailers and on the bus line.
Stoneleigh has other apartment complexes in Colorado, Ohio, Texas, Minnesota and Illinois. The Grand Rapids area, Cavenaugh said, shows a strong demand for apartment units.
BKV Group completes design work on 243-unit multifamily development in St. Paul
REjournal | March 9, 2022
BKV Group, a multidisciplinary design firm, has completed
design work on Waterford Bay, a four-story, 243-unit multifamily development at
380 Randolph Ave. in St. Paul, Minnesota.
The firm designed the riverfront community on behalf of
client Stoneleigh Companies, which developed it as one of the first opportunity
zone projects in St. Paul, with the goal of engaging the adjacent Mississippi
River through a mix of public and private spaces. The site includes public
access to the river with the addition of a kayak/small boat launch, an
extension to the regional bike/walking path trail system and a portion of land
dedicated to the city for park space along the riverfront.
The 295,000-square-foot property is a partial-wrap
residential concept with a parking structure at its center and dwelling units
surrounding it on three sides. Waterford Bay’s design evolved in response to
site constraints, with BKV Group utilizing a lower three-story facade along the
river that transitions to four stories along Randolph Street and the adjacent
Mississippi River inlet. The upper residential floors frame two second-level
courtyards that are separated by an amenity pavilion, creating an E-shaped
design that segments the pool from the green roof.
BKV Group leveraged its full-service model by providing
planning and pre-development services and leading all architecture; structural,
mechanical and electrical engineering; interior design; and landscape
In planning the structure’s design, BKV adapted its
northeastern facade to bend in a way that orients the front of the building
toward downtown St. Paul and the inlet bay. This form also helps draw residents
and visitors to the community’s primary entrance at the center of the bend.
The building itself consists of micro-units, studios,
one-bedroom and two-bedroom apartments, all offering high-end finishes
including 9-foot ceilings; hardwood-style flooring; and modern kitchens with
shaker-style cabinets, quartz countertops and stainless steel appliances.
Community amenities include an outdoor pool and landscaped
amenity deck with four-season porch, outdoor grilling stations and fire pit
lounges. Indoor amenities include an expansive fitness center and yoga studio,
resident lounge, business center, rooftop clubroom with demonstration kitchen,
secured bicycle and kayak storage, dog wash station and indoor parking garage
with electric car charging stations.
To ensure the project, which sits along the Mississippi
National River and Recreation Area, would support the ecological health of the
adjacent waterway, BKV Group worked closely with representatives from Friends
of the Mississippi River and the National Park Service during the entitlement
process. In addition, BKV’s landscape architects utilized the required fire
lane around the building as a pair of bike paths surrounding the property.
Stoneleigh Companies Announces the Sale of Waterford Trails, Lofts at Red Mountain, and Switchyard Apartments
BARRINGTON, IL – January 17, 2022 – Stoneleigh Companies, LLC in Barrington, IL announces the sale of three assets in 2021: Waterford Trails, Lofts at Red Mountain, and Switchyard Apartments.
Waterford Trails Apartments, a 340-unit community located in Spring, Texas, was developed and built by Stoneleigh Companies in 2016. Waterford Trails sold on May 14th, 2021, with 95% occupancy.
Lofts at Red Mountain, a 181-unit community located in Glenwood Springs, CO, was developed and built by Stoneleigh Companies in 2019. Lofts at Red Mountain sold on May 21st, 2021, with 99% occupancy.
Switchyard Apartments, a 234-unit community, was developed and built by Stoneleigh Companies in 2018. Switchyard sold on December 6th, 2021, with 97% occupancy.
Crain’s Chicago | Danny Ecker | September 28, 2021
Arlington owner confirms deal with Bears
The NFL team has a deal to buy the racetrack for $197 million. But Mayor Lightfoot says she’s still waiting to talk to the Bears to find out how to keep the team at Soldier Field. “I can’t negotiate by myself.”
The Chicago Bears have inked an agreement to pay more than $197 million for the Arlington International Racecourse property in Arlington Heights, according to the team and track owner Churchill Downs.
The parties this morning announced the agreement for the 326-acre property, boosting the prospect of the Bears ultimately building a new stadium in the northwest suburb and relocating there after their lease at Chicago-based Soldier Field expires in 2033—or perhaps sooner. Churchill Downs said its deal to sell the property is expected to close in late 2022 or early 2023.
Speaking Wednesday morning on 670-AM The Score, Mayor Lori Lightfoot discussed the need to improve the experience at Soldier Field and said she’s interested in negotiating with the Bears, but the team has yet to have substantive conversations with City Hall about what they want at the lakefront stadium.
“We have attempted to understand what their interests are for months, and they have not shared them,” she said. “We were supposed to meet yesterday and they canceled. We can’t operate in the dark. I don’t have a magic eight ball to divine what the Bears want. Obviously we have some sense of it. But you’ve got to put your cards on the table and figure out what’s possible or not possible.”
Lightfoot said she has had two conversations in the past six months with Chicago Bears Chairman George McCaskey, but that she’s still awaiting more specifics of what would make Soldier Field work for the team. “I can’t negotiate by myself.”
She added that she has assembled a small group “that is going to start looking at what we can be doing really from the Shedd (Aquarium) down to McCormick Place, to maximize the value of this incredible asset and really make the fan experience—whether they’re coming for a Bears game or they’re coming for a concert—something that is really enjoyable and can be there as a year-round revenue generator.”
The mayor also stressed that there’s only so much she can do to fix “long-standing issues” the team has with an agreement they cut with the city 20 years ago.
“All I can do is look at the present and the future, and I’m more than willing to do that,” she said. “But we’re going to do, as I said, what’s in the best interest of the taxpayers to maximize revenue.”
“You know the math on municipal stadiums and financing,” she continued. “And at a time when we’re going through a recovery from an epic economic meltdown as a result of COVID-19, we’ve got to be smart about how we are spending taxpayer dollars. And I intend to do just that.”
Lightfoot was also asked during the radio segment about the prospect of the creation of a sportsbook at Soldier Field. On Sept. 20, WBEZ reported the Bears organization and the Lightfoot administration were at loggerheads over rejected efforts to open a sports betting lounge at the stadium.
The mayor declined to comment on specifics of those discussions, but said she wants to ensure the advent of sportsbooks at local pro sports venues doesn’t undercut revenue at a potential casino in the city. “We want to make sure we maximize that opportunity.”
In a statement Wednesday morning, Bears President and CEO Ted Phillips said the team is “excited to have executed a purchase and sale agreement (PSA) for the Arlington Park property.”
“We are grateful to Churchill Downs Inc. for their efforts to reach this point. We also appreciate the support of Mayor Tom Hayes and the village of Arlington Heights,” Phillips said. “Finalizing the PSA was the critical next step in continuing our exploration of the property and its potential. Much work remains to be completed, including working closely with the village of Arlington Heights and surrounding communities, before we can close on this transaction. Our goal is to chart a path forward that allows our team to thrive on the field, Chicagoland to prosper from this endeavor, and the Bears organization to be ensured a strong future. We will never stop working toward delivering Bears fans the very best experience. We will continue to provide updates on our progress at the appropriate time.”
Churchill Downs CEO Bill Carstanjen added: “This has been an extraordinarily competitive bid process. Congratulations to the Chicago Bears for their professionalism and perseverance. It is clear they are committed to an exciting vision for their team and their fans. We wish them the greatest success and are excited for the opportunity this brings to the village of Arlington Heights and the future economic development of this unique property.”
Lightfoot tweeted a response to the news late Tuesday after it was first reported by online sports publication the Athletic:
My statement still stands on the Bears: my admin remains committed to continuing the work to keep the team in Chicago. As I have said numerous times, our door in City Hall remains open.
A spokesperson for the mayor’s office issued a statement on the news:
“We are not surprised by this move. We remain committed to continuing the work to keep the team in Chicago and have advised the Bears that we remain open to discussions. However, just as the Bears view this as a business decision so does the City,” the statement said. “This season, Soldier Field signed a major contract with the Chicago Fire and just last weekend Soldier Field hosted the Shamrock Series—both of which are lucrative for the Chicago Park District and local economy. These examples and others demonstrate that Soldier Field remains a very sought-after venue, and, as the mayor has said many times, overall, the city and Park District must explore all options to both enhance the visitor and fan experience at Soldier Field year-round and maximize revenues. Therefore, we must do what’s in the best economic interests of our taxpayers and maximize the financial benefits at the important asset that is Soldier Field. As for the Bears, the mayor has said numerous times, our door in City Hall remains open to engage the Bears.”
The Arlington deal is not the first time the Bears have expressed interest in a suburban alternative to its cramped—by NFL standards—digs within the city’s Museum Campus. Since the 1970s, the team has expressed interest in a variety of suburban properties from time to time, with 1995 being an especially active year for such scouting: That year, the Bears announced they had acquired an option to purchase land in Hoffman Estates and also said management had looked at locations in Aurora and Northwest Indiana.
A threat to move to Elk Grove Village in 1998 preceded a commitment from the city to remodel Soldier Field for $587 million in 2002.
Arlington International held its last horse race on Sept. 25 after track owner Churchill Downs announced in June that it was evaluating purchase offers for the property.
Post Independent | Ike Fredregill | September 14, 2021
Lofts phase 4, Big 5 Sporting goods coming soon to Glenwood Meadows
Glenwood Meadows could soon be home to a new sporting goods store and an additional housing development.
Big 5 Sporting Goods could move into the storefront west of Target, according to a building permit application submitted on behalf of the company in April. While the retail company could not be reached for comment, Big 5 has advertised a number of job openings at the new store in the Post Independent. No information is currently available about when the location might open, but an Oregon-based contractor, Endres Northwest Inc., could make a number of changes to the proposed 9,700-square-foot store location, city documents state.
The proposed work is valued at about $285,000.
South of Big 5’s new location, the Lofts at Red Mountain developer, Stoneleigh Companies LLC, received approval from the Glenwood Springs City Council on Sept. 2 to begin construction on the fourth phase of the housing development. Phase one of The Lofts broke ground in 2017.
The newest addition to the housing complex is slated to be an approximately 9,500-square-foot, four story apartment complex, featuring 36 units and an underground parking garage, city documents state.
The phase four site plan included multiple private spaces for future residents, included a pool, spa, fitness area and club room, city documents state.
Dallas Morning News | Steve Brown | August 13, 2021
Condomania: North Texas’ condo market is even hotter than single-family sales
If you think the Dallas-Fort Worth housing market is hot, take a look at the condo market.
Sales of condominiums and townhouses are up by almost 50% in North Texas this year.
And while the single-family home sales market may have peaked — with year-over-year sales down for the last two months — condo sales are headed even higher.
Nicholas Cirigliano, who recently moved here from New York for his job, just bought a condo in Dallas’ Uptown district.
He’s one of the first buyers in the One Uptown residential tower on McKinney Avenue, a three-year-old luxury high-rise that’s converting from rentals to ownership.
“I rented for a year in Victory Park,” says Cirigliano, who works for a global tech firm. “I thought about a single-family home.
“But I’m 25 and want to be in the center of everything,” he said. “This more suited my lifestyle.”
Cirigliano said location was his prime consideration in picking the one-bedroom condo.
“Coming from New York, you are able to walk everywhere from this building,” he said. “That was the number one factor.”
The 20-story One Uptown tower at McKinney and Routh Street includes 196 luxury rental units and 18,000 square feet of lower-floor restaurant and retail space.
It’s the first Dallas luxury rental community to be converted to ownership in many years.
“There are opportunities for buyers in the condo market,” said Al Coker of Al Coker & Associates, which is marketing the condos to buyers. “Looking at the cost of all the new high-rise construction, the new condos start at $1 million and up.”
Coker said a 590-square-foot studio unit in the One Uptown building is priced around $260,000.
“Last week we sold 10 units, and we have so far had about 32 total sales,” he said. “A lot of people who have been living in Uptown and paying $3-a-foot in rent can afford to buy something.”
So far the high-rise has attracted a variety of buyers, from first-timers to more mature buyers looking to downsize.
“We’ve had a few empty nesters,” Coker said. “We have a couple of people who live out in the country and want a second home.
“I see a lot of New York license plates lately, and they are condo dwellers,” he said. “They are not ready to move out into the suburbs and buy a house.”
Condos and townhouses can be a bargain compared with single-family homes.
So far this year in North Texas, the median price of condos and townhouses sold by real estate agents has been $287,500 — almost $40,000 less than a median-priced single-family home.
And there are smaller Dallas-area condos listed for sale at less than $150,000.
“Because the price is lower, it makes buying easier if you are entry level,” said Dr. James Gaines, economist with the Texas Real Estate Research Center. “Condos are generally in the urban settings, so a young millennial might want to live there.
“There is an ability to have a better home than living in an apartment.”
And he said some baby boomers might find the lock-it-and-leave-it lifestyle attractive when they travel.
“They are tired of mowing the yard and are buying both townhomes and condos,” Gaines said. “It’s really a bifurcated market with both very affordable and very expensive condos.
“The low-end market is extremely attractive for that entry-level buyer.”
DMagazine | July 6, 2021
One Uptown: Your Condo Is Ready For Purchase
The tight real estate market in Dallas has hit every price point and neighborhood, including the already competitive Uptown market. A boom in activity and a lack of inventory continue to compete, and buyers in search of the perfect place to call home are growing wary as their options become more limited. When the owners of One Uptown made the decision to transition this iconic upscale building from rented units to for-purchase luxury condos, Dallas could almost hear a collective sigh of relief from buyers in search of owning a piece of Uptown’s trademark lock-and-leave, amenity-filled lifestyle.
“Real estate professionals are craving inventory for their buyers, whether they are local or relocating from out of state,” says Fernando Gonzalez, vice president of Al Coker and Associates. “Recently, we have been looking at a three-month supply of inventory, which puts Dallas at a dangerously low level from a real estate perspective. With One Uptown, we have added 196 for-purchase luxury condos to the market, which has been a relief for both real estate professionals and discerning buyers.”
Perhaps one of One Uptown’s best amenities is that its luxury condos are available for purchase today. “This is an existing property and is ready to go,” Gonzalez says. “One Uptown was built over three years ago and is still new and fresh. Unlike many projects in the area, buyers don’t have to hold on for two years during construction. The fact that this is an immediate buy is exciting.”
One Uptown, located at the corner of McKinney Avenue and Routh Street, is in the heart of it all and unarguably one of Dallas’ premier living experiences. It has been custom-designed to embody the vivacious spirit of the Uptown neighborhood. This first-class residence includes 20 stories of artfully inspired modern architecture, elegantly distinguished by its curved facade. Homeowners love the floor-to-ceiling glass windows that reflect the ever-changing palette created by the dramatic Texas sky—a one-of-a-kind piece of art for their homes every day. “This is an unparalleled location that can’t be reproduced,” Gonzalez says. “The world is your oyster; Uptown is your living room.”
One Uptown is the creation of visionary developers, award-winning designers, and renowned Dallas architect Phillip Shepperd. With one common vision, they carefully crafted a stunning, one-of-a-kind Uptown icon that fully complements the lux lifestyles of its residents. One Uptown holds the highest walkability score in the city–destination dining, Whole Foods, shopping, and entertainment are all steps away.
“The world is your oyster; Uptown is your living room.”
One Uptown’s price points have been attractive to a range of buyers, a welcome perk in this tough market. “A smaller one-bedroom starts at $269,000 and condos increase in size and price to a $2.5 million penthouse,” Gonzalez says. “The price cannot be matched, with land and construction costs at 20 to 25 percent higher now in this area. The location, price point, and low-interest rates have created a desirable perfect storm. It’s a great time to buy, especially for first-time buyers looking to get established and put their money to work in a real estate investment.”
Yes, you’ll own your home in One Uptown, but it won’t come with the hassles that are often connected to homeownership. Imagine an extended vacation at an upscale boutique resort. One Uptown is the home you’ll never want to leave, offering unlimited access to elite amenities, world-class service, and all the vibrant Uptown scene has to offer. Among the amenities homeowners enjoy:
-Unparalleled location for walkability and convenience. Employment centers, shopping, recreation, and entertainment are all nearby.
-Two fine dining restaurants located on-site, Bisou and Fogo de Chao
-Rooftop pool, SkyLounge with billiard table, HD TVs, and catering kitchen for exclusive resident use and entertaining. Outdoor grilling stations, cabanas, and firepit with panoramic views.
-Second-floor amenity deck with glass-bottomed pool, cabanas, and gazabo
-Coffee bar and Internet café
-Fitness center with Peloton bikes, Technogym equipment, towel service, water bar, and cool-down lounge
-Private pet park with mister fans, speakers, and pet grooming/bathing station
-Two fully furnished overnight guest suites
-Professional on-site management with 24-hour concierge/door presence and overnight courtesy officer
-Electric car stations and assigned, well-lit underground parking
-Hospitality grade keyless entry systems
Then there are the homes themselves. Buyers will enjoy being surrounded by modern architectural excellence designed by Phillip Shepard, who also designed The Crescent. Quartz kitchen countertops and bathroom vanities, Merillat soft-close cabinetry, GE stainless steel luxury appliances, full-size GE washers and dryers, engineered hardwood floors, walk-in showers, soaring ceilings, LED lighting, walk-in closets with shelving systems, and private balconies are standard in most homes.
“If we were to build this building today, it would cost at least 30 percent more,” Gonzalez says. “This is why it is such a rare opportunity. The prices (of homes) will continue to climb in Dallas, especially in Uptown, as we become a more populous metropolitan area. A beautiful building, a desirable location on McKinney Avenue with downtown and the Arts District nearby, and great price point make this is a truly unique property.”
For more information on One Uptown, visit www.oneuptown.com.
News 5 Cleveland | Kevin Barry | January 16, 2021
Luxury apartments being built at the foot of Hope Memorial Bridge
CLEVELAND — 241 new apartments are being build right now at 2020 Lorain Avenue on a previously empty plot of land at the foot of the Hope Memorial Bridge, heading into Ohio City from Downtown Cleveland. The project is called Waterford Bluffs Apartments.
Construction started in December and residents are expected to start moving in towards the end of 2022, according to a press release from the Chicago-based developer Stoneleigh Companies.
The location used to be the site of the Bridgeview Cafe, a small car dealership, and a few small homes, according to Google Maps images from 2009.
The 3.4 acres those buildings sat on have been cleared to make way for the new project to sit on a 75 foot high bluff facing Scranton Peninsula and Downtown Cleveland.
In a nod to modern conveniences, the project’s website boasts electric/hybrid car charging stations, Zoom rooms, and USB outlets in kitchens and bedrooms.
BizJournals | Mary Vanac | January 14, 2021
Developer breaks ground on luxury apartments in Cleveland’s Duck Island enclave
Stoneleigh Cos., the Chicago-area developer, has broken
ground for Waterford Bluffs, a luxury apartment building in the Duck Island
enclave of Cleveland’s Tremont neighborhood southwest of downtown.
The 241-apartment building at 2020 Lorain Ave., which will
overlook Irishtown Bend in the Cuyahoga River, is expected to open in late
Its Class A apartments will be a mix of micro, studio,
one-bedroom and two-bedroom units ranging in size from 445 square feet to 1,055
square feet, Stoneleigh said in a statement.
Premium finishes for the apartments will include 9-foot
ceilings; open kitchens with Italian cabinets, quartz countertops and
stainless-steel appliances; hardwood-inspired floors; walk-in showers in
oversized bathrooms; oversized windows with roller shades; and in-unit washers
Chicago-area developer Stoneleigh Cos. has broken ground for
Waterford Bluffs luxury apartment building at 2020 Lorain Avenue at W. 20th
Waterford Bluffs sits on a 75-foot high bluff and will offer
more than 10,000 square feet of amenities including a fitness studio, resident
club room, indoor dog wash, Zoom rooms, heated parking garage and bike storage
and repair shop.
Outside, the development will host a heated pool with
cabanas, barbecue grills and a bocce ball court, a dog run and a sixth floor
amenity room, Stoneleigh said.
Apartment balconies offer views of Cleveland and the West
Side Market on East 25th Street.
Waterford Residential, the property management affiliate of
Stoneleigh, manages other Waterford apartment properties in Colorado, Illinois,
Minnesota and Texas, according to the affiliate’s website.
Vocon is the architect and Marous Brothers Construction is
the general contractor for the Waterford Bluffs project, the company said.
Engineers on the project are Polaris Engineering &
Surveying Inc., Thorson Baker + Associates and Denk Associates. Project
financing is being negotiated with KeyBank.
Like other Waterford apartment buildings, Waterford Bluffs
is located in a state Opportunity Zone, which provides a 10% tax credit on
investors in projects in economically distressed areas.
Stoneleigh said it is coordinating its Opportunity Zone work with Cleveland and Ohio Means Jobs.
Cleveland.com | Eric Heisig | January 13, 2021
Construction begins on five-story, 241-unit apartment building near Cleveland’s West Side Market
CLEVELAND, Ohio — Construction is underway for a $65 million apartment building near the West Side Market that will add 241 apartments to the city of Cleveland.
Workers with Marous Brothers Construction broke ground last month for Waterford Bluffs, a building that will sit on a 75-foot high bluff at the western end of the Hope Memorial Bridge at Lorain Avenue and West 20th Street in the Duck Island area of Cleveland, according to a news release sent Wednesday by Stoneleigh Cos. The suburban Chicago-based developer aims to finish the building by late next year.
The apartments will range from 445 to 1,055 square-foot units, going from micro apartments to two-bedroom spaces. The release boasts that the building will have numerous amenities as well as the views residents will have of the West Side Market and the city as a whole.
Those amenities include an outdoor dog run, “Zoom rooms” for video conferencing and a street-level storage and repair facility for bicycles. The project’s location capitalizes on the future Lorain Avenue Cycle Track, a two-way bike path separated from traffic, and it is close to the Towpath Trail and the Cleveland Foundation Centennial Lake Link Trail.
Stoneleigh bought the parcel, which is more than three acres large, from Brickhaus Integrity Ohio City LLC in March for $7.6 million. Cleveland architecture firm Vocon designed the building.
Cleveland City Council in October passed legislation approving a 30-year tax-increment-financing deal for the building. The project qualifies for a 15-year tax abatement on revenues. The special tax designation will kick in after the abatement expires, though it does not affect taxes that go toward Cleveland schools.
MLive | Brian McVicar | December 2, 2020
Developer seeks to transform West Michigan golf course into large-scale housing, office complex
GRAND RAPIDS, MI — An Illinois-based real estate investment
firm has resubmitted plans to transform the Lincoln Country Club property in
Walker into a large-scale housing development, complete with apartments,
single-family homes and office buildings.
Stoneleigh Companies has an agreement in place to purchase
the 100-acre golf course, banquet hall and bowling alley at 3485 Lake Michigan
Drive NW if the city of Walker signs off on the firm’s request to rezone the
property for residential and commercial use, said Stoneleigh President Rick
The company owns and manages multifamily housing communities
in Colorado, Illinois, Minnesota, Ohio and Texas.
The firm’s plans call for the construction of a series of
one-story buildings, housing 204 high-end apartments and 68 lots available for
single-family homes. In addition, plans call for preserving 10 acres of the
property along Lake Michigan Drive for commercial office space.
“We’re going to provide quality housing to a market that’s
growing,” said Cavenaugh, whose company is based outside of Chicago in
Barrington, Illinois. “You always need new product in housing. Not everybody
wants to buy a 1970s house or live in a 1982 apartment building, and as Grand
Rapids continues to grow and do well, it needs to have additional housing.”
Monthly rental rates for the apartments, each of which is
expected to have an attached two-car garage, would range from an average of
$1,500 to $2,200, Cavenaugh said.
His firm would sell the 68 lots for single-family homes to
home builders, and would not be involved with the properties moving forward.
The same would be true for the portion of the property slated for commercial
real estate, which would be sold to companies that wish to build offices there,
The Walker Planning Commission has scheduled a public
hearing on Stoneleigh’s rezoning request for Jan. 27.
The county club property is one of the last remaining large,
open spaces in that portion of Walker. The potential redevelopment of the
property, which would include the demolition of the club’s bowling alley and
banquet hall, would represent a significant change for the neighborhood. The
idea of such a major change has created concern among some residents, said
assistant city manager Frank Wash.
“Anytime that you have established neighborhoods around a
big open space — people like that,” he said. “Simply stated, they like having
that living environment. So, if that open space is going to change, that’s
quite a shock to the system.”
Lincoln County Club is owned by New York-based AMF Bowling
Centers, according to Stoneleigh’s development application filed with the city
of Walker. A representative from AMF Bowling Centers could not be reached to
discuss the project or its decision to sell Lincoln County Club.
Cavenaugh declined to say for how much his firm plans to
purchase the property. A document advertising the property, from the real
estate firm CBRE Grand Rapids, listed the asking price as $5.1 million.
Stoneleigh’s new plans mark the second time the firm has
submitted documents to redevelop the property with the city of Walker.
The firm submitted plans to the city earlier this year,
prior to the coronavirus pandemic. But it was forced to pull those plans back
because its contract to purchase the property from AMF Bowling Centers, the
country club’s owner, was not finalized, Cavenaugh said.
“We had thought that the contract would be signed prior to
that point,” he said. “It wasn’t, and we probably got a little bit ahead of
ourselves in submitting it and getting the feedback. So, we had to pull the
site plan that we had submitted.”
The pandemic delayed his firm from resubmitting plans until
September, Cavenaugh said. Following the resubmittal, a meeting with
neighborhood residents was held online, during which participants provided
feedback on the plan.
Cavenaugh said he has tried to make the development
palatable to residents who are concerned about noise, traffic and other changes
to the area. He said the city’s master plan calls for residential density that
would allow up to 462 housing units, and that his proposal includes 227 housing
Designs have also been altered to provide more green space
between the apartment buildings and neighborhood properties.
In addition, revised plans also include an option to remove
a road connecting the development to Maplerow Avenue NW. The street runs
through a residential community, and neighbors were worried about additional
traffic, said Wash, the assistant city manager.
“I don’t think it’s a bad plan,” he said. “It’s certainly at
least from a preliminary standpoint consistent with the new master plan. But
the devil’s going to be in the details.”
Wash said the planning commission, when examining the
rezoning request, will look at features such as the amount of space between the
development and neighboring homes, open space preservation and natural feature
Cavenaugh said building the apartments would cost an
estimated $35 million. If the project receives the necessary approvals in a
timely fashion, he said construction on the apartments could be completed by
fall 2022 or spring 2023.
MiBiz | Kate Carlson | November 30, 2020
Developer submits new plans to repurpose Walker golf course into mixed use housing
WALKER — After withdrawing its planning application earlier this year to address residents’ concerns, a developer is again pursuing plans for a large scale mixed use housing project at Lincoln Country Club in Walker.
The preliminary site plan calls for 462 housing units — including 33 multi-family townhomes and single-family housing — as well as retail and office space at the golf course, located at 3485 Lake Michigan Drive NW.
Illinois-based Stoneleigh Companies LLC is the developer for the Waterford Village project, and is requesting preliminary site plan approval from the Walker Planning Commission. The 105-acre property is owned by AMF Bowling Centers Inc.
Nearby residents voiced concerns when the original site plan was submitted to the city in early 2020, according to Planning Commission meeting minutes and media reports. The new plan addresses some of residents’ concerns about high density and traffic by removing the assisted living component and spreading multi-family units over a broader section of the property, according to a planning memo from Drew Walker, an associate at Kimley-Horn and Associates Inc., a planning and design engineering firm.
Other changes to the site plan include a more continuous sidewalk and trail system throughout the development, a larger buffer area along the western edge of the multi-family portion of the project, and integrating protected wetlands and natural areas.
New public rights-of-way would also be created, including new roadway infrastructure and new water, storm and sanitary sewer systems.
“We hope that you recognize this plan as moving us in a positive direction while also providing an opportunity for your staff and your residents to provide feedback,” Walker said in the planning memo. “Our goal is to work toward a viable redevelopment of the Lincoln Country Club.”
A public hearing for the proposed development is scheduled in January. If the project gains necessary approvals, construction would likely be phased. The multi-family aspect would be constructed first, followed by the single-family homes based on local market demand.
Crain’s Cleveland | Stan Bullard | November 8, 2020
Pandemic, recession aren’t deterring Northeast Ohio apartment developers
The boom in Cleveland-area apartment developments continues
to be undeterred by the pandemic, the resulting recession and the previous
introduction of new suites into the market.
Construction crews in the next few weeks will start work on
at least five additional projects, based on multimillion-dollar lender
commitments made since the COVID-19 crisis struck in March.
Moreover, they extend the reach of the project pipeline
beyond those already under construction, such as the mid-rise Intro apartment
building by Harbor Bay Real Estate Advisors of Chicago, which has a
construction crane towering above the nearby West Side Market in Ohio City.
Moving ahead as most hotel, office and retail projects hit
the pause button has even created a boon for multifamily developers: sweeter
bids by building contractors who are starting to worry about the supply of
Jonathan Holtzman, CEO of the Detroit-based City Club
Apartments chain, said that’s the word he’s getting from general contractors as
his company completes a round of bidding for 300 suites in a planned 22-story
tower on lower Euclid Avenue.
“The amount of interest is substantially more than six
months or a year ago,” Holtzman said. “Prior to the pandemic,
everyone was busy. This is a substantial project that can carry the successful
bidders through the next two years. I can tell you the amount of bidders is
much larger than what we have seen for about the last 10 years.”
Rick Cavenaugh, president of Chicago-based Stoneleigh
Development Co., said he’s getting bids from subcontractors, such as wall
framers, who were so busy that they were not pursuing jobs a few months ago.
“We’re seeing seven or so subcontractors for components
that we expected to get bids on from two or three,” Cavenaugh said.
He wouldn’t estimate projected savings on the company’s
241-suite Waterford Bluffs project. Building permits are in hand to start construction
within weeks at the site on the northwest corner of the Hope Memorial Bridge in
However, there are hiccups.
City Club Apartments in Cleveland had a stated start date of
November, but Holtzman acknowledges it now is likely to launch in January due
to delays posed by the pandemic.
“I think everyone working from home slows things
down,” Holtzman said. “The time of year slows things down. The
recession slows things down. We also see that as the opportunity. You want to
build in a recession and deliver the apartments when the economy improves or
after the vaccine arrives.”
Holtzman said his family began developing real estate more
than a century ago, and that long-term perspective tempers his outlook.
“When there are events that we don’t control, such as
recessions or a pandemic, it might affect the timing but not our plans,”
Holtzman said. “We selected this site because we believe the direction in
downtown Cleveland is very positive.”
For Waterford Bluffs, Stoneleigh recently filed documents
for a $15 million construction loan with Sungate Capital of Chicago, but
Cavenaugh said he will not draw on it for some time. That’s because the project
has substantial equity, 85%, compared with the typical 35%, because it is a
federal Opportunity Zone project that allows investors to shelter capital gains
from U.S. taxes.
Meantime, MyPlace Group of Cleveland closed on a total of
$30 million in loans last month for two projects, one at West 44th Street and
Lorain Avenue, the other at 4815 Franklin Blvd. Both are in Ohio City with 77
and 24 units, respectively.
“We did not experience any issues (with
financing),” MyPlace president Chad Kertesz said. “To be honest, my
projects and my partnership are strong. We expect to be in full go within
Across town in Little Italy, an affiliate of M. Panzica
Development of Cleveland has construction crews pouring concrete and will soon
go vertical on a $17 million project with 44 suites adjacent to the famed
former Baricelli Inn.
The only change due to the pandemic, said Michael Panzica,
M. Panzica’s principal, is that the scope of the Cornell Road project will
increase because he now plans to add suites in the landmark inn following the
closing of the restaurant there that had replaced Baricelli.
“We still believe Cleveland has pent-up demand for
apartments,” Panzica said. “The low interest rate environment also
gives us confidence to move forward, especially for when we will be able to
lock in long-term loans.”
He’s also encouraged because a related development project
that he leads, the new Church + State apartments on lower Detroit Avenue in
Ohio City, is 40% leased so far, slightly below the 50% leased rate projected
for this time. He is continuing to pursue the purchase of a Cuyahoga
County-owned site next to Veterans Memorial Bridge for another project, and
both he and Kertesz say they and others continue to seek multifamily project
All the developers of next-wave projects pooh-pooh the
impact of downtown’s 16% vacancy rate. They are confident that projects
including Lumen, the May and others should be leased up by the time newer
projects open in 2021 or 2022.
Crain’s Cleveland | Michelle Jarboe | July 17, 2020
Developers forge ahead on apartment plans on Cleveland’s near West Side
Developers are pushing forward on plans for two noteworthy
apartment projects on Cleveland’s near West Side, despite the pandemic and a
recession that has left other real estate deals on rocky footing.
On Friday, July 17, the Cleveland City Planning Commission
gave an initial thumbs-up to Waterford Bluffs, a five-story apartment building
slated for vacant land at West 20th Street and Lorain Avenue, near the western
end of the Hope Memorial Bridge. And on Thursday, July 16, a city design review
committee got its first glimpse of the Viaduct, a 27-story tower that could
rise on the west bank of the Flats.
Developer Stoneleigh Cos. hopes to break ground in September
for Waterford Bluffs, a 241-unit building at the confluence of the Ohio City,
Tremont and Duck Island neighborhoods. The project, with a roughly $60 million
price tag, could be complete in mid-2022.
Plans drawn up by Cleveland-based architecture firm Vocon
show that 99% of the units will be studios and one-bedroom apartments, with an
average size of 583 square feet.
During a phone conversation, Stoneleigh president Rick
Cavenaugh said the small footprints will allow for lower monthly rents. At a
projected average rate of $2.40 per square foot, a midsize apartment might rent
for about $1,400 a month.
“We certainly don’t want to get to $4,000 rents,”
he said, adding that the Illinois-based company expects to attract tenants who
want to live within walking distance of the West Side Market, a Greater
Cleveland Regional Transit Authority Rapid station and downtown.
Friday’s planning approval followed a Thursday vote from a
design review committee that vets projects in downtown Cleveland and close-lying
areas. That committee also gave Waterford Bluffs a nod, though members asked
Stoneleigh and Vocon to keep studying landscaping, materials and site-access
Stoneleigh purchased the 4-acre site, which had been
assembled and cleared by local developers, in late March for $7.6 million,
according to public records.
“This site is a long time coming,” Freddy Collier,
the city’s planning director, said during Friday’s meeting. “I was very
pleased with the fact that this was a mid-rise structure rather than a tower,
that was originally proposed for this particular site.”
Crain’s Cleveland | Stan Bullard | April 19, 2020
Chicago developer Stoneleigh buys site in Ohio City, plans apartment project
Stoneleigh Cos., a Chicago-based apartment and office
builder, is preparing plans for a $60 million, 241-suite project at the west
edge of Hope Memorial Bridge between Ohio City and downtown.
Rick Cavenaugh, senior principal and Stoneleigh founder,
said it’s the kind of site his company seeks because it’s central to people
going to or from downtown, but also near restaurants and amenities where people
like to live.
“It’s not an internal site in the neighborhood that’s
near where people want to go; it’s on the way to where people are going,”
Cavenaugh said. “It will have views of downtown Cleveland and be within
walking distance from the West Side Market and West 25th Street.”
Stoneleigh on March 30 shelled out $7.6 million for the
four-acre parcel to Brickhaus Integrity Ohio LLC, according to Cuyahoga County
online property records.
The seller in 2013 had proposed One West Twenty, a much
larger apartment complex of 500 suites that later was revised to a 300-suite
first phase and a 200- suite later phase. But nothing went forward. Brickhaus
Integrity parted with the larger of two parcels at the site, but kept a
two-acre portion for its future use.
An unseen factor also sold Stoneleigh on the location: It’s
part of a federally designated Opportunity Zone. The zones are designed to aid
growth of companies or projects in designated economically distressed areas by
allowing investors in them to shelter capital gains from other investments.
“We were interested in the project initially because it
is in an Opportunity Zone,” Cavenaugh said. “A number of the family
offices that we typically work with had interest in participating in the
program. We’re finishing up one in St. Paul, (Minn.), on one of the last sites
overlooking the Mississippi River. We are not merchant builders. We see our
projects as 10-year holds. They have to be for the Opportunity Zone
Cavenaugh is having designers from the Cleveland-based Vocon
architecture firm fine-tune drawings for a structure with two floors of parking
and four floors of apartments. It will look like a five-story building on its
The company is using Vocon because the firm’s designers
already were familiar with the site’s challenges, a location atop the bluff on
the south side of Columbus Road.
“We’re working feverishly to design a really slick
building,” Cavenaugh said — one that responds to current architectural
philosophies and trends in the apartment business to build for efficient
operations and not just “construct space.”
Cavenaugh declined to release a copy of the proposed design
because the company has not shared its most current version with the Duck
Island neighborhood block club. It hopes to do so next month.
Brickhaus Integrity Ohio City was formed by developers
Andrew Brickman, who has built multiple for-sale townhouses from Beachwood to
Rocky River, and attorney Dan Siegel, who owns a substantial apartment
Siegel said in a phone interview, “I believe in the
site and the downtown market, but I no longer liked the risk. Construction
costs have gone up, and a lot of projects are adding apartments in Ohio City
and downtown. It would not produce the kind of yields we normally seek.”
The business partners are finishing the conversion of Mt.
Zion Church in Tremont to apartments and are looking at constructing for-sale
condominiums or townhouses on the remaining One West Twenty site.
Brickman, who originally launched One West Twenty alone,
added, “That’s a nearly untapped (for-sale) market there.”
Cleveland city councilman Kerry McCormack, whose Ward 3
includes downtown and Ohio City, said the new project does not have the
economic impact promised by the former one.
“But having a dynamic project there will add to the
market,” McCormack said. “It’s a site that’s hot even though Opportunity
Zones are not.”
Nationally, the Opportunity Zone program has been criticized
for aiding real estate projects in areas with strong development potential
rather than improving conditions for low-income residents.
In Cavenaugh’s view, the problem with Opportunity Zones
stems from a flaw in the concept.
“The intent is excellent,” he said. “It’s
just that Opportunity Zones are in the wrong place. All the money in the world
will not fix the wrong neighborhood for a real estate deal.”
Cavenaugh said Stoneleigh also wouldn’t have considered a
Cleveland project without the city’s 15-year property tax abatement program for
new residential structures. He said rents have climbed here, but not by enough
to cover high construction costs similar to those in cities with higher rent
Funding for the project is nearly in place thanks to the
Opportunity Zone’s equity investment requirements and a likely loan commitment
from KeyBank, a lender to the company’s projects in other areas.
Stoneleigh, which was launched in 2008, owns 1,452 units.
It’s building two projects now and pursuing three projects in Texas, in
addition to the one in Cleveland. A sister company, Waterford Residential,
operates six multifamily communities.
Cavenaugh said he is not intimidated by the more than 1,000
units under construction in and near downtown, nor the quick onset of economic
woes from the COVID-19 pandemic.
“Design and location matter, and I’d rather be starting
to build going into a difficult economic environment than finishing at the tail
end of a good one,” he said. “The last four weeks have upset the
world’s apple cart. There will suddenly be fewer construction projects in the
Fabulous Frisco apartments boast bonus of a new coworking space
CultureMap | January 15, 2020
Frisco has been booming lately, making it no surprise that people are clamoring to live and work in Dallas’ neighbor to the north. At Waterford Market, they can do both.
The stylish apartment community not only offer spacious floorplans and awesome amenities, but also a coworking space on the first floor called 25N Coworking. Add in its incredibly central location to all that Frisco has to offer, and you’ve got an ideal combination of live, work, and play.
Here’s a look at what you’ll find at Waterford Market:
Room for everyone
There are apartment homes designed to suit every type of tenant, from studios to one-, two-, and three-bedroom layouts. The professionally designed interiors have all the luxe perks, from hardwood-inspired vinyl floors to in-unit washers and dryers to USB outlets to Salto’s Keyless Fob Access System for extra convenience. The high-end kitchens come complete with Whirlpool stainless steel appliances, quartz countertops, undermount stainless steel sinks, and built-in wine racks, while custom elfa closets in the bedrooms make getting ready in the morning a breeze. Oh, and Waterford Market is pet-friendly, too.
More than 30,000 square feet of amenities
Imagine working out in a state-of-the-art fitness studio outfitted with Peloton bikes, that has rolling overhead doors that open to the resort-style pool and courtyard. Or lounging by the fire pit while cooking on the barbecue grills and watching TV, or playing billiards, shuffleboard, and Golden Tee in the game room. How about taking advantage of the on-demand dry cleaning service, WiFi cafes with java bar, tech lounge with private work pods, self-service dog wash, bike storage and repair area, valet trash service, package lockers, and electric-hybrid car charging stations? Waterford Market has all this and more.
All about the location
As Frisco keeps growing, so do its options for shopping, dining, and entertainment. Just steps from your front door are Frisco Fresh Market for groceries; Toyota Stadium, home of FC Dallas; and Frisco Square, where you’ll find Frisco Heritage Village and Museum, the Sci-Tech Discovery Center, and Frisco Library in addition to plenty of boutiques and restaurants, all in a pedestrian-friendly layout.
Get down to (co)work
25N offers professionally designed shared workspace, private offices, and meeting rooms, with flexible pricing discounts (up to 50 percent) for Waterford Market residents. You don’t have to be a resident of Waterford Market to join 25N, but who wouldn’t want to be just a short jaunt from work? 25N member resources include programming and networking events, communication platforms, and business development support, along with event space, a community cafe, private phone booths, and complimentary coffee and tea.
Ready to take a tour? Visit the Waterford Market website or call 469-789-2136 to make an appointment.
Housing makes a splash in ’19
Finance & Commerce | William Morris | January 2, 2020
Some multifamily housing projects are part of a larger mixed-use development that will define neighborhoods or entire communities for decades to come. Some take advantage of challenging properties and their surrounding environment, natural and manmade, in creative and intriguing ways. Some are just really, really big.
The decade closed out with another busy year for Twin Cities apartment (and occasionally condominium) developers. The following 10 projects, each for its own reasons, are among the most interesting or significant developments we learned about in 2019. Some remain on the drawing board, while others are well into entitlements or have even begun construction. Each has the potential to reshape the housing market and future direction of its corner of the metro.
Name: Waterford Bay
Developer: Stoneleigh Cos.
Address: 380 Randolph Ave., St. Paul
Unit count: 242
Cost: $60 million
Description: Waterford Bay is the first Minnesota project for Chicago-based Stoneleigh Cos., and the company picked a challenging site: the former Island Station power plant on north bank of the Mississippi River. Plans call for 242 mostly studio and one-bedroom apartments as well as trail connections and even a possible kayak landing to take advantage of the riverfront. Construction began in November, with Golden Valley-based Benson-Orth as contractor, and Stoneleigh hopes to have foundation work done by March and finish construction in late 2021.
Berkadia Arranges $46.5M Sale of Waterford Landings Apartment Complex in Clarksville, Tennessee
REBusiness Online | John Nelson | November 19, 2019
CLARKSVILLE, TENN. — Berkadia has brokered the sale of Waterford Landings, a 364-unit multifamily property in Clarksville, approximately 50 miles northwest of Nashville. Texas-based apartment management company WAK Management Co. purchased the asset for $46.5 million. Berkadia represented the Illinois-based developer and seller, Stoneleigh Cos., in the deal. Located at 135 Westfield Court, the property features studio, one-, two- and three-bedroom floor plans. Amenities include two swimming pools, laundry facilities and a barbecue area. The property is near Interstate 24 and Route 79, as well as the recently opened LG plant and Google data center. Patrick Jordan of Berkadia’s Memphis office, along with Alex Blagojevich of the firm’s Chicago office, completed the sale.
Smaller Apartments Are Doing Big Things For Developers
Bisnow | September 4, 2019
In cities across the U.S., multifamily developers are finding that building less is doing more.
As rents have increased and urbanization has intensified, developers have responded with smaller apartments, and new analysis shows those efforts are paying dividends.
After lagging behind bigger units earlier this decade, the vacancy rates for the smallest 25% of one-bedroom units have dipped below those for medium and larger units, according to CoStar. This is a reversal from earlier in the decade, when the largest 25% of units posted the lowest vacancy rates and the smallest 25% saw rates above 7%, CoStar consultant Robin Trantham told Bisnow. The average unit completed last year measured 941 SF, according to RENTCafé. That is 5% less than the average of 10 years prior.
“Smaller units have been gathering an outsized share of demand, especially in urban submarkets in major metros, which is simply due to the fact that rents are far above where they were at pre-recession highs, and these major metros have become really expensive,” Trantham said. “Renters choosing to live in the city have had to sacrifice square footage in order to do so.”
Exactly how the size of floor plates has correlated with the level of occupancy is a topic less explored. As a result, CoStar looked at how various sizes have performed and released its findings in August.
“I decided to take it a step further and look at vacancy rate by size to get an idea at least partially as to why developers are building smaller units today,” Trantham said.
Building smaller units is a clear extension of the myriad reasons renters are wanting to live in them. Urbanization has pushed rents up, and developers and residents alike have found smaller units satisfy each of their respective needs, Panoramic Interests owner Patrick Kennedy said. Based in the expensive San Francisco Bay Area, Panoramic specializes in small studios, one-bedrooms and two-bedrooms. Its average two-bedroom is about 440 SF, or “smaller than a lot of studios,” as Kennedy put it.
“Any place that has high rental costs can always benefit from the construction of smaller units because of the lower rents,” he said.
For that reason, the performance of smaller floor plates in what CoStar defines as core markets — Boston, New York, Chicago, LA, S.F., Washington, D.C., and Seattle — is where the trend is most pronounced. That has buoyed Panoramic, which just received approval for Oakland’s largest multifamily project ever, located in West Oakland, just a BART stop away from downtown San Francisco.
The vacancy rate of the smallest quartile of one-bedroom apartments in those eight core markets has nearly dipped to below 3%, compared to above 3.5% for the largest quarter of one-bedrooms, according to CoStar.
The trend has also spawned the sudden rise of niche multifamily property types. In Seattle, for instance, an influx of micro-units has aligned with the city besting New York City in having the smallest average apartment size (711 SF), according to RENTCafé. To live and work in Seattle, residents are sacrificing square footage for cost, and doing so fairly happily, Spectrum Development Solutions principal Jake McKinstry said.
“We’ve seen a shift not just in Seattle, but regionally, of people from baby boomers to millennials looking for value in the marketplace where they can live in an apartment that’s reasonably sized,” he said. “Really they use the front door of their apartment as their amenity.”
Spectrum itself has capitalized on the movement to smaller apartments, offering mostly studios and one-bedrooms. That had led to projects like Reverb, an 85-unit apartment complex in Seattle, that taps into the middle class’ need for housing in the Pacific Northwest.
Along with micro-units, Seattle is also joining New York City (and possibly San Jose) at the forefront of co-living development, which Simon Baron Development President Matthew Baron said he believes to be another manifestation of the success of smaller units. The We Company plans to put the third location of its co-living spinoff, WeLive, in Seattle.
Based in New York, Baron and fellow Simon Baron Development co-founder Jonathan Simon helped launch Ollie, the operator of the country’s largest co-living property. Dubbed ALTA LIC, it has brought co-living and smaller units to Long Island City in the borough of Queens.
Recently completed, ALTA LIC consists of 466 units, 169 of which are split into about 422 SF co-living bedrooms.
To Baron, the site’s success is a sign that smaller units are more than a flash-in-the-pan trend — in part because of what Simon Baron Development has found to be a surprisingly broad customer base.
“We sort of envisioned a market that would skew younger, around 22 to early 30s, maybe single, and don’t need as much space and [are] cost-conscious,” he said. “There is a large subset, almost 30%, of people that fall way outside that demographic: empty nesters, older professionals, divorcees and a bunch of other types. This is another way that the residential market is reinventing itself and catering to a need that is out there.”
There is need on the supply side as well. Soaring construction costs, especially in the Bay Area and New York, are keeping more and more projects from penciling. The more appealing unit economics of micro-units, co-living or just smaller floor plates are becoming clearer by the project, Newmark Knight Frank Executive Managing Director David Behin said.
“Developers doing ground-up have taken note of the higher value per SF of densified apartments,” Behin said. “Land and construction costs have gotten more expensive, so developers building with efficient floor plates [have] only helped the bottom line.”
“People in an apartment don’t think about what it costs per SF,” Kennedy said. “They think about what it costs to solve the problem [of housing].”
That point and the rising costs lead Kennedy and others to predict smaller apartments will continue to do well for the foreseeable future.
“It’s always the best idea to build the smallest apartment that fulfills the needs of the tenant, and thus provides the lowest possible rental costs,” Kennedy said. “That’s a truism that I think is true in good times and bad, in any city.”
Stoneleigh Companies Opens 234-Unit Switchyard Apartments in Downtown Carrollton, Texas
MultifamilyBiz | September 3, 2019
CARROLLTON, TX – Switchyard Apartments are now open and leasing in downtown Carrollton, TX. Managed by real estate experts, Lincoln Property Company, the 234 apartment homes are conveniently situated off I-35 and W Belt Line Road, a five-minute walk to historic downtown Carrollton. Adjacent to the downtown Carrollton DART station, the location offers easy access to downtown Dallas, Love Field and DFW airport.
Standing four stories tall, Switchyard offers studio, one, and two-bedroom floorplans ranging from 525 to 1,262 square feet. Amenities encourage a more active lifestyle, including an indoor bike storage and repair studio, pet salon, a healthy vending juice bar, state-of-the-art fitness center, interactive fitness studio with FitnessOnDemand™ and Peloton® bikes and easy access to the regional trail system.
When residents aren’t commuting to work on the DART, working from home is made easy with tech and club lounges with complimentary Wi-Fi, java bar and 24 hour “Parcel Pending” package lockers. When it’s time to unwind after a long day, residents can enjoy the 4th floor club room and terrace deck with wet bar, resort-style pool with clubhouse and outdoor TV lounge and fireplace.
Interior amenities include quartz countertops, stainless steel appliances, subway tile backsplashes, built-in wine racks, Salto keyless fob access systems, LED dimmable lighting packages, Custom Elfa closet systems, USB outlets, walk-In closets, in-unit washer/dryers, hardwood-inspired luxury vinyl floors, designer carpet and available private tuck under garages.
“Switchyard apartments are a great example that high-end apartment living is not limited to downtown Dallas,” said Ryan Swingruber, Vice President of Development for Stoneleigh Companies, LLC, one of the developers of the community. “Switchyard is an ideal balance of high-end amenities and apartment finishes you would find in the heart of Dallas but is a community designed for renters who are looking for something outside of downtown living. The property offers efficient unit types for those who desire walkability to quaint shops and restaurants in Downtown Carrollton and an easy access to I-35 and DART making your commute and day-to-day lifestyle that much easier.”