Private-Sector Housing in Fayetteville Chases UA Student Growth

by George Waldon  on Monday, Feb. 10, 2014 12:00 am  

Another round of private-sector student housing is in motion to tap the enrollment growth at the University of Arkansas at Fayetteville.

Leading the way is The Cardinal at West Center, a 471-bed project expected to open this summer at 831 W. Center St., one block south of campus. In addition to this $23 million development, plans are moving forward on four other projects that could bring a combined 1,865 beds on line by summer 2016.

“You’re going to see several things pop,” said Seth Mims, president and partner at Specialized Real Estate Group of Fayetteville, a co-developer of The Cardinal. “There’s going to be a pretty good wave in 2016.”

In order of likely appearance are:

• Gather on Dickson, a 233-bed project planned for a nearly 1-acre site on the south side of Watson Street between Thompson and St. Charles avenues, behind Colliers Drug Store at 100 W. Dickson St.

• Sterling Frisco II, a 559-bed project planned on a 2.85-acre site on the west side of Campbell Avenue between Lafayette and Watson streets.

• A 408-bed project tentatively dubbed Harvey’s Hill on a 2.1-acre site under contract at the southeast corner of Duncan Avenue and Center Street.

• A 670-bed project on 13.5 acres under contract and currently occupied by warehouses near the southeast corner of Beechwood Avenue and Martin Luther King Jr. Boulevard.

Despite its name, Gather on Dickson will likely have a Watson Street address. The five-story project could open as early as summer 2015. Rael Development Corp. of Newport Beach, Calif., bought the location for $1.6 million in December. The project is designed by Hight-Jackson Associates of Rogers.

Specialized Real Estate Group has a hand in the other three private student-housing developments that could open during the next two years.

Construction is expected to start in May on Sterling Frisco II, with a summer 2016 opening. The land was assembled for $3.4 million in March 2012.

SREG also partnered with The Dinerstein Cos. of Houston on Sterling Frisco, a $45.6 million, 640-bed project that opened in August on the eastern edge of the UA campus at 413 N. West Ave.

 

 

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