An apartment building geared towards students is going up in the shadow of Syracuse University. The new complex reflects a real estate sector that developers say has been neglected.
A long-vacant medical building has been torn down, and in its place a six story 54-unit student apartment complex is being built on University Avenue. The $18 million project has been a dream of Syracuse University grad Jared Hutter, a lead developer on the project, ever since he and his college roommate lived together in a house on Madison street in Syracuse a decade ago.
Hutter says at that time there were no large apartment buildings like the one they are building.
“The concept of student housing over the last 10 to 15 years has dramatically changed. The needs of students have changed. Technology has been a main factor in how that is. Student demand has dramatically changed.”
The 69,000 square foot building will offer fully furnished two-, three- and four- bedroom apartments,along with a fitness center, lounge and area for students to work.
“It’s somewhat of a neglected sector of real estate, because people looked at it and well, students destroy the homes and it’s a management headache and people didn’t want to deal with it,” Hutter said. “I think over these last couple years, people have saw that there’s an opportunity there. Students aren’t going to destroy their homes. If you give them something nice, they’re going to treat it well.”
The project is scheduled to be ready for occupancy in the fall of 2016. A half a million dollars of tax exemptions was awarded by the Syracuse Industrial Agency.