Latest news with #studentHousing
Yahoo
2 days ago
- Business
- Yahoo
TCU hired a major Austin developer to reimagine West Berry. Here's their vision
When TCU decided to set a goal of turning West Berry Street into a top destination in Fort Worth, it hired a development firm behind some of Austin's most transformative projects. The redevelopment of West Berry is one part of TCU's ambitious growth plan, a partnership with private developers that includes over $500 million in outside investment. Construction has already begun along West Berry Street, but the Austin firm — Endeavor Real Estate Group — is just getting started. TCU selected Endeavor after a competitive national search to build new off-campus student housing. Endeavor's $82.9 million mixed-use project, named Morado on Berry, will add 780 beds for students and 25,000 square feet of street-level retail space. It's expected to open ahead of the fall 2027 semester. Morado isn't Endeavor's first rodeo when it comes to landmark developments. The firm has worked on a variety of projects in Texas, Utah and Tennessee, including two major mixed-use projects in Austin: The Domain and Saltillo. Known as Austin's 'second downtown,' The Domain's first phase opened in 2007 about 10 miles north of the city center. It now has over 2,000 multifamily housing units, 1.3 million square feet of retail space and 2.3 million square feet of offices. Some of the high-profile tenants include luxury stores Louis Vuitton, Versace and Gucci, and offices for major tech firms including Amazon, Meta and IBM. The Domain spurred other development, including construction of the Q2 Stadium for the Austin FC soccer team in 2021. Last year, the city of Austin approved zoning changes to allow for increased density and building height, possibly paving the way for towers. Saltillo is a transit-oriented development near a CapMetro Rail stop in East Austin. Spanning six blocks, it's home to roughly 800 apartments, 152,000 square feet of offices and 115,000 square feet of retail space. Jake Newman, principal at Endeavor Real Estate Group, said Morado will have a transformative effect on West Berry Street, turning it into the gateway to TCU's campus. Newman is leading the project; prior to joining Endeavor in late 2023, he spent 21 years at American Campus Communities, the private developer building on-campus housing at TCU. Once construction is complete, Morado will be managed by American Campus Communities. Both developers' projects will be supported by $500 million in outside investment that TCU garnered for student housing. Newman said Morado will consist primarily of three-bedroom units, though floor plans ranging from studio to five-bedroom units will also be available. Residents will rent each bedroom individually, instead of one student signing a lease for an entire apartment and finding roommates. Each apartment will have a shared kitchen and bathroom, and every bedroom will accommodate one student. Initial renderings show bright, light-filled spaces accented by tile entryways and pale wood details. Amenities include study spaces, lounges and a rooftop pool. The gym boasts a pilates studio, its curved walls outlined by the glow of soft led lights (not unlike the gym at Fort Worth's luxury Canyon Ranch Wellness Club and Spa). Newman said Morado is more market-rate than luxury housing, adding that rents will be 'commensurate with the market.' Endeavor expects that on-campus dormitories will serve as a pipeline for Morado. Marketing for the property will begin this summer at orientation events for the class of 2029, the first group of students eligible to live in the building come fall 2027. Retail tenants will include businesses that appeal to those who live in neighborhoods near TCU, Newman said. Interest in retail space has been high, and Newman expects the majority of tenants will be food and beverage focused. 'We want to put retailers in there that the community wants to come and have a cup of coffee, or have dinner or maybe shop and just really upgrade the whole area is what our goal is,' Newman said. Available commercial space includes a spot for a freestanding restaurant with a large patio, over 13,000 square feet of retail space along West Berry Street and over 5,000 square feet of retail off Cockrell Avenue, behind the TCU campus store. Morado's parking garage will have 175 spaces for retail customers. Endeavor hopes to open storefronts at the same time as the building in 2027. Endeavor's project includes adding a new traffic light at the intersection of West Berry Street and Greene Avenue. The light will slow traffic and allow for better pedestrian mobility. It will also funnel walkers heading to TCU's campus through the retail portion of Endeavor's development. Newman said Endeavor wants Morado to emulate the greenspace design of Austin's mixed-use Music Lane development along South Congress Avenue, an 'urban oasis' of diverse boutiques, restaurants and hotels. Music Lane serves as a gateway between downtown and the popular South Congress district. 'Really great public spaces that give you a respite from the road,' Newman said. Morado on Berry is just the beginning. 'It'll be transformational, because this is our first phase,' Newman said. 'There's more phases to the east that we're looking at as well.' Endeavor's marketing materials for the project show a possible 'Morado District on Berry,' which would include an additional phase of development. A map of the 'future phase' shows at least three new buildings next door to Molly Reid Hall (formerly the Grandmarc at Westberry Place), on two blocks where Kings Liquor, the TCU police department and Kubes Jewelers are currently located. The proposed structures are laid out similarly to the parking garage, mixed-use housing facility and academic building TCU envisioned on the property in its master plan, an outline for future campus development released in August. But the pathway to development isn't yet clear. The roughly 0.31-acre jewelry store property at 2700 W. Berry St. is owned by Kubes Family Partnership LTD, according to county records. TCU owns the property the liquor store and police department sit on. The police department will relocate to a facility in a 950-space parking garage being built on the east side of campus. The project is expected to be complete by spring 2027. Newman said it's too early to discuss a second phase of development. He added that Endeavor has the capacity to work on two projects at once and is working with TCU to determine a timeline for additional projects. TCU still needs to give the green light for any additional development to move forward. 'We're just looking to really create this sense of arrival for TCU at the southern edge that really energizes the overall campus and really helps TCU get to where they want to be as a university,' Newman said.
CTV News
4 days ago
- Business
- CTV News
Downtown developers partner with MacEwan University to offer discounted rent to students
An aerial image of downtown Edmonton, including Rogers Place and the Stantec and Bell Towers, taken over MacEwan University's clock tower on May 23, 2024. (Cam Wiebe / CTV News Edmonton) A new pilot project initiated by MacEwan University aims to assist students with off-campus housing in downtown Edmonton. The project is in collaboration with Qualico Properties and MacLab Development Group and will help to ensure students have access to housing that is affordable, said a statement from the university. 'Improving housing accessibility and affordability takes a creative approach to address the pressures our students are experiencing,' said Annette Trimbee, president and vice-chancellor at MacEwan University. The off-campus housing pilot program will begin in summer 2025, offering students discounts on select downtown rentals that are close to campus. Students who are interested in accessing the housing initiative can do so by contacting select property owners to learn what units and lease terms are available. A lease on an eligible unit must be signed before Sept. 1, 2025, to qualify for the discount. Participating properties with available units are The Switch at 10465 101 Street and The Parks at 10135 108 Street.
