A new owner and a new plan for Lakeway apartment complex
After plans to build a new student-oriented apartment complex next to the Lakeway Fred Meyer were called off in 2014, a new developer has taken the reigns to begin construction.
CA Student Living, A Chicago-based developer, purchased the Lincoln Street site from former owner Campus Crest Communities in January, 2015, according to an email from CA vice president of investments John Diedrich.
“For people who have transportation, that seems like it would be a good idea,” Western sophomore Sofie Marikis said. “I’m surprised they don’t have places down there already.”
Finalizations of a contractor agreement are currently underway, Diedrich said, and construction is projected for completion in August 2016.
The complex will include 13 new apartment buildings and will offer 232 apartments and 648 bedrooms. Presale of 12-month leases are expected to begin in September 2015, Diedrich said.
“We anticipate having multiple price points for prospective students, with pricing ranging from approximately $600 to $650 per month. This pricing will include furnishings, cable, Internet and [utilities],” he wrote in an email response.
According to Craig Parkinson, the principal engineer of Cascade Engineering Group, there will be 64 two-bedroom apartments, 152 three-bedrooms and 16 four-bedrooms. Cascade Engineering is in charge of permitting and engineering the new developments. The construction location is a few blocks north of Lincoln Creek Park and Ride.
CA Student Living, formerly Campus Acquisitions, is a branch of CA Ventures, which is based in Chicago, founded in 2004 and is currently active in 13 states.
Development of the 15-acre property is projected to help lessen the housing difficulties faced by Western students who chose to live off campus.
According to an email from Western’s Director of Communications Paul Cocke, approximately 11,028 students enrolled at Western for fall 2014 did not live on campus, while 4,032 students did.
While the majority of students live off campus, not all see the development as an entirely good thing.
“I like it, the only downside about it is they chopped down trees to build it,” junior Andrew Accornero said.