Syracuse, N.Y. — The hot Syracuse market for privately built luxury student apartments is showing no sign of cooling down.
Gilbane Development Co., of Providence, Rhode Island, has filed plans for a 193-unit, 480-bed student apartment building at 800-808 E. Fayette St. on Syracuse’s East Side, close to downtown and a few blocks from Syracuse University.
The six-story, U-shaped building, to be called Wellington Place Apartments, would be built on what is now a parking lot at the southeast corner of East Fayette Street and Forman Avenue. Wellington Place borders the property on the south.
The Syracuse Planning Commission approved the site plan for the project on June 28. However, according to the commission’s minutes, it also criticized a lack of retail or commercial space on the first floor, noting that the site is in a Business, Class A zoning district that encourages mixed-use projects. The commission also questioned the need for more student housing.
The Syracuse Board of Zoning Appeals approved Gilbane’s request for variances from front and rear yard setback, structural coverage and density requirements on June 24.
Gilbane is also seeking to subdivide the parking lot for the building.
The company did not respond to requests for comment from The Post-Standard | syracuse.com.
According to the plans it has filed, the building would contain 16 studio, 36 one-bedroom, 68 two-bedroom and 73 four-bedroom apartments. Each bedroom would have its own bathroom.
The company did not say what rents would be for the apartments.
Centered in the U-shape of the building would be an outdoor courtyard with 35 surface parking spaces. In addition, an underground garage with 159 parking spaces is planned. The garage would bring the total number of parking spaces to 194, one more than is required by the city zoning code.
Vehicle entrances would be off Wellington Place. The building also would have a roof deck.
According to its website, Gilbane Development is the real estate development, investment and property management arm of Gilbane Inc. The company has built housing with more than 30,000 beds on 120 college campuses.
Among its projects is a mixed-unit development at the University of Rochester. College Town Rochester opened in 2014 with 50,000 square feet of office space with a two-level Barnes & Noble bookstore, a 136-room Hilton Garden Inn Hotel, 154 high-end apartments known as Mount Hope Lofts, and 110,000 square feet of street-level retail and restaurant space.
Privately developed student apartment buildings have been a hot part of the Syracuse real estate market, with several high-end projects going up in recent years and more proposed.
A 163-bedroom student apartment building, now named U Point, opened at 404 University Ave. in 2016.
Aspen Syracuse, a 490-bed student apartment complex, opened at the northeast corner of East Brighton Avenue and Thurber Street in Syracuse’s Outer Comstock neighborhood in 2017.
Theory Syracuse, a sprawling 601-bed complex opened in 2018 at 919 E. Genesee St., just a block east of Gilbane’s proposed project.
The 505 on Walnut, a 126-unit, 363-bed student apartment building, opened at 505 Walnut St., also in 2018.
Earlier this month, Syracuse University bought the one of the larger privately developed student housing projects, The Marshall, a 287-bed building that opened in 2018 on South Crouse Avenue near the university’s campus. The university paid $69.4 million for the building.
Landmark Properties, of Athens, Georgia, recently submitted slightly modified plans for a 210-unit, 599-bedroom student apartment project at the site of Temple Concord at the southeast corner of University Avenue and Madison Street. Critics say the project is too big for the neighborhood.