Housing Market Research Survey
July 2013
1
Methodology
A draft online survey was created and distributed to students at the 11 major schools at Syracuse University, including: School of Architecture, The College of Arts and Sciences, School of Education, LC Smith College of College Engineering/Computer Science, Falk College of Sports and Human Dynamics, School of Information Studies, College of Law, Martin J. Whitman School of Management, Maxwell School of Citizenship and Public Affairs, S.I. Newhouse School of Public Communications, and the College of Visual and Performing Arts. Through email, we sent out 2746 surveys and with 488 responses, which comes to an 18% response rate. The same survey was then administered to the faculty of these 11 major schools at Syracuse University through an online platform. We used direct email with a reminder a week later to each faculty member/registered graduate student individually and also news stories with links via SU News and Graduate Newsletter as our distribution channel.
Demand
Currently, Syracuse University does not have centralized housing for graduate students or faculty within the community; however, due to a growing demand for community housing for faculty and graduate students at Syracuse University, a trend has been identified. This trend has led us to consider the alternative and the utility of housing in Downtown Syracuse. Many graduate students and faculty live in off campus communities that range in distance from close to the university campus to a 20-minute ride from campus. Due to the growing number of students on campus at Syracuse University,
Supply
Turning to the supply side, based on Exhibit 2, we note that the average rates of 1 and 2 bedroom units range between $635 and $807 at present. However, the rates in downtown area are higher than the average rates in Syracuse Metropolitan Area. 2
33
4
5
6
Strengths
1. Urban living can be an exciting change from
the majority of other living options around the University 2. Living Downtown allows for closer proximity to hospitals, i.e. health care, convenience stores, restaurants, bars, and fitness clubs 3. Restaurants and bars, other than those frequented by students, are in closer proximity which allows for an increase in social life prospects for graduate students and faculty
4. Downtown (1.4 miles away) allows for
5
an easy commute to SU campus using public transportation, as opposed to those students and faculty commuting from farther communities, i.e. (Vincent Apt, Jamesville, Hidden Valley, Remington, Clarendon, Newbury, Nob Hill) so they could potentially save a lot of money by not needing a car Syracuse could provide a shuttle back and forth from Downtown to campus
Weaknesses
1. Parking is limited and expensive in Downtown Syracuse
2. Public transportation availability could pose a problem depending on the proximity of the closest bus stop 3. Noisy environment in the area
Opportunities
1. Growing number of graduate students & faculty
2. First Downtown graduate dorm (eg. low
vacancy rate) 3. Already low vacancy rate in Downtown area Growing community (Syracuse, NY Center City Investment)
Threat
1. Campus West Housing with bus shuttle
(Vincent Apt, Jamesville, Hidden valley, Remington, Clarendon, Newbury, Nob hill) 2. Competition from other apartments (e.g. Nob Hill, etc.) 3, Lack of current community (almost no graduate students currently live there)
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8
9
Population Characteristics Gender
2%
Male 40%
Female 57%
Findings With the help of SU news, we received 488 total responses to our survey. The responses included 72% graduate students, 21% of international students, 23% faculty and 5% university staff. Half of the population prefers living closer to other graduate students/faculty.
Prefeer not to disclose
Age
21-25 2%
26-30
24% 34%
31-35 12%
36-Older 27%
Relationship Status
Relationship Status Asian
13%
Single
1% 2% 2%
9% 4%
4%
Prefer not to disclose
14%
Other
Married 40%
White African American 67%
10
Prefer not to disclose
57% 29%
51%
Partnered Other Prefer not to disclose
8% 17% 5% 1% 7% 8% 10% 10% 23%
College of Visual and Performing Arts S.I. Newhouse School of Public Communications Maxwell School of Citizenship and Public Affairs Martin J. Whitman School of Management College of Law School of Information Studies David B. Falk College of Sport and Human Dynamics L.C. Smith College of Engineering and Computer School of Education College of Arts and Sciences School of Architecture
5% Percentage of 4% total responses
11
Income
Findings Over 50% of the responses indicate they have annual income less than $20,000 and the primary sources of income are university employment and university stipend.
Annual Income
<$10,000
5%
8%
11%
41%
26%
University Stipend
$20,000-$25,000
7%
$25,000-$35,000
$10,000-$15,000
18%
University employment
13%
$15,000-$20,000
26%
Financial aid
10%
Non-university salary
8%
Other
>$50,000
8%
$35,000-$50,000
5%
Perfer not to disclose
10%
Perfer not to disclose
Q: What is your annual income?
Percentage of total responses
Primary Source of Income Q: What is your primary source of income?
12
Percentage of total responses
Factors to Consider
Findings From the results of the survey, community, distances to grocery store, parking and public transportation are four key factors when people make renting decisions. In addition, over 80% surveyed prefer furnished apartments. When renting, people consider secured building access, on-site parking and dryer & washer accessibility as the three most important amenities. They also prefer pet friendly building and building with central A/C and hardwood floors.
Considerations when Chosing Housing
Safety
School district
1%
9%
2%
12%
5%
6%
0%
25%
3%
30%
Indifferent
4%
23%
11%
15%
7%
4%
2%
10%
16%
9%
15%
28%
20%
14%
16%
9%
11%
10%
29%
9%
34%
17%
28%
17%
24%
22%
23%
5%
26%
10%
42%
8%
31%
21%
36%
47%
61%
15%
19%
7%
Somewhat important Important Very important
Parking
Rent rates
Public transportation
Distance to grocery store
Not important
Furnished
Distance to campus
Entertainment within
Community
Q: How important are the following considerations for your housing choice?
Amenities went Renting
Other
Secured building access
On-site parking
Outdoor space
Fitness center
Elevator
Dryer/washer
Dishwasher
Q: What amenities are important for you when renting?
6%
67%
73%
39%
25%
22%
80%
52%
Features to Consider when Renting Pet friendly building
Hardwood floors
Granite countertops
23%
16%
36%
28%
8%
Central A/C
Premium appliances
8%
Walk-in closet
10%
Other
Not applicable
Q: What factures are important for you when renting?
55%
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Rent vs. Own
Rent or Own Student
Q: Do you currently rent or own?
Share an apartment /house
8% 1%
Own a House 19%
Rent an apartment 60%
12%
Rent a house
Findings
Own a condo
Nearly 75% of graduate students pay less than $1,000 per bedroom including utilities, as the rate of Nobhill and Newbury is around $450-$560 per bedroom, the average range from $600 to $1000 should be no more than $700 per month. When it comes to the size of the apartment, most graduate students
Rent or Own Student
Q: Do you currently rent or own? Own a house
11%
>$2,000 a month
1%
$1,500-$2,000 a month
1%
$1,000-$1,500 a month
12%
$600-$1,000 a month
44%
<$600 a month
30%
Rent/Month (including utilites) Student Entertainment within
Rent rates
Safety
School district
9%
3%
11%
5%
1%
1%
26%
4%
23%
Indifferent
5%
22%
13%
14%
6%
3%
1%
10%
16%
12%
14%
28%
21%
12%
15%
9%
9%
11%
29%
12%
33%
17%
27%
18%
23%
24%
21%
5%
24%
13%
42%
7%
26%
23%
38%
55%
61%
9%
18%
7%
Somewhat important Important Very important
14
Parking
Distance to grocery store
1%
Public transportation
Distance to campus
Not important
Furnished
Community
Q: If you are currently renting what is your current rent including utilities?
Rent or Own Faculty
prefer 1-3 bedroom apartments. The survey suggests two-bedroom and three-bedroom apartments are not as popular. For graduate students, parking, public transportation and community are the most important things to consider when they rent. Restaurant & bars, convenience and urban living are the key factors if they choose to live in Downtown Syracuse. Currently, 72% of graduate students own a condo or a house, 19% rent an apartment and 8% rent a house.
Q: Do you currently rent or own?
Own a condo
1%
Own a House
21%
Rent an apartment
7% 1%
Rent a house
66%
Share an apartment /house
Rent or Own Faculty
Over half of the faculty own a house, and among those who rent, typically pay between $600 to $2000 per month. Faculty is more concerned with parking, distance to grocery stores, community and whether the apartment is furnished or not. Different from graduate students, 66% of the faculty rent a house and 21% own a condo.
Q: Do you currently rent or own? Own a house
57%
>$2,000 a month
1%
$1,500-$2,000 a month
4%
$1,000-$1,500 a month
10%
$600-$1,000 a month
14%
<$600 a month
1%
Rent/Month (including utilites) Faculty
Rent rates
Safety
School district
0%
21%
1%
43%
4%
15%
10%
6%
4%
9%
16%
1%
24%
14%
22%
17%
9%
14%
8%
28%
1%
31%
18%
28%
11%
18%
19%
27%
7%
26%
1%
38%
9%
49%
11%
34%
18%
50%
27%
21%
2%
9%
Indifferent
6%
25%
16%
Somewhat important Important Very important
Parking
16%
3%
Public transportation
6%
Not important
Furnished
Entertainment within 13%
Distance to campus
0%
Community
Distance to grocery store
Q: If you are currently renting what is your current rent including utilities?
15
Current Housing
Size of Current Apartment Q: What is the size of your apartment/house?
Findings Two-third of people are expected to stay at Syracuse for no more than two years, which is the typical length of a graduate program.
Q: How long have you lived at your current residence?
Less than 1 year 36% 47%
27%
19%
4%
1 bedroom
Studio
4 bedrooms
Length of Time Living at Current Residence
26%
2 bedrooms
17%
3 bedrooms
7%
More than 4 bedrooms
Currently, 23% of the surveyed population owns a house, and the medium of rent per month lies in the range from $600 to $1000 per month consisting of mostly 2 to 3 bedroom per apartment. Of the people that rent an apartment, 70% report that utilities are not included in their rents.
Expected Length of Stay
Q: How long do you plan to live at your current residence?
33%
35%
1-2 years More than 2 years
17%
16
31%
11%
1%
1%
12%
44%
30%
<$600 a month
21%
$600-$1,000 a month
38%
$1,000-$1,500 a month
11%
$1,500-$2,000 a month
2%
>$2,000 a month
1%
Not applicable
23%
Own a House >$2,000 a month $1,500-$2,000 a month $1,000-$1,500 a month $600-$1,000 a month <$600 a month
Rent/Month (Include Utilities)
Q: If you are currently renting what is your current rent including utilities?
Perfered Rent/Month (Include Utilities)
17
Commute Time to Commute Q: How long is your commute?
15%
5 mins
11%
5-10 mins 32%
41%
10-20 mins More than 20 mins
1%
Other Percentage of total responses
Ways to Commute
Q: How do you commute to school? 7%
20%
31%
46% Percentage of total responses
18
Findings Most of the target population lives within a 20-minute commute to the University campus by bike, car, public transportation or walking. Since 31% of people drive to university, we need to provide enough parking accordingly. Due to 20% of people use public transportation it is reasonable we could negotiate with the school for a shuttle (i.e. add a stop in downtown) to provide free rides to campus on weekdays.
5%
Liverpool
5%
Hawley Green
3%
1%
East Genesse Wesrcott 2%
Downtown
4%
Manley
23%
9%
Dewitt
Newburry
3%
Remington 34%
Nobhill
10%
Manlius
Current Living Places Q: In which neighborhood/ nearby town to Syracuse do you currently live?
19
Downtown Findings
33%
Distance to campus
Q: Does any of the following represent a challenge to living in downtown?
8%
38%
Convenience (proximity of stores)
33%
Demographic
50%
Housing Style
Urban living
Challenges
33%
Nightlife
41%
Own a House
5%
Restaurants & Bars
In the survey, 67% people would consider living in downtown Syracuse. The major attractions of living downtown include housing styles, convenience, urban living, restaurant & bars, nightlife and distance to campus. The biggest concerns of living downtown are parking and safety.
Transportation
Q: If you lived downtown w transportation would you us
10%
44% 14%
19%
Nightlife
Housing Style
23%
Own a House
52%
Community
20%
Parking
Safety
Own a House
20
54%
Public transportatioon
24% 24%
5
34%
10%
Perc total
Safety
50% 33% 33%
Housing Style Distance to campus
8%
Convenience (proximity of stores)
Demographic
33%
Nightlife
41%
Restaurants & Bars
Urban living
Own a House 5%
Community
19%
Housing Style
centage of l responses
14%
Nightlife
%
52%
Parking
%
20%
Public transportatioon
54%
Attracters
Q: What attracts you the most to living in downtown Syracuse?
38%
what form of se to school/work?
%
%
23%
21
Opinion Toward a Mixed Graduate Student/ Faculty Building Strongly agree 5% 10%
Somewhat agree
20%
Indifferent 23%
36%
Somewhat oppose Strongly oppose
ul Fa c
nt
de
u St
ty
Q: How do you feel about living in a mixed graduate student/faculty building?
6%
8%
14%
1% 24%
15% 14% 36%
27% 36%
Findings In the survey we aim to exploit the interest of faculty and graduate students to share an apartment building. Overall, 85% people are indifferent or agree to live in the same building. We further looked at the opinions of graduate students and faculty separately and concluded that the idea of building a shared community of graduate students and faculty is feasible. 22
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24
Campus West 150 Henry St 260 units
Unit Types Studio
1BR/1Bath
2BR/2Bath
4BR/4Bath
379 Sqft.
756 Sqft.
756 Sqft.
1300 Sqft
$1,189.00
$1,325.00
$1,080.00
$1,030.00
On campus: 0 miles
Included Fully Furnished Cable w/ HBO Washer/dryer WiFi Utilities (allowance cap) Stainless steel appliances
Amenities Bike Storage Computer center fitness center priority parking multi purpose room ground floor retail (Starbucks) 25
Merchant Commons 220 South Warren St. 66 Unit
Units Unit #
SqFt.
3rd Floor
4th Floor
5th Floor
6th Floor
7th Floor
1 2 3 4 5 6 7 8 9 10 11
775 985 1294 988 1026 1026 1278 595 585 1558 1603
$1,330.00 $1,480.00 $1,915.00 $1,480.00 $1,540.00 $1,540.00 $1,915.00 $1,025.00 $1,000.00 $1,760.00 $1,835.00
$1,330.00 $1,480.00 $1,915.00 $1,480.00 $1,540.00 $1,540.00 $1,915.00 $1,025.00 $1,000.00 $1,760.00 $1,835.00
$1,330.00 $1,480.00 $1,915.00 $1,480.00 $1,540.00 $1,540.00 $1,915.00 $1,025.00 $1,000.00 $1,760.00 $1,835.00
$1,340.00 $1,490.00 $1,925.00 $1,490.00 $1,550.00 $1,550.00 $1,925.00 $1,035.00 $1,010.00 $1,770.00 $1,845.00
$1,360.00 $1,350.00 $1,500.00 $1,510.00 $1,945.00 $1,935.00 $1,500.00 $1,510.00 $1,560.00 $1,570.00 $1,560.00 $1,570.00 $1,945.00 $1,935.00 $1,045.00 $1,055.00 $1,030.00 $1,020.00 $1,780.00 $1,790.00 $1,865.00 $1,855.00 Off campus: 1.9 miles
Amenities Downtown views Multiple parking options 6 story open glass atrium Floor-to-ceiling windows Video security intercom system Roof top deck Fitness center Private club room On-site storage
26
8th Floor
Copper Beech Commons 1055 E Genesee St 303 unit
Unit Types
2BR/1Bath 3BR/2Bath 4BR/2Bath
12 month 10 month 12 month non SU 10 month non SU
1020/890 sqft
1390 sqft
1780 sqft
$899.00 $999.00 $1,400.00 $1,600.00
$899.00 $999.00 $1,400.00 $1,600.00
$899.00 $999.00 $1,400.00 $1,600.00
Amenities Private Resident only shuttle bus to SU/ESF On-site security Maintenance Management On-site fitness center Full-service vending Indoor basketball court Outdoor grilling area Resident storage facility Washer/dryer Movie theater Entertainment area Indoor bicycle storage On-site parking ATM ADA friendly All utilities Fully furnishing
Off campus: .7 miles
27
Nob Hill 101 Lafayette Rd.
Unit Types
1BR/2Bath 2BR/1.5Bath 3BR/2Bath
Amenities Social rooms Large outdoor pool Picnic area Garages Kid friendly Extra storage areas Fitness center Elevators Bus service to supermarkets Laundry rooms on each floor Door entry security system Balconies in selected suites *Rent does not include Utilities
28
464/774 sqft
810 sqft
967 sqft
$554/$665
$756/$799
$897/$912
Off campus: 3.8 miles
Newbury
116 Newbury Hollow Lane
Unit Types
Parliament Berkshire
Amenities
1BR/1Bath
2BR/1Bath
725 sqft
880 sqft
$770.00 N/A
N/A $880.00 Off campus: 2.6 miles
Free heat Free hot water Free cable TV High speed internet Modern kitchens Spacious living rooms Remodeled/ upgraded Laundry Storage available Intercom system On site maintenance Dishwasher Balcony A/C Built-in microwave Patio
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31
32
In completing this survey we have come to the conclusion there is a potential market for graduate student and faculty living in Downtown Syracuse. Much of this interest is contingent on many of the variables outlined below under suggestions. If these suggestions are met, there is great opportunity for student and faculty house in the City of Syracuse. Suggestions for Graduate Student Housing As mentioned above, graduate students commonly rent for a period of two years. Moreover, graduate student housing usually has one contract per bedroom which help to reduce the risk graduate students undertake when they share an apartment with other students. Transportation We would recommend providing on-site parking or a free shuttle bus between the apartment building and the university campus. Rent & Utilities In order to match the price of similar apartments, the price range of rents should be from $600 to $800 per bedroom, including utilities. Apartment Size Suggested Proportion One-bedroom 15% Two-bedroom 40% Three-bedroom 35% Studio 10% Additional Suggestions Provide furnished apartments Provide study room/team room Provide on-site dryer/washer Coffee Shops and grocery stores within 5-minute walk Security Surveillance of property/Security access system for the building Suggestions for Faculty Housing From the survey results, the fact that most faculty rent houses indicates that there may not be much demand for faculty apartments in downtown. However, since having a mixed graduate student/faculty apartment buildings are preferred, we suggest complexes for graduate students that are open to faculty as well.
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Survey 6/18/13
Survey | Qualtrics Survey Software
Graduate Student and Faculty Housing in Downtown Syracuse Q1 Are you a faculty or a graduate student? Faculty Graduate student Other
Q2 If you are a graduate student are you an international student? Yes No Not applicable
Q3 Which school do you attend/teach at? School of Architecture College of Arts and Sciences School of Education L.C. Smith College of Engineering and Computer Science David B. Falk College of Sport and Human Dynamics School of Information Studies College of Law Martin J. Whitman School of Management Maxwell School of Citizenship and Public Affairs S.I. Newhouse School of Public Communications College of Visual and Performing Arts Other https://academictrial.qualtrics.com/SE/?SID=SV_ebPk4k7vAWunu0R
6/18/13
1/5
Survey | Qualtrics Survey Software
Not applicable
Q4 Do you currently rent or own? Own a condo Own a house Rent an apartment Rent a house Share an apartment/house
Q5 How long have you lived at your current residence? <1 year 1-2 years >2 years
Q6 What is the size of your apartment/house? Studio 1 bedroom 2 bedrooms 3 bedrooms 4 bedrooms More than 4 bedrooms
Q7 If your are currently renting, are utilities included in your rent? Yes No https://academictrial.qualtrics.com/SE/?SID=SV_ebPk4k7vAWunu0R
2/5
35
6/18/13
Survey | Qualtrics Survey Software
Not applicable
Q8 If you are currently renting what is your current rent including utilities? <$600 a month $600-$1,000 a month $1,000-$1,500 a month $1,500-$2,000 a month >$2,000 a month Not applicable
Q9 In which neighborhood/nearby town to Syracuse do you currently live? DeWitt Downtown Syracuse Fayetteville Haley Green Manley Manlius Newbury Nobhill Remington Salt Springs University Hill Westcott Other
https://academictrial.qualtrics.com/SE/?SID=SV_ebPk4k7vAWunu0R
3/5
6/18/13
Survey | Qualtrics Survey Software
Q10 How long do you plan to live at your current residence? Less than 1 year 1-2 years More than 2 years
Q11 How do you commute to school? By bike By car Using public transportation Walking
Q12 How long is your commute? 5 mins 5-10 mins 10-20 mins More than 20 mins
Q13 How important are the following considerations for your housing choice? 1-Not important, 2-Indifferent, 3-Somewhat important, 4-Important, 5-Very important
1
2
3
4
5
Community
Distance to campus
https://academictrial.qualtrics.com/SE/?SID=SV_ebPk4k7vAWunu0R
36
4/5
6/18/13
Survey | Qualtrics Survey Software
Distance to grocery stores
Entertainment within the area
Furnished apartment/house
Public transportation
Parking
Rent rates
Safety
School district
>> Thank you for your feed back!
https://academictrial.qualtrics.com/SE/?SID=SV_ebPk4k7vAWunu0R
6/18/13
5/5
Survey | Qualtrics Survey Software
Q14 Would you consider living in downtown Syracuse? Yes No
Q15 What attracts you the most to living in downtown Syracuse? Convenience (proximity of stores, hospitalâ&#x20AC;Ś) Demographics Distance to campus Housing styles Nightlife Restaurants & bars Urban living Other
Q16 Does any of the following represent a challenge to living in downtown? Community Housing styles Nightlife Parking Public transportation Safety Other
https://academictrial.qualtrics.com/SE/?SID=SV_ebPk4k7vAWunu0R
1/5
37
6/18/13
Survey | Qualtrics Survey Software
Q17 Is living closer to/together with other graduate student/faculty important to you? Yes No
Q18 How do you feel about living in a mixed graduate student/faculty building? 1-Strongly oppose, 2-Somewhat oppose, 3-Indifferent, 4-Somewhat agree, 5-Strongly agree
1
2
3
4
5
Scale from 1 to 5
Q19 What amenities are important for you when renting? Dishwasher Dryer/Washer Elevator Fitness Center Outdoor Space On-site parking Secured building access Other
Q20 Are any of these features important for you when renting? Central A/C Granite countertops https://academictrial.qualtrics.com/SE/?SID=SV_ebPk4k7vAWunu0R
6/18/13
2/5
Survey | Qualtrics Survey Software
Hardwood floors Pet friendly building Premium appliances Walk-in closet Other Not applicable
Q21 If you lived downtown what form of transportation would you use to school/work? Bike Bus/shuttle Car Car pool Walking
Q22 What is your gender? Male Female Other Prefer not to disclose
Q23 What is your age? Under 21 21-25 26-30 31-35 https://academictrial.qualtrics.com/SE/?SID=SV_ebPk4k7vAWunu0R
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3/5
6/18/13
Survey | Qualtrics Survey Software
36 or older Prefer not to disclose
Q24 What is your relationship status? Single Married Partnered Other Prefer not to disclose
Q25 What is your annual income? <$10,000 $10,000-$15,000 $15,000-$20,000 $20,000-$25,000 $25,000-$35,000 $35,000-$50,000 >$50,000 Prefer not to disclose
Q26 What is your primary source of income? University stipend University employment Financial aid Non-university salary https://academictrial.qualtrics.com/SE/?SID=SV_ebPk4k7vAWunu0R
6/18/13
4/5
Survey | Qualtrics Survey Software
Other Prefer not to disclose
>> Thank you for your feed back!
https://academictrial.qualtrics.com/SE/?SID=SV_ebPk4k7vAWunu0R
5/5
39
6/18/13
Survey | Qualtrics Survey Software
Q27 What is your ethnicity? American Indian or Alaska native Asian Black/African American Native Hawaiian or Pacific Islander White Other Prefer not to disclose
>> Thank you for your feed back!
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Company's unusual plan: a non-profit to turn vacant downtown Syracuse building into college dorm Creekwalk Commons front.JPG Syracuse Creekwalk Commons Inc. has proposed transforming a vacant office building at 324 W. Water St. in Syracuse into housing for up to 146 college students. This rendering depicts the front of the building, from West Water Street. (Dal Pos Architects) Rick Moriarty | rmoriarty@syracuse.com By Rick Moriarty | rmoriarty@syracuse.com on May 07, 2013 at 12:52 PM, updated May 07, 2013 at 5:18 PM
Syracuse, NY -- A new company wants to bring college students to live downtown Syracuse by turning a vacant office building near Armory Square into a dormitory for 146 students. The project proposed by Syracuse Creekwalk Commons Inc. is unusual because the newly formed company is not affiliated with any college but hopes to redevelop the building as a nonprofit corporation exempt from income and property taxes. Construction contractor James Breuer, a director of the company and one of the building's owners, said most of its tenants likely would be Syracuse University students. However, he said full-time students from any of the area's colleges and universities could live there. The company has proposed transforming the E.M. O'Donnell Building at 324 W. Water St. into 69 apartments, along with 8,000 square feet of retail space. The building is owned by EMO Properties LLC, of which Breuer is a partner, and has been vacant for three years. Syracuse Creekwalk Commons has applied to the Internal Revenue Service for status as a nonprofit corporation that would support higher education by providing a residence hall for students. Breuer said nonprofit status would allow the company to borrow money at the lower interest rates available through tax-exempt bonds. He said Creekwalk Commons would be exempt from property taxes as a right because it would be owned by a nonprofit corporation and operated as student housing. However, he said the corporation plans to "keep the city whole" by voluntarily making payments to the city.
About $65,000 a year in property taxes are paid on the building. Breuer declined to say whether keeping the city "whole" means that Creekwalk Commons would be willing to pay that amount. He said the amount of the payment would be subject to discussions with city officials, he said. Syracuse Assessment Commissioner David Clifford said the fact that a nonprofit corporation would own the building does not mean that the housing would be exempt from property taxes. He said he would have to be convinced that the project served charitable or educational purposes and that no profits would be paid to private individuals. "It's unique, and we'll see how it works out," he said. Creekwalk Commons would be the first college dormitory close to downtown's core. Upstate Medical University transformed a vacant apartment building on Harrison Street, on the eastern edge of downtown, into a 139-unit residence hall last year. The developers think the building's location between Erie Boulevard West and West Water Street will appeal to students. View full size
The building is one block north of Armory Square, a former warehouse district popular with
This vacant building on W e st W ate r Stre e t ne ar Syracuse 's Arm ory Square would be turne d into a dorm itory for up to 146 colle ge stude nts unde r a proposal by Syracuse C re e k walk C om m ons Inc. David Lassm an | dlassm an@syracuse .com
college students because of its mix of bars, restaurants and specialty shops. It also sits along Onondaga Creekwalk, the new pedestrian and bicycle path that follows Onondaga Creek from Armory Square to Onondaga Lake. The creek flows under the O'Donnell Building. (The creekwalk goes around the building.)
The project also is unusual because Syracuse Creekwalk Commons, though not associated with any college, is seeking tax-exempt status so it can borrow money at a lower cost than it could as a for-profit venture. The company plans to add a fourth floor to the three-story building. Its apartments would be fully furnished, and the building would have laundry facilities, a fitness center and an indoor bicycle storage facility. Each floor would have a student lounge. Breuer said the company hopes to start construction in July and have the apartments ready for lease starting in July 2014 -- in time for fall semester.
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money at a lower cost than it could as a for-profit venture. The company plans to add a fourth floor to the three-story building. Its apartments would be fully furnished, and the building would have laundry facilities, a fitness center and an indoor bicycle storage facility. Each floor would have a student lounge. Breuer said the company hopes to start construction in July and have the apartments ready for lease starting in July 2014 -- in time for fall semester. Students would be able to lease one- or two-bedroom apartments for either 10 or 12 months, or for two summer months. The building is 500 feet from a former Armory Square furniture warehouse that houses the Department of Design of Syracuse University's College of Visual and Performing Arts.
"Connective Corridor" buses, a joint project of Centro and Syracuse University, provide free daily transportation between Armory Square and the university. Breuer said turning the building into student housing makes business sense because the downtown office market is weak while demand for student housing outpaces supply at many local colleges and universities. Efforts to lease the building to an office tenant over the past three years have failed, he said. "It's not going to compete with other developments downtown," Breuer said. "It's bringing a whole new population downtown." In recent years, developers have converted a number of vacant and underused office buildings in the heart of downtown into apartments, primarily for young professionals and empty-nesters. Creekwalk Commons has applied to the Onondaga Civic Development Corp. for $17 million in tax-exempt bonds to finance the project. The OCDC was created by the County Legislature to help nonprofit organizations obtain low-cost financing. It would receive a $170,000 fee for issuing bonds. In the event of default, buyers of the bonds could foreclose on the project but could not go after the OCDC or the county. The O'Donnell building is directly across Erie Boulevard West from National Grid. The utility and its predecessor, Niagara Mohawk Power Corp., used it as office space and a customer service center for 25 years until its lease expired in 2010. EMO Properties, which has owned the building since 1985, would sell it to Creekwalk Commons at a price to be determined by an appraisal, said Breuer. EMO has about 50 partners. Breuer declined to disclose who its other partners are, saying it is a private company not subject to public disclosure. Creekwalk Commons estimated the purchase price at $1.6 million in its application to the
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OCDC. The city assesses the building at $1.6 million and the land it sits on at $400,000.
An artist re nde ring shows the propose d C re e k walk C om m ons colle ge re side nce hall at what is now a vacant office building ne ar Syracuse 's Arm ory Square . The vie w is from Erie Boule vard W e st. Dal Pos Archite cts
Breuer said the $1.6 million was only an estimate and is subject to change based on the appraisal. Syracuse Creekwalk Commons filed a certificate of incorporation with the state in March,
describing itself as a supporting organization to Downtown Syracuse Foundation Inc., an independent, nonprofit foundation formed last year to promote downtown development. According to its incorporation papers, the purpose of Creekwalk Commons is to redevelop the O'Donnell building "to further the educational missions of the
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institutions of higher education by providing the enriching experience to students of being housed in the downtown Syracuse community." Breuer said all earnings would be put back into the building. He said the organization's board of directors will serve as volunteers without
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compensation. In addition to Breuer, the organization lists its officers as Linda Hartsock,
Syracuse C re e k walk C om m ons has propose d e x panding the vacant E.M. O 'Donne ll Building in Syracuse and transform ing it into apartm e nts for up to 146 colle ge stude nts. Vie w is from Erie Boule vard W e st. David Lassm an | dlassm an@syracuse .com
director of community engagement and economic development at Syracuse University; Robert Doucette, a partner in Paramount Realty Group; Merike Treier, executive director of the Downtown Committee of Syracuse; and Edward Green, of Edward S. Green & Associates. Hartsock is listed as the organization's president.
Breuer's company, Hueber-Breuer Construction Co., would serve as construction manager for the building's conversion, according to Creekwalk Commons' application for financing. Breuer said all contracts for the actual construction work would be put out to bid and would be awarded to the lowest, qualified bidders. Most student housing in the city is owned, directly or indirectly, by colleges and are exempt from property taxes. EdR, a private real estate investment trust, built and operates two Syracuse University dormitories and makes payments in lieu of taxes on them. Breuer's construction company has played a role in other student housing projects in the city. Among them was Upstate Medical University's $28 million transformation of a vacant high-rise, Townsend Tower, into a 139-unit dormitory named Geneva Tower last year. Hueber-Breuer was construction manager on the project. It also was construction manager for Centennial Hall, a 454-bed dormitory that State University College of Environmental Science and Forestry opened in Syracuse in 2011. Robert Simpson, president of CenterState Corporation for Economic Opportunity, the area's primary economic development group, said the project would help advance the city's goal of breaking down the wall that once separated it from Syracuse University and other educational institutions on University Hill east of downtown. "That's been a priority, integrating the city with the colleges," he said. "This would add another layer."
©2013 Google Imagery ©2013 DigitalGlobe, New York GIS, USDA Farm Service Agency, Map data ©2013 Google Vie w Syracuse Creekwalk Commons in a large r m ap
Contact Rick Moriarty at rm oriarty@syracuse.com or (315) 470-3148. Follow him on Twitter @RickMoriartyCNY and on Facebook at rick.m oriarty.92. © 2013 syracuse.com. All rights reserved.
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June 14, 2013
In Student Housing, Luxuries Overshadow Studying By JOHN ELIGON
COLUMBIA, Mo. — Brenden Heiland had breathed the vanilla lavender-scented clubhouse air. He had seen the beach volleyball court, toured the game room equipped with billiards, Ping-Pong and air hockey tables, and learned with delight of the Friday pool parties with a D.J., free food and snow cones, spiked with rum for those of age. Now, as he and the three friends he was apartment hunting with stood peering at the pool, Mr. Heiland, 19, pondered what life might be like if he chose to live in this off-campus complex, the Grove, when his sophomore year at the University of Missouri begins this fall. “It’s like a vacation, almost,” he said. “I’m not going to go to class — that’s how I look at it.” As private housing developers try harder than ever to outdo the amenities that their competitors offer in college towns, concern is growing about the academic and social consequences of upscale off-campus student housing. The spas, tanning salons and sprawling pools offered by these complexes, which often require their tenants to be students, are a far cry from the traditional on-campus residence halls that may house classrooms and faculty and host lectures and academic discussions. “These are sort of more social environments,” said Arthur J. Lidsky, the president of Dober Lidsky Mathey, a campus planning consultancy. “It takes away from sort of a community of learners, and it creates more of a separate living environment that doesn’t support that mission.” Even through the recession and the housing crisis, student housing development has remained robust, outperforming other sectors in part because the rising college student population increased the demand for accommodations. Construction of student housing, though down from its peak five years ago, continues to boom, and analysts predict growth in the coming years.
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Here in Columbia, a growing supply of upscale student apartments is the result of private developers meeting the demand that the Supreme Court Strik university could not keep up with as its enrollment ballooned. Developers have created more than 3,800 beds of student housing in town Key Part of Voting R since 2011, according to data compiled by John John, a real estate agent here with Remax Boone Realty. But even that pace of Read More »
development falls short of the need, which Mr. John predicted would grow in the future as Missouri’s freshman population climbs. (It is up more than 28 percent since 2007.) With all the competition, developers are looking for ways to set their properties apart. That has led to the construction of complexes with tanning salons; spas offering manicures, pedicures, facials and massages; 24-hour workout rooms with virtual trainers; and outdoor pools with bars and cabanas. There are washers and dryers that send text messages when a cycle is complete, and exercise machines that allow users to check their e-mail. The Domain at Columbia, which is set to open here this year, includes a full-swing golf simulator, a video game room and a theater room. On its Web site, which opens with a two-minute video set to music, the development says it has “the largest resort style pool in Columbia and the most over the top amenities.” “We’re always trying to make it cooler and more hip than the last one,” said Jill Lung, the director of interior design at Sixthriver Architects, who has worked on many student residences. Some of the projects she has worked on, Ms. Lung said, have used technology to create a better learning environment. Some study rooms have flat-screen monitors that students can plug their tablets or computers into and use to collaborate on projects. Still, college administrators say, those projects fall short of the academic amenities offered on a campus. “We’re trying to integrate our facilities with the academic mission,” said Frankie Minor, Missouri’s director of residential life. “You don’t see the same types of educational programming going on in those facilities as you do in ours.” Missouri’s residence halls have classrooms and study rooms; visiting faculty members live in some, and they host lectures, discussions and scientific experiments.
42 But Greg Henry, the chief executive of Aspen Heights, a developer based in Austin, Tex., that will open a 980-bed property here in August, said it was up to the property managers to create an environment conducive to learning. Mr. Henry said that his company, which
Missouri’s residence halls have classrooms and study rooms; visiting faculty members live in some, and they host lectures, discussions and scientific experiments. But Greg Henry, the chief executive of Aspen Heights, a developer based in Austin, Tex., that will open a 980-bed property here in August, said it was up to the property managers to create an environment conducive to learning. Mr. Henry said that his company, which now has 15 student properties nationwide, has been designing its clubhouses to serve as suitable study spaces. On-site staff give the students personalized attention, like birthday greetings or help when they are stressed, he said. “I don’t think it’s doing bad in the world to provide a nicer space for college students to live and study and rest and play,” Mr. Henry said. Their comforts, some developers argue, will give students less to worry about and allow them to focus more on their schoolwork.
“It lessens the stress,” said Sam Tchen, 22, who has lived in a modern complex in downtown Columbia for the past two years. “You just feel more comfortable in your environment.” Brookside, the complex where Mr. Tchen lives, has a tanning salon and a rooftop pool with a bar and grill run by a local restaurant. The apartments come with a 42-inch flat-screen television, stainless steel appliances, granite countertops and balconies. Academic concerns aside, some developers, market analysts and city and university officials believe that too much student housing is being built in various college towns and that a bubble could soon burst. “I think people are looking too much at historic performance,” said Hans G. Nordby, the marketing director of Property and Portfolio Research, a company that analyzes commercial real estate. “They’re working a good horse to death. It’s too much supply.” Some say the new developments detract from the charm of college towns. “It’s sort of this mass-produced, soulless luxury,” said Miranda Metheny, a recent Missouri graduate who lives across the street from Brookside in the 176-year-old Niedermeyer Building, which was slated to be razed and replaced with an upscale high rise before public outcry saved the landmark. The monthly rates for the modern units in Columbia generally start at $700 per student for a spot in an apartment, about twice the cost of older housing in the area. Yet they are on par with the price of on-campus housing, which equates to about $1,000 a month per bed, meals included. The differences in price and amenities between the old and the new hav e fed assumptions around Columbia about the type of students enjoying the more upscale accommodations. “The people who live there are kind of jerks — not all of them,” said Ms. Metheny, 23. “I think they have a sense of entitlement. Even people who grew up with a lot of money, student life is supposed to have certain connotations, like you go without some things.” Courtney Cooper, 21, who will move into Brookside for her senior year this fall, disputes the stereotype. “I hear plenty of people that think if you live in Brookside you’re going to be spoiled,” she said. “I don’t think it’s true. Some people, their parents pay for what they want. But I’m chipping in. I wouldn’t say I’m spoiled by any means.”
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