A second 12-story Downtown apartment building planned by Core Campus would offer middle-rate rents in most of the project’s 348 units, the developer said.
To be known as Hub Squared, it would be built at 510 University Ave., across the street from Core Campus’ first 12-story development, an upscale, amenity-rich building aimed at young professionals and students with more money. Known as Hub Madison, that 313-unit building will open in August at 437 N. Frances St.
The proposed building would reserve 25 percent of its apartments for the same deeper-pocket clientele, while 75 percent would target “a more price-conscious” student market as tenants, developer Marc Lifshin said. It would have fewer amenities and cheaper finishes.
“We’re going after more of the middle market,” he said, noting “scholarship packages” also would be provided to reduce or pay the housing costs for some students.
No details were available on the scholarship program or the lower rental rates envisioned at Hub Squared.
At 423,623 square feet, it would also offer 9,386 square feet of retail and 135 parking spots.
If all city approvals are received, construction would start at the end of this year, with an August 2017 opening, Lifshin said.