Grandmarc at the Corner: Difference between revisions

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'''Grandmarc at the Corner''' is a student housing development on 14th Street in [[Charlottesville]]. Its development is part of a trend towards luxury apartment complexes targeted to [[University of Virginia]] students. <ref>{{cite-progress|title=Recent housing developments courting UVa students|url=http://www.dailyprogress.com/news/local/uva/recent-housing-developments-courting-uva-students/article_ac9be840-1283-11e3-8a5e-001a4bcf6878.html|author=Derek Quizon|pageno=|printdate=|publishdate=August 31, 2013|accessdate=September 3, 2013|cturl=}}</ref>
'''Grandmarc at the Corner''' is a student housing development on 14th Street in [[Charlottesville]]. Its development is part of a trend towards luxury apartment complexes targeted to [[University of Virginia]] students. <ref>{{cite-progress|title=Recent housing developments courting UVa students|url=http://www.dailyprogress.com/news/local/uva/recent-housing-developments-courting-uva-students/article_ac9be840-1283-11e3-8a5e-001a4bcf6878.html|author=Derek Quizon|pageno=|printdate=|publishdate=August 31, 2013|accessdate=September 3, 2013|cturl=}}</ref>


As of September 30, 2010, The Grandmarc was 90.8% occupied at an average monthly rental rate per bed of approximately $670.<ref name=":0">{{Cite web|url=https://www.nbcnews.com/id/wbna39828941|title=Education Realty Trust Repositions Portfolio, Acquires 641-Bed Property at the University of Virginia|last=|first=|publishdate=October 25, 2010|publisher=Globe Newswire|archive-url=https://web.archive.org/web/20210819154902/https://www.nbcnews.com/id/wbna39828941|archive-date=2021-08-19|dead-url=|accessdate=2022-06-01}}</ref>
The project was initially proposed in 2005 by local developers [[Lane Bonner]], [[Hunter Craig]], and [[Dan Veliky]].<ref name=":2">{{Cite-hook|url=http://www.readthehook.com/97417/news-jumbo-pad-student-building-eyed-15th-street|title=Jumbo pad: Student building eyed for 15th Street|author=Susan Anspach|publishdate=July 14, 2005|accessdate=2022-06-05}}</ref>
 
As of September 30, 2010, Grandmarc was 90.8% occupied at an average monthly rental rate per bed of approximately $670.<ref name=":0">{{Cite web|url=https://www.nbcnews.com/id/wbna39828941|title=Education Realty Trust Repositions Portfolio, Acquires 641-Bed Property at the University of Virginia|last=|first=|publishdate=October 25, 2010|publisher=Globe Newswire|archive-url=https://web.archive.org/web/20210819154902/https://www.nbcnews.com/id/wbna39828941|archive-date=2021-08-19|dead-url=|accessdate=2022-06-01}}</ref>


{{Infobox Development|name=Grandmarc at the Corner|location=301 15th St NW|use_type=Apartments|acres=3.7 acres|floor_area=|height=|stories=5|units_residential=641 beds (224<ref name=":1">{{Cite-cville|url=https://www.c-ville.com/GrandMarc_apartments_near_UVA_Corner_sell_for_455_million/|title=GrandMarc apartments near UVA, Corner sell for $45.5 million|author=Brendan Fitzgerald|date=October 25, 2010|accessdate=2022-06-01}}</ref> or 241<ref>{{Cite web|url=https://www.berkadia.com/wp-content/uploads/2019/03/Berkadia_2019_Student_Housing_Newsletter_reduced.pdf|title=Berkadia Student Housing Newsletter 2019|last=|first=|publishdate=|publisher=Berkadia|archive-url=|archive-date=|dead-url=|accessdate=2022-06-01}}</ref> units)|parking=structured|year_rezoned=2005|construction_complete=2007|owner=Greystar}}
{{Infobox Development|name=Grandmarc at the Corner|location=301 15th St NW|use_type=Apartments|acres=3.7 acres|floor_area=|height=|stories=5|units_residential=641 beds (224<ref name=":1">{{Cite-cville|url=https://www.c-ville.com/GrandMarc_apartments_near_UVA_Corner_sell_for_455_million/|title=GrandMarc apartments near UVA, Corner sell for $45.5 million|author=Brendan Fitzgerald|date=October 25, 2010|accessdate=2022-06-01}}</ref> or 241<ref>{{Cite web|url=https://www.berkadia.com/wp-content/uploads/2019/03/Berkadia_2019_Student_Housing_Newsletter_reduced.pdf|title=Berkadia Student Housing Newsletter 2019|last=|first=|publishdate=|publisher=Berkadia|archive-url=|archive-date=|dead-url=|accessdate=2022-06-01}}</ref> units)|parking=structured|year_rezoned=2005|construction_complete=2007|owner=Greystar}}
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* 1999: Parcels first purchased by Pavilion, LLC<ref name=":1" />
* 1999: Parcels first purchased by Pavilion, LLC<ref name=":1" />
* July 12, 2005: Site plan approval by the [[Charlottesville Planning Commission|Planning Commission]]<ref>{{Cite web|url=http://weblink.charlottesville.org/public/0/edoc/794848/PC_M_07-12-2005.pdf|title=July 12, 2005 Charlottesville Planning Commission Minutes|last=|first=|publishdate=July 12, 2005|publisher=City of Charlottesville|archive-url=https://web.archive.org/web/20220530214237/http://weblink.charlottesville.org/public/0/edoc/794848/PC_M_07-12-2005.pdf|archive-date=2022-05-30|dead-url=|accessdate=2022-05-30}}</ref>
* April 2005: Site plan submission with 213 units and 533 bedrooms.<ref name=":2" />
* July 12, 2005: Site plan reviewed by the [[Charlottesville Planning Commission|Planning Commission]]<ref name=":2" /><ref>{{Cite web|url=http://weblink.charlottesville.org/public/0/edoc/794848/PC_M_07-12-2005.pdf|title=July 12, 2005 Charlottesville Planning Commission Minutes|last=|first=|publishdate=July 12, 2005|publisher=City of Charlottesville|archive-url=https://web.archive.org/web/20220530214237/http://weblink.charlottesville.org/public/0/edoc/794848/PC_M_07-12-2005.pdf|archive-date=2022-05-30|dead-url=|accessdate=2022-05-30}}</ref>
* November 2005: Site plan approved administratively<ref>{{Cite web|url=http://weblink.charlottesville.org/public/0/edoc/794851/PC_M_12-13-2005.pdf|title=December 13, 2005 Charlottesville Planning Commission Minutes|last=|first=|publishdate=December 13, 2005|publisher=City of Charlottesville|archive-url=|archive-date=2022-05-30|dead-url=|accessdate=2022-05-30}}</ref>
* November 2005: Site plan approved administratively<ref>{{Cite web|url=http://weblink.charlottesville.org/public/0/edoc/794851/PC_M_12-13-2005.pdf|title=December 13, 2005 Charlottesville Planning Commission Minutes|last=|first=|publishdate=December 13, 2005|publisher=City of Charlottesville|archive-url=|archive-date=2022-05-30|dead-url=|accessdate=2022-05-30}}</ref>
* 2006: Construction begins<ref>{{Cite-cville|url=https://www.c-ville.com/City_growth_has_exploded_in_past_three_years/|title=City growth has exploded in past three years|author=Will Goldsmith|date=September 11, 2006|accessdate=2022-06-05}}</ref>
* February 8, 2007: $6.1 million in mezzanine financing provided by Behringer Harvard Opportunity REIT I, a prelude to purchasing a 50% equity stake.<ref>{{Cite web|url=https://www.sec.gov/Archives/edgar/data/1308711/000110465907008458/a07-3453_1ex99d1.htm|title=Behringer Harvard Partners on Student Housing Developments|last=|first=|publishdate=February 8, 2007|publisher=Securities and Exchange Commission|archive-url=|archive-date=|dead-url=|accessdate=2022-06-05}}</ref>
* 2007: Construction completes
* March 18, 2009: Police find methamphetamine precursors and evacuate the building.<ref>{{Cite-hook|url=http://www.readthehook.com/83248/4better-or-worse-week-review|title=4BETTER OR WORSE- The week in review|author=|publishdate=March 26, 2009|accessdate=2022-06-05}}</ref> Drug manufacturing charges against a then-second-year UVa organic chemistry student were later dropped as part of a guilty plea.<ref>{{Cite-hook|url=http://www.readthehook.com/69753/illegal-student-chemist-gets-pass|title=Illegal student chemist gets a pass|author=Hawes Spencer|publishdate=October 22, 2009|accessdate=2022-06-05}}</ref>
* October 25, 2010: Sold to [[Education Realty Trust]] for $45.5 million.<ref name=":0" /><ref name=":1" /> EdR was later acquired by [[Greystar]] in 2018.<ref>{{Cite web|url=https://www.greystar.com/about-greystar/newsroom/greystar-announces-completion-of-edr-acquisition|title=Greystar Announces Completion of $4.6 Billion EdR Acquisition|last=|first=|publishdate=|publisher=Greystar|archive-url=|archive-date=|dead-url=|accessdate=2022-06-01}}</ref>
* October 25, 2010: Sold to [[Education Realty Trust]] for $45.5 million.<ref name=":0" /><ref name=":1" /> EdR was later acquired by [[Greystar]] in 2018.<ref>{{Cite web|url=https://www.greystar.com/about-greystar/newsroom/greystar-announces-completion-of-edr-acquisition|title=Greystar Announces Completion of $4.6 Billion EdR Acquisition|last=|first=|publishdate=|publisher=Greystar|archive-url=|archive-date=|dead-url=|accessdate=2022-06-01}}</ref>


Latest revision as of 14:23, 5 June 2022

Grandmarc at the Corner is a student housing development on 14th Street in Charlottesville. Its development is part of a trend towards luxury apartment complexes targeted to University of Virginia students. [1]

The project was initially proposed in 2005 by local developers Lane Bonner, Hunter Craig, and Dan Veliky.[2]

As of September 30, 2010, Grandmarc was 90.8% occupied at an average monthly rental rate per bed of approximately $670.[3]

Grandmarc at the Corner
301 15th St NW
Use Type Apartments
Lot Size 3.7 acres
Stories 5
Residential units 641 beds (224[4] or 241[5] units)
Parking structured
Owner Greystar
Date Approved 2005
Construction Completed 2007

Timeline

  • 1999: Parcels first purchased by Pavilion, LLC[4]
  • April 2005: Site plan submission with 213 units and 533 bedrooms.[2]
  • July 12, 2005: Site plan reviewed by the Planning Commission[2][6]
  • November 2005: Site plan approved administratively[7]
  • 2006: Construction begins[8]
  • February 8, 2007: $6.1 million in mezzanine financing provided by Behringer Harvard Opportunity REIT I, a prelude to purchasing a 50% equity stake.[9]
  • 2007: Construction completes
  • March 18, 2009: Police find methamphetamine precursors and evacuate the building.[10] Drug manufacturing charges against a then-second-year UVa organic chemistry student were later dropped as part of a guilty plea.[11]
  • October 25, 2010: Sold to Education Realty Trust for $45.5 million.[3][4] EdR was later acquired by Greystar in 2018.[12]

Map

Coordinates:Erioll world.svg.png 38°02′14″N 78°29′56″W / 38.037302°N 78.498973°W / 38.037302; -78.498973

References

  1. ↑ Web. Recent housing developments courting UVa students, Derek Quizon, Daily Progress, Lee Enterprises, August 31, 2013, retrieved September 3, 2013.
  2. ↑ 2.0 2.1 2.2 Web. Jumbo pad: Student building eyed for 15th Street, Susan Anspach, The Hook, Better Publications LLC, July 14, 2005, retrieved 2022-06-05.
  3. ↑ 3.0 3.1 Web. Education Realty Trust Repositions Portfolio, Acquires 641-Bed Property at the University of Virginia, Globe Newswire, October 25, 2010, retrieved 2022-06-01.
  4. ↑ 4.0 4.1 4.2 Web. GrandMarc apartments near UVA, Corner sell for $45.5 million, Brendan Fitzgerald, C-VILLE Weekly, Portico Publications, October 25, 2010, retrieved 2022-06-01.
  5. ↑ Web. Berkadia Student Housing Newsletter 2019, Berkadia, retrieved 2022-06-01.
  6. ↑ Web. July 12, 2005 Charlottesville Planning Commission Minutes, City of Charlottesville, July 12, 2005, retrieved 2022-05-30.
  7. ↑ Web. December 13, 2005 Charlottesville Planning Commission Minutes, City of Charlottesville, December 13, 2005, retrieved 2022-05-30.
  8. ↑ Web. City growth has exploded in past three years, Will Goldsmith, C-VILLE Weekly, Portico Publications, September 11, 2006, retrieved 2022-06-05.
  9. ↑ Web. Behringer Harvard Partners on Student Housing Developments, Securities and Exchange Commission, February 8, 2007, retrieved 2022-06-05.
  10. ↑ Web. 4BETTER OR WORSE- The week in review, The Hook, Better Publications LLC, March 26, 2009, retrieved 2022-06-05.
  11. ↑ Web. Illegal student chemist gets a pass, Hawes Spencer, The Hook, Better Publications LLC, October 22, 2009, retrieved 2022-06-05.
  12. ↑ Web. Greystar Announces Completion of $4.6 Billion EdR Acquisition, Greystar, retrieved 2022-06-01.

External Links

Official site


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