Grandmarc at the Corner
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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. [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:
38°02′14″N 78°29′56″W / 38.037302°N 78.498973°W
References
- ↑ Web. Recent housing developments courting UVa students, Derek Quizon, Daily Progress, Lee Enterprises, August 31, 2013, retrieved September 3, 2013.
- ↑ 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.
- ↑ 3.0 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.
- ↑ 4.0 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.
- ↑ Web. Berkadia Student Housing Newsletter 2019, Berkadia, retrieved 2022-06-01.
- ↑ Web. July 12, 2005 Charlottesville Planning Commission Minutes, City of Charlottesville, July 12, 2005, retrieved 2022-05-30.
- ↑ Web. December 13, 2005 Charlottesville Planning Commission Minutes, City of Charlottesville, December 13, 2005, retrieved 2022-05-30.
- ↑ Web. City growth has exploded in past three years, Will Goldsmith, C-VILLE Weekly, Portico Publications, September 11, 2006, retrieved 2022-06-05.
- ↑ Web. Behringer Harvard Partners on Student Housing Developments, Securities and Exchange Commission, February 8, 2007, retrieved 2022-06-05.
- ↑ Web. 4BETTER OR WORSE- The week in review, The Hook, Better Publications LLC, March 26, 2009, retrieved 2022-06-05.
- ↑ Web. Illegal student chemist gets a pass, Hawes Spencer, The Hook, Better Publications LLC, October 22, 2009, retrieved 2022-06-05.
- ↑ Web. Greystar Announces Completion of $4.6 Billion EdR Acquisition, Greystar, retrieved 2022-06-01.
External Links
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