Local developer, University Properties, is planning to build a new six-story apartment building just west of Memorial Stadium, according to The Herald-Times. The complex says it will offer students closer housing to campus, according to H-T.
According to H-T, Strauser Construction’s plans will begin in November and be completed in August 2024.
The building will be located on the south side of 19th Street, between North Grant and North Dunn Streets, according to H-T. The six-story apartment building will have 75 apartments and 4,900 square feet of commercial space with 340 bedrooms.
Prices for the apartments have not been decided, though it will likely be market rate, according to H-T. Market rate is the current or accepted rates for a product or service, in this case for apartments.
According to H-T, University Properties pays into the city’s housing development fund, which earns them affordable housing incentives. This is used to support affordability for owner-occupied housing and rental housing across the city. The payment into the fund is likely to be near $420,000.
It will have community and amenity space, an outdoor terrace and patio space. Some units will have balconies.
Some of the exterior material features are brick veneer, metal panels and fiber cement siding. According to H-T, the height of the building will not exceed 75 feet and will be built on four parcels, which is currently multifamily apartment complex Touchdown Terrace.
It is going to have close to 2,400 square feet of retail space on the ground floor along Dunn Street and close to 2,500 square feet of office space on the ground and second floors along 19th street. The second-floor office space is planned to be used as the leasing office, according to H-T.
University Properties, which can also be recognized as Varsity Properties, are planning to build vehicle parking for a basement level and a first floor, according to H-T. There will be 113 vehicle and 32 bicycle parking spaces.
A continuous sidewalk is planned on 19th street aimed to make walking to campus safer.
This new project received unanimous support from the Bloomington Plan Commission because it offers students housing closer to campus, according to H-T. Bloomington’s long-term plan includes making student housing closer to campus and directed away from downtown.
This project will be similar to another six-story apartment building being built on the north side of 19th street by University Properties and planning to be done by Summer 2023.