Ron,
I found an article in the daily cougar that the
South Moody tower was closed for fall 2020 due to lack of students. This was partially attributed to the
pandemic at that time too.
Do you know if this actually came to pass or if the
South tower has been re-opened ?
Now that Iâm looking at it if they put restaurants and bars in the bottom portion of the garage there it would make elgin the spot to go. It also looks like itâll be right next to the other apartment building off scott.
On the drawing board is another private student housing to be an affordable choice. By the name Scott Residence, I assume it will be located east of Scott St. between 45 and Elgin. They have cleared a lot of dilapidated houses on that stretch of Scott.
Actually, the article said Scott Residence will have 242 units which is 242 apartments. Of course each unit will have 1, 2, 3 or 4 beds so at a minimum, I will guess that it will house at least 500 beds.
UH has 47,000 students and most of them live many miles away from campus. Since these private student housings are very close to campus, Iâm sure there will be no problem filling them up.
Edit: Scott Residence will be 242 beds. One bed per unit.
Yes Scott Residence is on the list above but the number of beds are not specified yet, though the purchase of the block has been made.
Global Student Housing â Houston LLC has purchased a 1.2-acre development site at the intersection of Scott and McGowen streets, Houston, from RSB Ventures Ltd. Brad LyBrand of NewQuest Properties represented the seller in the direct deal.
Thatâs not nearly as good a location as The Haven which is across the street from the softball field. However, these prices are supposed to be 30% lower. Might work well for grad students? I like that it puts a stake in the ground a few blocks away with nice development.
It helps improve that area then maybe other good businesses and developments follow and rail helps and if rail wasnât there maybe they donât do this project.
So care to venture what the rent will be for these ? Does 1,200/mo seem to be in the park ? Plus utilities ? I take there is no onsite meal deal in a private project like this either. If thatâs case, can students purchase a meal plan at the university cafeterias or are those restricted to dorm residents only ?
I assume they can purchase a meal plan although they will live off campus but probably none will since they will have a full kitchen. They can go to Kroger and buy groceries.
As I recall, at least when I was a student, meal plans were available to all students. They were only required if you lived on-campus, but they were available fir everyone.
I was just trying to understand the economics , from a personal and developer POV. Nice to
have small kitchen but I donât see many undergrads doing real cooking; at least back in the day a microwave oven was about all I would consistently used.
From a developer POV, Iâm guessing itâs at least 7-8 year break even point on the $13.5 million
Investment. After that itâs gravy until remodeling at I guess the 10-12 year mark.