Some of the apartments on this project are going before zoning next week. Interesting that they are 8 floors. Curious to see what type of construction is used.
I will never understand the need for these kinds of apartments in the suburbs.
Easy construction and they maximize their cap rate because they can put so many units on a smaller plot of land. Much cheaper to build than garden style apartment complexes
The higher density would help the investment simply that it amortizes the land and infrastructure costs over more units. It wouldnt affect the operating income multiple value (cap rate), but should help the total value (b/c operating income should be higher).
If I'm reading that site plan correctly, there are two apartment buildings with 100% surface parking. The buildings are 8 floors, which means they'll need to be 5 floors wood over 3 floors concrete podium or perhaps metal studs (not sure what # floors is allowed by code for metal studs).
That would actually costs a lot more than 4 story wood frame on grade with surface parking. Going higher than 4 stories costs more. Going higher than 5 costs even more than that. What is unusual is that they're going 8 floors instead of 5 with a garage.
The way the buildings are built up to the curb is WAY better than setting it all behind a parking lot. They refer to these as "gurban" (garden + urban). The Firestone Apts in Downtown (the ones south of 7th Street) are examples of this. Lower density, surface parking, but parking is concealed behind the buildings.
This overall masterplan is a step in the right direction toward a more walkable, denser form. Its FAR from perfect but is way better than more conventional "power centers" where you absolutely have to drive even within the project. The details will matter, but hoping our elected officials and appointed zoning and board of adjustments commissioners don't screw this up by pushing an even more auto-centric design.