Developer plans 4-building student housing complex

By Harold Gwin

The university wouldn’t have ownership or invest any money in the project.

YOUNGSTOWN — The developer of a proposed student housing project on the north edge of the Youngstown State University campus wants to break ground on the project in May.

The first of four garden-style apartment buildings in The Flats at Wick, as the project has been designated, would be ready for occupancy in fall 2010, Dominic Marchionda, president of US Campus Suites LLC, recently told the university’s board of trustees.

The final version of the completed project would provide 450 beds in 216 apartments and carry a price tag of $28 million, Marchionda said.

The building in phase one will provide 115 beds at a cost of about $7.5 million, and Marchionda said Key Bank is providing the financing for that phase.

Although the complex would limit tenants to only YSU students, the university would have no ownership of the facilities nor money invested in the project.

Marchionda said his company already owns much of the land in the targeted area bounded by Madison Avenue on the north, a service road on the south, Elm Street on the west and Bryson Street on the east. However, the university owns a number of lots in that block, and the plans call for that property to be leased to US Campus Suites.

The site is directly across Elm Street from YSU’s Lyden and Cafaro residence halls.

The university trustees have yet to approve the plan and expect to learn more about it later this month.

YSU has 891 students living in its residence halls and another 400 living in the University Courtyard Apartments complex, Marchionda said.

He said he has researched the local need for student housing and determined that 6,000 of YSU’s students are in rental housing ranging from apartments next to campus to 15 miles away.

This location makes the most sense for the project, Marchionda said, pointing out that students generally want to be near the center of campus. His project would offer on-campus living to enjoy all the university offerings, he said.

Each of the buildings will have fitness, laundry, computer and study rooms.

Although his company will own the housing, “We intend to be a partner,” Marchionda told the trustees, explaining that the company will follow all the university’s rules and regulations in place for YSU-owned student housing.

The complex is intended more for upperclassmen, and, if the university wishes, apartments will not be available for freshmen, he said.

The university will have the right of approval of building design and of the management company that handles rentals and operations, Marchionda said, adding that the university could even handle the management itself, if it wishes.

Access to all of the buildings will be limited to card holders and each building will have a YSU resident assistant living there, he said.

Rent would be similar to that charged in the University Courtyard complex, he said, noting single units will be $685 per month, doubles will rent for $565 per student per month, and quad units would be $510 per student per month.

The final version shows 320 parking spaces on site. Marchionda said his company is negotiating to buy some property on the north side of Madison Avenue and along Elm Street to provide additional parking.

gwin@vindy.com