New privately owned YSU apartments ready for tenants

By Denise Dick | August 20, 2016 at 12:08a.m.

YOUNGSTOWN

The first phase of the first of two privately owned apartment complexes at Youngstown State University is ready for its first tenants.

“They are ready, and people are moving in” Friday and today, said Ron Cole, YSU spokesman.

University Edge, a development by Hallmark Campus Communities of Columbus and Fortress Real Estate Co. of Atlanta, is a $7.8 million complex built on university-owned property on Rayen Avenue between Fifth and Belmont avenues.

Before the 162-bed, four-story building was even built, all of its rooms had been rented, university officials have said.

“A second phase that’s planned is supposed to be ready by the beginning of fall semester 2017,” Cole said.

YSU is leasing the land to the company. Because YSU is a state institution, the lease had to be approved by the Ohio Department of Administrative Services and the company.

The 40-year lease calls for the company to pay $1 the first year and $27,500 annually for years two through 40.

It may be renewed for four 40-year terms. The annual rent increases from $48,500 for the first renewal to $74,700 for the fourth renewal term.

If the company erects two buildings on the land, the annual rent is $51,010 for the first 40-year term and increases for renewal terms.

The rent increases if the company builds two structures on the adjoining option land or constructs three buildings.

YSU’s Smith Hall was demolished to make way for the project’s second phase, which includes retail business fronting Fifth Avenue. Smith housed parking services, janitorial offices and other services that have moved to other campus buildings.

LRC Realty of Akron is the developer for that project, called The Enclave.

YSU, under direction from its president, Jim Tressel, has expanded its recruitment efforts, targeting students in regions from which the university traditionally hasn’t drawn students.

More students from outside the region need someplace to live, creating the need for on-campus housing.

The number of students living on campus last academic year grew 14 percent at the university, its officials have said.