CHICAGO, IL - CA Ventures today announced CA Student Living LLC has broken ground on RISE at Riverfront Crossings, a 575,000-square-foot mixed-use development in downtown Iowa City. Slated for construction on a 1.5-acre site at the southwest corner of Court and Linn streets, the development will include a 15-story residential component with 332 fully-furnished, market-rate apartments, as well as a 14-story,151-key Hyatt Place hotel. The development, designed to appeal to wide range of residents, is scheduled for completion in summer 2018, with pre-leasing for the residences slated to begin in August 2017.
RISE at Riverfront Crossings will be developed without public financial incentives and will feature 6,000 square feet of ground-level retail space at the northeast corner of the development, with frontage along Linn Street. It will include 25,000 square feet of Class A office space on the third and fourth floors of the hotel tower. The development is the largest mixed-use community to be built in Iowa City and the first of its kind in Johnson County to include off-campus, market-rate housing and a hospitality component.
“CA Ventures’ successful track record in high-rise residential, student housing and hotel development was a big factor in winning this contract,” said JJ Smith, chief operating officer at CA Student Living. “RISE at Riverfront Crossings, and its unique combination of residential and hospitality uses, will showcase our strength in creating thriving developments in college towns across the country. In addition to bringing hundreds of jobs to the Iowa City community, the development will attract a unique mix of students and working professionals while simultaneously addressing the diverse housing needs of Iowa City’s fast-growing population.”
According to the U.S. Census Bureau, the Iowa City population grew by 7.7 percent between April 2010 and July 2014, beating the national average for population growth in metro areas across the U.S. (3.9 percent) during the same time period. Johnson County is the second-fastest-growing county in Iowa.
Located on a site that formerly housed St. Patrick’s Church, which was destroyed in a 2006 tornado and subsequently relocated across town, RISE at Riverfront Crossings is situated just blocks from the Iowa River and Pentacrest, the centralized focal point of the university’s main campus. The development is also within walking distance of the Ped Mall, as well as other shopping and dining destinations in downtown Iowa City.
“When we assessed the market, we knew right away that this underutilized site would help us meet the growing demand for modern hospitality options and amenity-rich rental housing close to campus and downtown Iowa City,” said Smith. “As an anchor in the burgeoning Riverfront Crossings neighborhood, this development will be a convenient housing option for both students and area professionals, including employees of the school and nearby University of Iowa Hospitals and Clinics. It will also facilitate short-term stays for visiting family members and tourists who, until now, have had a limited number of downtown hotel rooms available to them.”
When complete, RISE at Riverfront Crossings will offer 332 fully furnished residences, including 111 private studios, as well as 14 one-bedroom/one-bath, 161 two-bedroom/two-bath and 46 three-bedroom/three-bath suites, representing a 100 percent bed/bath ratio. All units will have a shared kitchen and living area and will be outfitted with stainless steel appliances, stone countertops, wood-grain flooring and energy-saving LED lighting. A secure package delivery receipt service will facilitate the parcel delivery process for residents while secured access controls, a full-service doorman, and HD camera surveillance throughout egress and common areas enhances the overall safety of the building.
RISE at Riverfront Crossings will also boast 18,500 square feet of indoor and outdoor amenity space. Apartment residents will have access to a fully equipped fitness center/yoga studio with Fitness On Demand™, a smart fitness kiosk that provides virtual fitness programming; a club lounge with billiards and poker tables; a Gameday Room/theater; and a business center and study lounge. The 10,000-square-foot rooftop deck includes an outdoor spa, Jumbotron with viewing area, grilling stations and communal tables.
Students choosing to live in a RISE at Riverfront Crossings apartment will also benefit from CA Student Living programming which might include writing workshops, financial planning seminars and networking events.
“While serving distinctly different purposes, the hotel and residential tower are similar in that they will both offer a level of service and amenities that do not currently exist in downtown Iowa City,” says Smith. “We have zeroed in on a formula for success that spans multiple asset classes, and RISE at Riverfront Crossings will continue our tradition of spearheading market-defining developments in highly sought-after locations.”
The new Hyatt Place hotel will feature 151 studio suites – each with separate living and sleeping areas, a large desk, oversized sleeper sofa and 42” HDTV. Hotel amenities include an indoor pool, fitness center, E-Room business center, several meeting rooms, a bar/café with dining area and multiple lounges. CA Ventures has also developed Hyatt Place properties serving university populations in Champaign and Bloomington/Normal, Ill.
Various environmentally friendly building products and techniques will be employed to achieve LEED Gold certification for the residential tower and LEED Silver certification for the adjacent hotel. The use of locally sourced materials will reduce greenhouse gas emissions during the construction process, while an expansive green roof will provide long-term sustainability benefits by conserving both energy and water.
The project will also include an underground parking podium.
Chicago-based Hartshorne Plunkard Architecture is the lead architect on the project, while Des Moines-based Beal | Derkenne Construction has been retained as general contractor.
About CA Ventures: Founded in 2004, CA Ventures LLC is a Chicago-based real estate investment holding company whose international portfolio includes $6.3 billion in assets throughout the U.S. and Latin America. While initially focused on student housing, CA Ventures diversified into other sectors in 2012, including office, senior lifestyle, multifamily, and hospitality. In addition to development and renovation, the firm specializes in institutional joint ventures; value add investing; equity and debt sourcing; and asset management services. CA Ventures serves as the holding company for the CA family of companies, including CA Student Living, CA Office / Vanderbilt Partners, CA Senior, CA Residential, CA International, CA Hospitality, and CA Asset Services. For more information, visit www.ca-ventures.com