By the end of the year, there will be 54 new apartment-style townhomes in the shadow of the massive student housing complex known as The Grove at Flagstaff.
The new project, also aimed at students, will be developed by the same company that built 10, four-story buildings designed to house 562 students.
The 54 rental units will be built just west of The Grove off Lone Tree Road this summer, according to city officials.
A representative with North Carolina-based Campus Crest declined to comment, but city officials said they believe the developer is only weeks away from breaking ground on the project.
Campus Crest already owns the vacant property slated for the townhomes, part of a $10 million deal it made with the city in 2011 to buy the 10.5 acres adjacent to the Aspen Place at The Sawmill development.
Original plans for the southern part of the site called for a mix of attached and detached housing. But when the first developer went bankrupt after installing all of the infrastructure, the property reverted to the city, which was responsible for paying off development bonds. The sale to Campus Crest allowed the city to fully pay off the debt.
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Meanwhile, the partially developed northern third of the property that fronts Butler Avenue and contains a New Frontiers supermarket was sold to a different developer and continues to be built out with commercial tenants.
The Grove at Flagstaff is estimated to cost roughly $33.1 million, according to information on the website designed to attract private investors. It is not known how much the new housing project will cost the developer.
Joe Ferguson can be reached at 556-2253 or email@example.com.