University Plaza renovations underway to convert north tower units to apartments

DeKalb – University Plaza has officially been granted occupancy allowance on one of its two residential towers and 100 leases have been signed for the summer, according to Capstone Real Estate representative John Chapman.

In addition to those summer leases, Chapman said that the housing complex is pre-leasing for the fall and has only “a handful” of bedrooms left, having hit 99 percent lease rate.

“It’s a little too early in the game for a victory lap. … But It’s been well received by potential tenants,” Chapman said.

Alderman voted, 6-2, last year to allow Capstone Real Estate Investments to convert the two-towered, private dormitory housing complex at 900 Crane Drive into apartments.

Construction on the North residential tower and the central building – where various amenities are housed – should be completed in late July or early August, Chapman said.

Some of University Plaza’s amenities will include fireplace lounges, computer and study rooms, a game room, a fitness center and swimming pool, and an internet cafe and coffee bar.

In terms of dwelling spaces, University Plaza will have 322 units. About half of those units will be single-occupancy apartments – either studio or one-bedrooms – and the other half will be 2-bedroom units. All units will be furnished.

As part of the developer’s agreement with the city, University Plaza will only rent to students with valid student IDs.

Each unit will be rented by bedroom and students will sign individual leases with the landlord, even when rooming with fellow students, Chapman said.

University Plaza will also require students to have a parental guarantor on the lease, Chapman said.

All utilities, including cable and internet, will be included in the rent, which range from the mid $400 to high $700s per bedroom, Chapman said.

Some surprises came up during renovations, including asbestos in the drywall that required abatement, Lisa Sharp, of Sharp Architects, said.

“We were more aggressive about demolition the second time around,” Sharp said, of the second residential tower. “The internal walls were basically all removed,”

At the end of the presentation, Mayor John Rey asked there were any other surprises besides the asbestos.

“Any time you have a renovation of this magnitude, there are always a handful of things that you find,” Chapman said.

Chapman added that the only other major issue within the buildings has been a burst pipe.

Rey thanked Chapman for investing in DeKalb at the end of the presentation.