The development of a new student-housing apartment complex has begun outside of the South Gates of LSU

Park7 Group, a student housing development and management firm based out of New York, acquired the ±2.62 acres in four separate transactions in May of 2015 for a total purchase price of $9,325,000.  At the time of sale, the site was partially improved with older apartment buildings.  The biggest bulk of the site was a ±1.5 acre vacant parcel purchased from Dantin Bruce Development for $4,950,000; Dantin Bruce Development owns the 333 Flats Development across Easy Boyd Drive.  The Park7 Development will have an address of 222 East Boyd Drive and is bounded by West Parker Boulevard, Swire Avenue, and Dodson Avenue.  The development will be a ±560,442 square foot, six-story student housing complex that will be comprised of 280 units, three inner courtyards, pool and party deck, outdoor kitchen, fitness center, and a theater and game room; it will also include a parking garage with over 700 parking spaces.  The construction costs are estimated to be $41.6 million; the new development is projected to be open for the fall 2017 semester.  The student housing development has been on the rise in the recent years.  A driving factor of the new developments is the increasing enrollment at LSU.  The fall 2015 enrollment was 31,527 students, a 2% increase since the year before, which includes the fourth largest freshman class at 5,624 students.  The overall enrollment is the largest enrollment at LSU since fall 2004.

 

-Katherine Harang-Bourgeois

Kat