CA Ventures Announces Start of Construction on 751-Bed Mixed-Use Development Near Indiana University
CA Student Living, the student housing investment and development division of Chicago-based CA Ventures, and Regency Consolidated Residential today announced the start of construction on Evolve Bloomington, a mixed-use residential and retail complex at 1425 Dunn St. in Bloomington, Ind. Located across the street from Indiana University’s Memorial Stadium, the 751-bed community will include 8,200 square feet of retail and is scheduled to deliver in summer 2018. Pre-leasing is slated to begin in fall 2017.
“Evolve Bloomington will completely transform this near-campus stadium neighborhood by replacing outdated low-rise apartments with a contemporary mixed-use community,” said JJ Smith, president of CA Student Living. “The development’s mix of modern apartments, on-site retail and abundant amenities, including a full-sized indoor basketball court, will establish Evolve Bloomington as an upscale neighborhood-within-a-neighborhood, within walking distance of the IU campus and popular attractions nearby.”
When complete, Evolve Bloomington will feature seven buildings: a five-story main building with 183 apartments, an expansive outdoor courtyard and 2,800 square feet of street-level retail fronting 18th Street; a second five-story building with 72 apartments wrapped around a shared parking deck; a three-story building with eight residences and 5,000 square feet of ground-floor retail fronting Dunn Street; and four three-story townhome buildings with three to five residences per building.
“We envision retail options that will offer convenience for students, visitors and residents,” said Smith. “There has been preliminary interest from fast-casual dining establishments and we’d love to see a small-format grocer anchor the complex.”
In total, Evolve Bloomington will include 279 pet-friendly units in a mix of studio, one-, two-, three- and four-bedroom floor plans ranging in size from 350 to 1,700 square feet. Each apartment will be fully furnished with designer furniture and feature a modern kitchen with stainless steel appliances, European-style cabinetry and stone countertops; a 50-inch smart TV in the living room; and contemporary lighting. Penthouses include under-cabinet lighting and tile backsplashes in kitchens; 55-inch smart TVs in living rooms, with additional TVs in bedrooms; and Kohler Moxie rain showerheads in bathrooms.
The 16 townhome residences offer the same level of condo-quality finishes as the apartments while giving residents added privacy within the overall community. Each townhome features an oversized living room on the first floor and two bedrooms on each of the two upper floors – all with private bathrooms. In addition to offering seclusion from the adjacent buildings in the development, the townhome component also allows for a more seamless transition to the less-dense neighborhood to the north.
A 32,000-square-foot courtyard adjacent to the main building will offer numerous spaces for socializing, including an outdoor pool with hot tub and cabana; a jumbotron for sporting events and movie nights; a paddle tennis court; and grilling and fire pit areas. The main building will also include a full-court indoor basketball court with an adjacent glass-walled game-day lobby that will serve as a multipurpose amenity space for watching televised games or taking in live action on the adjacent court. Other amenities in the main building will include a coffee bar, game room, social lounge with kitchenette and snack bar, study lounge, fitness room, yoga studio, dedicated dog run, and a spa with sauna and tanning. In addition, private study pods will be located throughout the community.
Students at Evolve Bloomington will also have access to CA Student Living programming, designed to enhance study habits, encourage prudent financial planning and assist in attaining career goals.
“Evolve Bloomington will give students at IU what students nationwide demand: proximity to campus and fully furnished apartments with private bathrooms and finishes similar to those found in luxury market-rate rentals,” said Smith. “It also checks off all the wish-list items to enhance the college experience, including resort-level amenities where students can study, relax and build lifelong friendships.”
Atlanta-based Niles Bolton Associates is the project architect, and Indianapolis-based Gilliatte General Contractors is the project’s general contractor.
About CA Ventures/CA Student Living, LLC:
CA Ventures LLC is a Chicago-based real estate investment holding company whose international portfolio includes $6.7 billion in assets throughout the U.S. and Latin America. While initially focused on student housing, CA Ventures has since diversified into other sectors, 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.