Saturday 10 December 2022
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Large Construction Project for Off-Campus Student Housing in Syracuse to Include Tanning Beds, Sauna, Game Room

college dormitory buildingConstruction has begun in Syracuse for a 422-bed student apartment complex. The giant complex will be part of Syracuse’s Outer Comstock neighborhood, and will include a large fitness center, sauna room, and even tanning beds.

The complex is shaping up to look less like student housing and more like a getaway resort, cross-fit equipment and a game room will be included in the new complex as well.

“With the college enrollment rates continuing to increase each year, the demand for student housing has never been higher,” said Dan Fuchs, chief financial officer for Aspen Heights Partners. “These projects provide an excellent investment opportunity in a burgeoning university economy.”

Chron reports that Aspen Heights Partners (AHP) recently announced similar projects in Houston, Texas, at the University of Houston, Ames, Iowa, and an undisclosed fourth market. AHP has secured $109.9 million in financing for the construction projects. AHP began in 2006 and has since developed and run 15 off-campus student housing developments.

The Onondaga County Industrial Development Agency approved numerous aspects of the project in November, including mortgages, sales, and tax exemptions, which, over a 12-year period, will be worth $3.47 million.

“Everything a student would need is going to be in this project,” said Samir Tawil, who, through Innovative Acquisition Group LLC, originally proposed the building project and sought the tax exemptions.

In the Syracuse area, there has only been one situation in recent memory when a developer like Tawil attempted to seek tax breaks from an industrial development agency for a building project. In 2014, Robert Congel tried to acquire a 20-year property tax exemption for a proposed $75 million hotel across the street from Destiny USA.

This year, Cognel asked the county to put the hotel project on hold and to stop reviewing its application.

While these amenities may seem amazing, it’s worth remembering that skin cancer rates have more than tripled since 1975 partly due to the popularity of amenities such as tanning beds. Luckily, students should be too busy studying and enjoying the best years of their lives to tan too much.