Brookside Apartments will not build more student housing

4 years 2 weeks 4 days ago Wednesday, October 01 2014 Oct 1, 2014 Wednesday, October 01, 2014 7:06:00 PM CDT October 01, 2014 in News
By: Brittany Rendak, KOMU 8 Reporter
loading

COLUMBIA - With new student housing going up all over Columbia, one apartment owner will not build any future developments. Brookside Apartments will not be building any more complexes in Columbia due to the supply of student houses being greater than the demand.

A 14-page report reveals data that shows over the last two years the new student houses has out paced demand especially in undergraduates.

Brookside spokesperson Jack Cardetti said at this point it did not make financial sense to build more student housing.

"We originally attended to put more student housing out at our Discovery Ridge property, but instead we cancelled that. Any housing that goes out there will be non-student," said Cardetti.

The general manager for the Tiger Hotel, David Streeter, said the student complexes have helped his business.

"I think student complexes are helping to revitalize downtown. We have very few empty store fronts, and I think that is helping all the businesses in the downtown market," said Streeter.

Streeter said he said he thinks there must be a need for student housing but is not sure if it is getting too overcrowded.

"I think that there is a point that there will be over-saturation, and it may be getting close to that point. So I am not sure where they would build more Brooksides especially with Opus starting to get built. I think we may have reached the saturation point by now," said Streeter.

Cardetti said right now they have determined there is enough student housing in the Columbia market.

"The University has talked about some growth. A lot of the growth is a graduate sector, online, and some other areas. While great for the University, that doesn't necessarily increase demand for a purpose to build student housing," Cardetti said.

He said a lot of out-of-state developers have been building a lot in Columbia and instantly flip the developments to another seller.

"The owners at Brookside live and are from Columbia. They want to build something that will last a long time and run for hopefully decades to come. So it is just a different business market for some of these out of state developers," said Cardetti.

Cardetti said Brookside will continue to do analysis over the next year.

More News

Grid
List
COLUMBIA – Nineteen members of Missouri Task Force One returned to Boone County Fire Protection District headquarters Saturday morning after... More >>
1 hour ago Saturday, October 20 2018 Oct 20, 2018 Saturday, October 20, 2018 3:16:00 PM CDT October 20, 2018 in News
SPRINGFIELD (AP) — A man has been criminally charged days after a woman's body was found near Fellows Lake at... More >>
2 hours ago Saturday, October 20 2018 Oct 20, 2018 Saturday, October 20, 2018 1:58:08 PM CDT October 20, 2018 in News
SPRINGFIELD (AP) — A Springfield woman who killed her live-in boyfriend with a crowbar in 2017 has been sentenced to... More >>
2 hours ago Saturday, October 20 2018 Oct 20, 2018 Saturday, October 20, 2018 1:48:36 PM CDT October 20, 2018 in News
ST. LOUIS (AP) — A restored St. Louis prairie of native grasses and flowers is in bloom, but the nature... More >>
7 hours ago Saturday, October 20 2018 Oct 20, 2018 Saturday, October 20, 2018 8:50:24 AM CDT October 20, 2018 in News
COLUMBIA - Sen. Claire McCaskill spoke about health care in Columbia on Friday at Laborers Local 955, as part of... More >>
21 hours ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 7:35:00 PM CDT October 19, 2018 in News
COLUMBIA - After realizing the underrepresentation of Hispanic business owners in mid-Missouri, three Hispanic professionals established a group of 12... More >>
22 hours ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 5:49:00 PM CDT October 19, 2018 in News
COLUMBIA - This is the last week of the regular season and it's a cold one. Our game of... More >>
23 hours ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 5:20:00 PM CDT October 19, 2018 in Friday Night Fever
COLUMBIA - Two Midwest companies issued separate food recalls this week for bacterial contamination concerns. Hy-Vee said its supplier,... More >>
23 hours ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 4:53:00 PM CDT October 19, 2018 in News
CAMDEN (AP) — Toxicology tests show that a boater was drunk when he slammed into a bluff at Missouri's Lake... More >>
1 day ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 3:41:35 PM CDT October 19, 2018 in News
COLUMBIA - The Legion of Black Collegians and the FourFront Marginalized Student Council held a solidarity walk Friday to show... More >>
1 day ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 3:39:00 PM CDT October 19, 2018 in News
JEFFERSON CITY - The Missouri State Medical Association (MSMA), along with multiple medical associations, reaffirmed their opposition to the three... More >>
1 day ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 2:50:00 PM CDT October 19, 2018 in News
JEFFERSON CITY - For the fourth consecutive year, Project Homeless Connect provided services Friday for people who are experiencing homelessness... More >>
1 day ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 2:39:00 PM CDT October 19, 2018 in News
DES MOINES, Iowa (AP) — The Mega Millions jackpot has soared to an estimated $1 billion, as the second-largest lottery... More >>
1 day ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 12:10:00 PM CDT October 19, 2018 in News
JEFFERSON CITY - Police want the public's help finding a man who allegedly ran from a traffic stop after hurting... More >>
1 day ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 11:42:00 AM CDT October 19, 2018 in News
COLUMBIA - Two MU residence halls and an atrium were officially dedicated on Friday honoring three former MU students. Lucile... More >>
1 day ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 10:09:00 AM CDT October 19, 2018 in News
WASHINGTON (AP) — Just 1 in 4 people thinks Brett Kavanaugh was completely honest when as a Supreme Court nominee... More >>
1 day ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 9:58:13 AM CDT October 19, 2018 in News
(CNN) -- The US moved closer to acknowledging the role of Saudi Arabia in journalist Jamal Khashoggi's apparent death as... More >>
1 day ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 9:36:16 AM CDT October 19, 2018 in News
RANDOLPH COUNTY - MoDOT announced they will close Randolph County Route CC from Route FF to Route K on Monday,... More >>
1 day ago Friday, October 19 2018 Oct 19, 2018 Friday, October 19, 2018 8:30:00 AM CDT October 19, 2018 in News
Columbia, MO
Broken Clouds 63°
5pm 57°
6pm 54°
7pm 50°
8pm 47°