REAL ESTATE NEWS

GREYSTAR MAKES FIRST VENTURE IN EUGENE, OR WITH STUDENT HOUSING PROJECT

Published on Friday, October 16, 2020

Union on Broadway marks Greystar’s first venture with Star America and its first ground-up development in Eugene which has a projected completion in August 2022.

 

EUGENE, OR—Plans are afoot to develop a $100 million 357-unit student housing project named Union on Broadway at 476 East Broadway. Greystar and Star America Infrastructure Partners, together with its related entities Star America, recently acquired the site.

This project marks Greystar’s first venture with Star America and its first ground-up development in Eugene. Construction will commence immediately with a projected completion in August 2022.

“We are pleased to begin work on this new community at an exciting time for Eugene and the University of Oregon,” said Doug Burges, director of development, Greystar. “This project will provide student housing in a vibrant location with proximity to the University of Oregon, downtown Eugene and the riverfront redevelopment. We look forward to working with our joint venture partner Star America to bring Union on Broadway to life.”

Union on Broadway will encompass 12-stories with 608 beds and a retail component on the ground floor. Ankrom Moisan Architects and Eugene-based contractor John Hyland Construction Inc. will oversee design and construction, respectively.

“This project represents Star America’s seventh investment in the growing higher education infrastructure space. We are pleased to initiate a new relationship with best-in-class developer Greystar to meet the growing housing demands of the students at the University of Oregon,” said Christophe Petit, president of Star America.

Future residents will have access to a top-floor fitness center, collaborative study lounges on each floor, a computer lounge, conference rooms, an activity and game room, a media lounge, subterranean parking and bike parking, and an outdoor amenity space complete with a spa, terrace, grills and lounge seating. Units will be furnished and amenities will include an in-unit washer and dryer, private bathrooms, Internet and air conditioning.

The 1.1-acre site of Union on Broadway is located just five blocks from the University of Oregon on East Broadway, a major thoroughfare complete with restaurants and retail. It is also adjacent to a Whole Foods Market and within a block of Eugene’s downtown Riverfront redevelopment site, which aims to revitalize the riverbank with high-end retail, restaurants and green space.

“We’re excited to provide a student-focused development in the rapidly transforming Broadway corridor, which is both functional and appealing to the community,” Burges tells GlobeSt.com. “The project was designed with University of Oregon students in mind, however it is open to all.”

Updating a school’s space planning to properly respond to recommended social distancing policies will help create a safe and welcoming environment for students in upcoming semesters, according to a student housing report by Cushman & Wakefield.

On-campus housing encompasses several layers, each with its own considerations. Overall, however, residents will need to continue to abide by social distancing rules to ensure these space-planning objectives are effective.