2015 Year in Review No. 5: Sky Eleven latest in student housing boom

SPRINGFIELD, JANUARY—The Queen City is in the process of adding upwards of 3,000 beds to the market in a student-housing boom radiating out of center city.

According to Springfield Business Journal research, 17 student-housing developments have been built or are under construction around center city since the $8.5 million Eko Park opened in 2009. The estimated value of those projects is over $140 million.

Among the crowd, a few notables stand out. Vecino Group’s $15.5 million renovation of downtown’s Woodruff building into 90 apartment units, dubbed Sky Eleven, opened to the public Aug. 13. With the opening, Vecino now owns 159 apartment units at the intersection of Park Central East and Jefferson Avenue, an area renamed Park East. The company is in the middle of the boom in recent years with other student-housing developments including Deep Elm, The Jefferson, Beacon Park and The U – a roughly $16 million investment.

But two other heavyweights are making their presence known: Aspen Springfield and Bear Village.

The $40 million Aspen Springfield is slated for completion at 1028 St. Louis St. in July. Representatives of Austin, Texas-based Aspen Heights Construction LLC say the investment is low risk as demand in the area is strong. They are not worried about filling the 564-bed apartment complex.  

Also near Missouri State University, Bryan Properties wrapped the third phase of the $30 million Bear Village along South Kimbrough Avenue this summer. When complete, the seven-phase project would include some 800 beds.

Other recent student housing projects include The Q’Ube, Pad Madison, University Suites, Beacon Commons and Deep Elm.