UMR Student housing project, which will transform the DoubleTree hotel building in Rochester, NY, which is located approximately three miles from the University, into a 400-bed residential complex for students in downtown Rochester, is underway.
The US$ 7.6M project is developed by the University of Minnesota Rochester (UMR), a public university in Rochester, Minnesota, in collaboration with DoubleTree Hotel. Titan Development will handle the leasing arrangements when the residential project is completed by fall 2023, afterwards, the lease will run for a 12-year duration, with a possible extension to 2041.
The project was recently approved by UMR’s Board of Regents and according to the school officials, additional student housing has become a priority, in order to keep up with UMR’s future growth requirements.
Features and Leasing arrangements for the UMR Student housing project
The UMR Student housing will involve renovating about 200 rooms on 9 floors of the DoubleTree hotel building, located at 150 Broadway Avenue, which will provide accommodations for UMR’s first-year students. The student lodging will occupy floors 3 to 11 of the building and feature a study room, reception hall, dining hall, fitness centre and up to 400-bed spaces.
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The 9 floors intended for the UMR Student housing project, will be leased by the UMR at a rate of $3.06 million per annum over the 12-year duration, with a gross rent increment of 1.75% every year. UMR is also expected to pay for a portion of the real estate taxes and utilities in the first year, estimated at $1.01 million. As part of the leasing arrangement, Titan will provide dining services, which offer students meals 3 meals a day and 7 days a week, throughout the academic year.
