NORMAN — Construction on a five-story gated apartment complex expected to attract primarily University of Oklahoma students has begun at the southeast corner of Lindsey Street and Classen Boulevard.
The Millennium will have 196 units, ranging from studio apartments to five-bedroom floor plans, for a total of 698 beds.
Real Capital Solutions began construction April 28 on the $32 million project, which is expected to open for the 2015-16 school year.
All units will be equipped with luxury finishes, such as granite counter tops, stainless appliances, hardwood-style floors and other high-end features. Additionally, each unit will have a balcony and a private bathroom for each bedroom.
“Today there’s demand for Class A-plus student housing that’s walkable to campus,” said Lance McFaddin, with ParkGreen Living, the development manager. “Walkability, technology and amenities are immensely important to students today.”
This type of “resort living” housing isn’t affordable for everyone, but the demand is there, McFadddin said.
Students today want to lease by the bedroom, rather than by the unit, as long as each has a private bedroom and private bathroom, he said.
Residents of The Millennium will enjoy amenities that include a multifaceted clubroom, resort-style pool, oversized spa, multiple sports courts and a state-of-the-art fitness center, he said.
The project will include approximately 723 parking spaces, about 600 of which will be within a parking structure.
InfiniSys electronic architects are designing the technology and other electronics. Parkcrest Builders is the general contractor. Ted Trout Architects, Spectrum Design of Houston and Cardinal Engineering of Norman designed the project. Innovative Real Estate Companies will provide management.
“We are excited about developing an urban infill product in Norman that will resonate with university students and other millennials,” said Marcel Arsenault, CEO of Real Capital Solutions, Louisville, Colo.
Norman City Council members approved land use and zoning changes in November to allow for construction of the complex.
“The University of Oklahoma is home to roughly 24,000 undergraduate students enrolled in on-campus programs,” said Tim Fredregill of Real Capital Solutions. “While students are required to live on campus during their first year at the university, most opt to live off campus afterwards. We believe The Millennium will be a popular choice for them.”