Commercial real estate trade publications might not be regular reading around the breakfast table. But the story has been making the rounds this week, including in the Portland Business Journal.
We kind of like trade publications, kind of, sort of, but most people overlook them. The presumed tallest structure in town, by nine feet, will be hard to overlook, though.
And the new information sets an opening date, kind of, sort of.
(Photo “The Zev” construction site/The Corvallis Inquirer)
Those trade publications say Fields Holdings has now secured a $94.8 million construction loan for Zev, the 13-story student housing development planned for 516 SW Fourth St.
Affinius Capital provided the financing for the project, which is planned to contain 262 apartments with 667 beds and 4,500 square feet of retail space. Completion is scheduled for fall 2028… most likely right before school starts.
At 135 feet tall, Reser Stadium is the current tallest man-made structure in the city and in Benton County history. The Zev is planned to reach 144 feet, putting it nine feet above that mark.
…speaking of Reser Stadium, recent news, not a trade publication, and Oregon State Football, Sports Illustrated posted an interesting “tabloid-esque” style article today on The Beavs possibly leaving Nike for Adidas. It’s an interesting read you can find here.
The Zev’s financing announcement drew national coverage from a range of trade publications. The lender, Affinius Capital, cited growing enrollment, limited competing new housing, and proximity to OSU as reasons for backing the project.
The borrower is Fields Holdings. “Fields Holdings has assembled a project that will raise the bar for student housing in Corvallis, and we’re proud to back its development,” Tyler Figley, Affinius Capital’s senior vice president, said in the announcement.
ARRIS Studio Architects, which published renderings of The Zev, describes ground-floor storefronts to encourage pedestrian activity. Second-level courtyards divide the building into three sections to soften its mass, and top-floor indoor and outdoor amenities will offer views across the city.
(Photo: ARRIS Studio Architects)
The financing announcement does supply something earlier renderings did not. The closing of a substantial construction loan and a target opening date of Fall 2028.
For the real estate industry and other trade publications, it’s a $94.8 million transaction. For all of us here in town, it’s a change we’ll live with long after the deal has closed.
Anyone else wondering what their SDC fees will be?
This article was written by Jackson Hayes, a contributor to The Corvallis Inquirer. Feel free to send us your stories or articles to publish at: editor@corvallisnow.com
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Excellent! More affordable housing for the middle class!