Finished Phase 2 at downtown apartment complex brings influx of renters, spurs more business activity on block as classes are set to start at University of Akron
By Betty Lin-Fisher
Beacon Journal business writer
Published on Monday, Aug 16, 2010
Luxury complete for more students at 22 Exchange
The second and final phase of a luxury student apartment complex in downtown Akron will open this weekend. Saturday is move-in day for what is called 22 Exchange, a project that cost more than $26 million to build in the block bordered by East Exchange, High, Cedar and South Main Streets.
The complex houses 141 beds in Phase 1, which opened last fall and was fully occupied, and 330 in Phase 2. The complex is 90 percent occupied and Michael Weiss, project manager for developer Richland Communities LLC, anticipates it will be 95 percent to 100 percent occupied by the start of University of Akron classes next Monday.
The complex, which includes such amenities as a workout facility, tanning bed, game room and student study rooms and media rooms, is designed to be a ''living/learning community,'' Weiss said. The facilities are for residents only, though residents can bring a friend to use them.
Richland Communities, based in Middleburg Heights, has been in the development business for 25 years, but has focused on student housing for the last five years. The company has two similar projects at Kent State University.
''We think Akron seems to be a very strong market for this type of demand,'' Weiss said.
Residents must be registered students at an accredited university and most are undergraduates, Weiss said. Rentals are by the bed, and there are two-, three- and four-bedroom units, which come fully furnished with indi
vidual bathrooms and rooms that lock. A common living room, kitchen with granite countertops and laundry facilities are in each unit. Each unit also comes wired for Internet and free cable with HBO.
This isn't your grandmother's or even your father's college living space.
''Our goal was to kind of be able to add on and enrich the ultimate college experience,'' Weiss said.
Weiss described the complex as a combination of dorm life and living independently. There are resident events, such as a Super Bowl party and festival during finals week. There is a full-time property manager and six community assistants who are similar to dorm resident assistants who live on site.
Rent starts at $599 a month per person for a four-bedroom unit and can go as high as $769 a person for a two-bedroom corner apartment. All amenities and utilities are included and billed directly to individual roommates, except for electric heat, which is still separated by complex managers and added to individual bills to avoid any roommate problems.
The units range from 986 square feet for a two-bedroom unit to 1,621 square feet for some of the four-bedroom units.
Rooms are rented from Aug. 21 through July 31 of the next year. For students who go home for the summer, some might sublet, Weiss said.
Alfred Crawford II, an 18-year-old sophomore at the University of Akron from Macedonia, is renewing his lease at 22 Exchange this fall.
Crawford said he shopped last year and found that 22 Exchange was a better deal.
''If you stay on campus, you have to have the meal plan and that's an extra $1,000 a year,'' Crawford said.
He considered looking at off-campus units, but said he liked the amenities at 22 Exchange and the idea of not having to worry about whether his roommates would pay for their portion of the rent and bills.
Crawford said he used the roommate matching service through 22 Exchange last year, which worked out fine, but this year, he's moving into a newer unit with people he knows.
Zack D'Ulisse, a 21-year-old senior from Steubenville, also renewed his lease at 22 Exchange. D'Ulisse lived in a dorm for two months his freshman year and then moved off campus for two years.
D'Ulisse said several friends living off campus had experienced break-ins, so he likes having secured entrances at 22 Exchange. He also liked having one bill to pay instead of keeping up with separate utility bills.
But D'Ulisse said he knows he's paying a lot more than he was in a house — probably $300 extra a month.
''But look at the quality of everything. It's brand new, hardwood floors, fully furnished. I took all of that into consideration. They just put in a gym and that's another big thing for me,'' he said.
The complex is in a unique location, close to the university but in the heart of the entertainment district downtown, Weiss said.
Several businesses have opened in the first floor of the complex, including Jimmy John's Gourmet Sandwich and a Brubaker's Pub. Locally owned Nervous Dog coffeehouse is to open this fall between Jimmy John's and Brubaker's.
Weiss said there are no other plans for the vacant storefronts, but the developer is talking to restaurants, bars, retailers and a convenience store. The spaces are designed to accommodate various types of businesses.
Betty Lin-Fisher can be reached at 330-996-3724 or blinfisher@thebeaconjournal.com.
