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| Stokes West’s new design proposes the multi-family building to be a continuous seven stories from the north end, at right, to the south end along Stokes Boulevard in University Circle. Previously, an eight- story building was at right, a six-story building at left, and a two-story building connecting them. That also adds two more townhouses behind on Cedar Avenue (LDA). CLICK IMAGES TO ENLARGE THEM. |
It seems every real estate developer is having similar problems — supply constraints, rising construction materials costs and rising interest rates. Only those projects that are charging top-of-the-market rents, have investors with low expectations for returns on investment, or received a ton of subsidies are getting built. So when Stokes West, which intends to offer apartment rents that are 13-21 percent lower than its peers in and near University Circle, got design approval by City Planning Commission last summer, it was already facing an uphill climb. That changed when the development team joined forces with Geis Construction Inc. and found a way to deliver the project more affordably.
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