January 09, 2012

BY CYNTHIA SEWELL - cmsewell@idahostatesman.com

Copyright: © 2012 Idaho Statesman

Three proposed apartment complexes totaling more than 500 units are being touted as appealing to university-oriented tenants.
It is no coincidence that the first post-recession wave of large Boise housing projects are for high-density, multifamily units near Boise State and Downtown, said David Wali with Colliers International real estate brokerage firm.
“Across the country,” he said, “multifamily construction is ahead of the curve in almost every community.”

After nearly four years with little to no housing activity Downtown, three large projects are coming before the Boise Planning and Zoning Commission next month: The District at ParkCenter, River Edge near Ann Morrison Park and 916 Park near Washington Group Plaza.

The reasons that multifamily housing has been one of the first sectors to recover from the recession, Wali said, are twofold.

First, banks are more willing to lend for multifamily housing projects than for single-family homes; and second, the demand for rentals is increasing because of the number of people who gave up or lost homes during the recession.

Demand for housing near Boise State and Downtown Boise is growing, too.

Ever-expanding Boise State University, with about 20,000 students and almost 4,000 faculty and staff members, is comparable in size to the city of Eagle.

“If you know you will have a steadily growing base of potential consumers of your product ... naturally you will want to locate your product next to them,” Wali said. “A university student is a perfect example of someone who does not buy a house.”

Adding to the area’s appeal is its proximity to Downtown Boise — the state’s financial and governmental district and home to St. Luke’s hospital, one of the area’s largest employers — and the Boise River. The 22-mile Greenbelt that parallels the river, several city parks and the new whitewater recreation park make it a prime recreation destination. That means the apartments will be close to places where people work and play.

“When you are on the Greenbelt, it is amazing how close things are,” Wali said.

All three projects’ applications state they are geared toward Boise State students or professionals working Downtown.

River Edge Apartments on Royal Boulevard proposes a “modern, state-of-the-art living environment” oriented toward Boise State University students; the 916 Park project “is designed to meet the needs of professionals working downtown”; and The District at ParkCenter is geared toward the “high end” and “tech savvy” demographic.

None of these goals guarantees that all three — or future projects — will succeed.

“If they hit the right price point, the right demographic and the right location at the right time, they will get built,” Wali said. “But you can’t tell until you get to the end.”

Cynthia Sewell: 377-6428

BSU News Paper Article about River Walk

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Terre Haute, IN (PRWEB) Tuesday, April 29th, 2010—GG Land Group, an Illinois based development company has concluded its acquisition of a 12 acre multi-family site that will be developed for student housing. The subject property is well within walking distance from Indiana State University. The property will be designed to accommodate 190 units and 570 bedrooms and will have fabulous amenities for the students. GG Land Group has entitled over 10,000 residential lots as well numerous commercial projects throughout the United States. The Indiana State acquisition was done on behalf of one our institutional partners that has decided to expand their student housing portfolio. “In the recent real estate downturn, many larger companies have been forced to layoff their acquisition staffs and have engaged GG Land Group services to provide these companies with professional acquisition and entitlements services” stated GG Land Group CEO, Tom Galuski.

GG Land Group is a comprehnsive estate development company who currently owns/controls land in California, Hawaii and Illinois. GG Land Group currently serves as the acquisition vendor for many larger firms involved in retail, industrial and office development. The GGLG approach involves finding and cultivating relationships with land owners, engineers and governmental officials. By maintaining these relationships, GGLG can more effectively mitigate risk and keep resources and process track and on time.

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Dec 30, 2009

by Andrew Johnsos

Lathrop CA (PRWEB) August 28, 2009 -- GG Land Group (www.gglandgroup.com), an Illinois based development company has concluded its acquisition of homes, finished lots and semi-finished lots from the Bank of America for a purchase price of $3.9 Million. GG Land Group has entitled over 10,000 residential lots in Northern California in the past decade and syndicated those projects to many of the national and regional builders. "With the state of the economy and the housing market in particular, it makes more financial sense to buy existing product rather than to entitle new developments" stated GG Land Group CEO, Tom Galuski.

Bank of America had funded the development loan to a regional builder that became a victim of the housing slump. The Bank of America had sought to liquidate this development out of their REO portfolio. "With this development consisting of homes, lots and semi-finished lots, the marketing of this development was not easy in this fiscal environment. GG Land Groups expertise and professionalism made this transaction a model for other REO dispositions to follow" remarked Derek Hinson, a bank spokesman.

GG Land Group will precede to sale the existing homes while marketing the finished lots to builders who are now beginning to re-enter the housing market. Additionally, GG Land Group will continue to aggressively pursue other subdivisions that are for sale throughout California. "We hope to acquire an additional 1,000 lots by the end of the year" said Michael Carouba, GG Land Group's Vice President of Acquisitions.

GG Land Group is a comprehnsive estate development company who currently owns/controls land in California, Hawaii and Illinois. The GGLG approach involves finding and cultivating relationships with land owners, engineers and governmental officials. By maintaining these relationships, GGLG can more effectively mitigate risk and keep resources and process track and on time.