As the new school year starts, a new option for student housing is available for the upperclassmen at TCU. The Vue, a 118 suite mixed-use development featuring covered parking and a new location for The Londoner (a restaurant opening later this year), opened its doors fully leased. From the developer:”This was not an uncomplicated project. Six Sigma would tell us that a project of this complexity, with little margin for error both physically (on a tight site) and in schedule, with a new team, would be an almost certain failure. Instead, it is an unmitigated success.” Although construction started on the project only a year ago, the project has a much longer history. As a site within range of a 2 iron, its value has been recognized for years as a prime development for student-focused multifamily. Several years before Centerpoint was involved, a project was assembled – drawings were prepared, the permit was ready to be pulled, and all was ready to go: with one small problem: the cost of the land coupled with the high cost of the building made the deal impossible to underwrite despite the strong rents and obvious location.

We took a look at the site, studied the zoning ordinance, and discovered there was a more efficient way. We studied the needs of our very knowledgeable client and through a collaborative effort between our design team, the City of Fort Worth, and our estimators, came up with a better way. Our solution satisfied the zoning requirements for higher density, all while removing an entire upper floor and cutting the excavation in half. This revised design resulted in a 20% hard cost savings. With our new solution in hand, we were able to create a project that was not only economically viable, but provided a platform for our client to continue with another similar project in the same market. Our client, Brent Little, with Fountain Residential Partners, summarized the end result best: 100% leased in April Above pro forma rents Turned over ahead of schedule Construction savings