Once the residential tower expansion of Studio Park is completed, J.D. Loeks just might find himself living in the “world-class” units.
Construction is well underway on the residential tower phase of the Studio Park development at 123 Ionia Ave. SW, which is a $62 million, 16-floor residential tower with apartments and condominiums. Once completed, likely in late 2024, the catalytic downtown project will be well north of $200 million in investments, said Loeks, partner in Olsen Loeks Development and president of Studio C, owner of project.
The first $130 million phase opened in 2019 and includes a nine-screen movie theater, outdoor piazza, 200-seat concert venue and multiple dining and retail options, as well as a 900-space parking garage. Phase 2 opened in 2020, including a seven-story, 100,000-square-foot office building that brought Acrisure downtown and the 155-room Canopy by Hilton Hotel. The complex also has 106 existing apartments.
As the world continues to wade through turbulent economic times with rising interest rates, increasing construction costs and tight labor markets, it might seem like a curious time to embark on a massive project. For the Studio Park development team, however, it was perfect timing.
“Now was always the timing,” Loeks said. “It became a more challenging project, but we’re feeling pretty good with what we have with the downtown market for apartments being generally fully saturated.”
Loeks said they also are hedging the investment by adding condos to the mix.
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