By Jesse Wood
Reminiscent of The Cottages of Boone in 2013, another mega student-housing developer bit off a little bit more than they could chew – as far as meeting the back-to-school, move-in deadline.
On Tuesday, Landmark Properties announced that it would not be able to complete The Standard of Boone development next to McDonald’s on U.S. 321 by Aug. 13, the weekend before Appalachian State University begins the 2016 fall semester.
As late as last month, staff at the leasing office and a senior executive at Landmark Properties told HCPress.com that the construction schedule was still on pace to conclude before the fall semester begins.
Now, Landmark Properties states that “unforeseen construction delays, challenging weather conditions and a tight labor market” are causing move-in delays for most of its tenants until early October. All of the lessees have been notified of the delays, according to the company.
Similar to what happened with tenants of The Cottages a few years back, tenants now have two options:
Option 1: Residents will be provided temporary housing at a nearby hotel in Boone. Landmark Properties will incur all costs and make all arrangements. Additionally, their rental accounts will be credited at half the prorated daily amount for the number of days between Aug. 13 and the day they move into The Standard. For example, if their monthly rent is $830, their daily credit would be $27 / 2, equaling $13.50 for each day they are delayed. Finally, these students will also receive a $250 gift card upon arrival at their hotel as a concession for this inconvenience.
Option 2: For those students who do not require temporary housing (for example, they have chosen to live at home or stay with a friend or family member), Landmark Properties will provide an account credit at double the prorated daily rental amount for the number of days between Aug. 13 and the day they move into The Standard. For example, if their monthly rent is $830, the daily prorate rate would be $27 X 2, equaling a $54 per day credit to the resident’s account. They will also get a $250 gift card.
The Standard of Boone is a joint venture between Landmark Properties, Harrison Street Real Estate Capital and Stonegate Developers.
The Standard of Boone is a mixed-use development that features more than 560 beds, a 155,000-square-foot parking deck with about 500 spaces and 12,600 square feet of commercial space fronting Blowing Rock Road.
The project is being built in between Faculty Street and Blowing Rock Road on a formerly blighted stretch of property that used to consist of several old houses, apartment complexes and hotels, including the rundown Red Carpet Inn and condemned Scottish Inn. According to documents submitted to the Boone Planning and Inspections office, the project is estimated to cost $42 million.
Demolition began in January of 2015.
The last mega student apartment complex to be built in and around Boone was The Cottages of Boone in 2013. Capstone Collegiate Communities opened the nearly 900-bed development above N.C. 105 – but not until after delays led to tenants living double occupancy in hotel rooms during the beginning of the fall semester. CCC announced the delays weeks in advance of the move-in date, too.
According to 2013 HCPress.com article, “The Cottages gave the tenants the option to pay rent for the first month, live in a hotel room for a minimum of 30 days and be supplemented with a $15 per day credit. Or they can choose to live elsewhere and move in once the unit is finished.”
In late June, the folks developing The Standard of Boone said they didn’t foresee a similar turn of events happening.
“We have a construction schedule that has us meeting this deadline and are diligently working to meet it,” Andrew Young of Landmark Properties said a few weeks ago.
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