Construction on a 17-story student housing tower at the corner of Assembly and Washington streets in downtown Columbia is now underway.
CRG, the real estate development and investment arm of Chicago-based Clayco, and student housing private developer and operator Landmark Properties broke ground on The Standard at Columbia on Tuesday. The 678-bed tower will include 247 fully furnished units, a rooftop pool, a fitness and wellness center and other amenities when completed in fall 2023.
“After many years of competing with Landmark for the best sites in the best university towns, it was fun to be able to put together a synergistic partnership that brings our two teams together to create a signature property for the students in Columbia,” J.J. Smith, CRG managing partner, said in a news release. “The Standard will create an unmatched experience for students in downtown Columbia.”
Apartments will range from studio to five-bedroom units in the 443,000-square-foot building. Preleasing will begin this fall, according to the release.
“We’re excited to partner with CRG to bring this premier student living experience to residents of Columbia,” Wes Rogers, Landmark Properties president and CEO, said. “There is strong demand for quality living options in the downtown submarket, and this project will deliver unsurpassed amenities to serve students at the University of South Carolina.”
Citizens Bank provided construction funding, while CRG’s integrated partner Lamar Johnson Collaborative designed the project. Parent company Clayco will serve as the general contractor.
“This project highlights the strength of our vertically integrated platform,” said Bethany Crispin, senior vice president and leader for Clayco’s residential business unit. “With J.J.’s team and our partners at LJC, we are able react quickly to develop, design and build premier multifamily and student housing projects across the country. We’re excited to deliver this building for the Columbia community, and we will continue to identify additional opportunities here.”
CRG’s residential group has projects across 40 states and seven countries, sourcing and developing more than $6 billion in residential communities and 40,000 units in the multifamily, co-living, senior and student housing markets.
Landmark Properties is also developing two other student housing properties in conjunction with the Columbia project. The Standard at Philadelphia, adjacent to the University of Pennsylvania and Drexel University, and the Standard at Bloomington, near Indiana University, will combine with The Standard at Columbia to add 2,544 new beds to Landmark’s portfolio, according to a news release from the company.
The Philadelphia project will feature a 280-unit, 802-bed property with floor plans ranging from studios to six-bedroom apartments, while the Indiana property will have 1,064 beds in 439 units.