By Errol Castens
OXFORD – Two Georgia-based real estate entities will start construction soon in Oxford on a mixed-use, high-amenity housing development aimed primarily at college students.
The 208-unit develop- ment will accommodate some 750 students. It is not officially named but includes an existing 39 houses in the Grove Hill neighborhood that were left unfinished by unrelated developers.
“While we’re incorporating existing homes into the new community, we are anxious to create something that the entire community can be proud of,” said Andy Feinour, senior vice president for CarterUSA, an Atlanta-based development, investment and consulting firm. “We are committed to this community.”
Developers promise a host of new amenities in the hillside neighborhood off Molly Barr Road, near University-Oxford Airport.
“Our aligned interests and vision will transform a traditionally homogenous sector of the multifamily industry into one of its most progressive,” said Judd Bobilin, president and CEO of Chance Partners, which is working with CarterUSA. “Students at Ole Miss will be the first to experience a truly unique and world-class New Urbanist community that will be celebrated for its creativity and foresight.”
“We think the way in which we integrated the various pockets of neighborhoods and amenities and retail really provides an experience that’s not available there,” Feinour said. “It’ll be a live/play community, a walkable community.”
Among the amenities planned are a clubhouse, retail outlets, a coffee shop, three swimming pools, fitness center with tanning facilities, basketball court, carwash and dog wash station, walking and jogging trails, dog park and spaces for playing bocce ball, horseshoes and sand volleyball.
The developers say a growing student population makes Oxford an inviting housing market.
“We have obviously been tracking the growth at the university and feel very, very positive about its potential for continued growth,” Feinour said. “But we really love the community.”
Feinour added that construction on what is expected to be a $39 million development will begin “immediately” – as early as next week – with completion planned in time for the 2013 fall semester.