| Last Updated ( 07/29/2010 15:56 ) | |
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| Capstone Developing Lodge Community at Michigan State |
 East Lansing, Mich. — Birmingham, Ala.-based Capstone Development Corp. is developing a new off-campus student housing project in East Lansing that will serve students at Michigan State University. Known as The Lodges of East Lansing, the community will feature 220 one- to four-bedroom units with a total of 683 beds. It will be constructed in a lodge style that, as the developer describes, "is a unique blend of urban infill and English Tudor architecture." Parking will be located behind the buildings, and parks and community spaces will be spread across the grounds to encourage students to gather. Amenities will include a clubhouse that features a study room, a fitness center, a tanning salon and a resort-style spa. Outdoors will be a heated pool, a plaza with a fountain, and volleyball and bocce courts. The Lodges of East Lansing is expected to be open to students by fall 2011. Capstone's in-house construction division, Cottage Builders, will serve as construction manager for the project. Other members of the team include Grand Rapids, Mich.-based Wolverine Building Group and Birmingham-based Dungan-Nequette Architects. Upon completion, Capstone Properties will lease and manage the property. Construction financing consisted of a senior construction loan from Birmingham-based BBVA Compass and a mezzanine loan from Tampa, Fla.-based Seminole Financial Services.
— Coleman Wood
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