Plans for lot in development
Parking garage, stores possible behind Perrotti’s
By Meghan Youker
Staff Reporter

The commuter parking lot around Perrotti’s Pizza may be converted into a complex of apartments, retail stores and parking spaces, if developers and architects decide development is still possible, university officials say.

Administrators chose Phoenix Property Co. of Dallas and Robert A.M. Stern Architects of New York City to develop the property, said Carol Campbell, vice chancellor for finance and administration.

The project team has until the end of December to do further financial analysis and design work to determine if it can go ahead with the project, Campbell said.

Jason Runnels, executive vice president of Phoenix Property Co., said the company is committed to going forward and could begin prep work in January.

Actual construction for the project could begin in March with completion by fall 2005, Runnels said.

If constructed, the first floor of the building would contain some sort of retail — either stores, restaurants or office spaces — but it is up to the Phoenix Property Co. to lease to the building’s tenants, Campbell said. These retail spaces would most likely face Berry and West Bowie streets, she said.

“There is not going to be an auto-body shop in there,” Campbell said.

About 200 apartments, enough for about 500 residents, would be above the first level of retail, Campbell said. Additionally, about 600 parking spaces would be located in a garage with exits on Greene Avenue and Waits Street. The parking would not be visible, because it would be surrounded by apartments, she said.

The apartments would be designed for students, who could easily walk to campus, Campbell said.

“(Students) could wake up at 7:55 a.m. and be in class by 8 a.m.,” Campbell said.

Runnels said there would probably be apartments with up to four bedrooms and four bathrooms. The apartments would be about 80 percent furnished, with all utilities, Internet, cable, phone and washer and dryer included. Rent could range from about $500 a month to $800 a month per person and each roommate would sign an individual lease, Runnels said.

“Privacy has typically been a big issue for our residents,” Runnels said. “That’s why most of our apartments have a bathroom for every resident.”

Campbell said the Phoenix Property Co. will do a market study and hold focus groups to see what type of apartments students want. Don Mills, vice chancellor for student affairs, said he will set up dates with the developers to talk to students about amenities they want.

Campbell said the apartments will be both nice and expensive.

“They will be what you call first class,” Campbell said.

Campbell said rent for apartments would be paid to the developers, who would pay the university to lease the property. Campbell would not comment on how much the university would receive.

The team designed the project assuming Perrotti’s Pizza would not move, Runnels said. Although he has not spoken with anyone at Perrotti’s, Runnels said his company would do its best to work with restaurant owners.

“If we buy their land, we can leave them in our project,” Runnels said. “It would be a great fit.”

Phoenix Property Co. built downtown Fort Worth’s Firestone Apartments and the West Village in Dallas. It has also completed a student housing project at the University of Minnesota-Twin Cities.

Campbell said administrators spent the last few weeks interviewing developers and viewing presentations from 10 different teams. TCU officials started negotiating with the selected team Oct. 3, she said.

“There are still a few i’s to dot and t’s to cross,” Campbell said.