Gables University Station: A Multifaceted Development
Gables University Station represents a significant development, embodying mixed-use concepts in both Westwood, Massachusetts, and Coral Gables, Florida, as well as providing affordable housing options near CSU Fullerton in Buena Park, California. Each location showcases unique aspects of the Gables University Station concept, from luxury apartments and retail spaces to affordable faculty housing.
Gables Station in Coral Gables, Florida
Executives at Houston-based Hines had been interested in Gables Station in Coral Gables, Florida, since it was initially put on the market last February. They closely monitored its progress, even when it went under contract with another buyer. According to Juan Jacobus, Hines’ director for South Florida, the shifting capital markets prevented the initial buyer from moving forward. Jacobus stated that the project possessed many of the qualities Hines would seek if they were developing the asset themselves, emphasizing that placemaking is a core element of Hines’ DNA.
The 1.2-million-square-foot project, developed by 54 Madison Partners and Nolan Reynolds International, features a mix of studio, one-, two-, and three-bedroom apartments, as well as penthouse units. These apartments, which are 95% leased, are managed by Hines’ property management company, Willowick Residential. The mixed-use development is unique, incorporating a LifeTime Living health club, an 80,000-square-foot luxury athletic resort, and a 25,000-square-foot coworking space, all managed by a publicly traded operator of health clubs across the country. Residents have access to these amenities at no additional charge. Jacobus described it as a 24/7 lifestyle destination.
Gables University Station in Westwood, Massachusetts
University Station in Westwood, Massachusetts, is a mixed-use development that combines commercial, residential, and assisted living spaces. When fully built, the project will have 2.1 million square feet of commercial and residential space and is projected to add $3.5 million to Westwood’s property tax revenue. In 2016, Gables University Station, a multifamily apartment complex, was constructed at 85 University Avenue, featuring 350 units. The unit mix includes one-bedroom, studio, and two-bedroom apartments, totaling 337,930 square feet.
The development includes a 350-unit apartment complex named Gables University Station, featuring 251 one-bedroom and 99 two-bedroom units. The four-story building is located directly across from the Route 128 station, providing commuter service to Boston and Providence, as well as Amtrak rail to New York and beyond. Rents in the apartment complex range from $1,900 to $3,000 per month. Planned amenities include a private cinema, fitness club, gaming room, conference rooms, business center, indoor private parking, outdoor and indoor pools, a lounge, dining rooms, and a gourmet kitchen that residents can reserve for special events. According to Jorgen Punda, a vice president at Gables Residential, the common areas will be Wi-Fi-enabled, catering to young professionals and empty nesters. The apartments also include 68 affordable units with lower rents.
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The timing of University Station’s opening was dictated by Target, which, for proprietary reasons, only opens its stores during the first weeks of March, July, and October. Other initial businesses in the development include Marshalls/Home Goods, Nordstrom Rack, Sports Authority, PetSmart, Michaels, David’s Bridal, Ulta Beauty, Kay Jewelers, Charming Charlie, numerous restaurants, and offices for Fidelity Investments. A Wegmans grocery store and Life Time Athletic, a 125,000-square-foot fitness club, are also scheduled to open.
The development of University Station was met with strong community support, with over 1,300 people attending a 2013 Town Meeting to approve zoning changes for the project overwhelmingly. Michael Jaillet, Westwood’s town administrator, noted that the affordable units would put the town over the state’s requirement for affordable housing. The town also benefits from the inclusion of Bridges by Epoch, a 64-unit residence specializing in Alzheimer’s and dementia patients. The developers have provided the town with over $6 million in mitigation money, allocated to schools, traffic improvements, and other town needs.
University Gables in Buena Park, California
University Gables is a residential community located on Sycamore Lane in Buena Park, CA, operated by the CSU Fullerton Auxiliary Services Corporation (ASC). Unlike traditional homeownership programs, buyers purchase the home but lease the land from the ASC via a long-term ground lease. This lease contains terms and conditions, including indexed appreciation, to ensure that homes remain affordable in the future and to keep the sales price lower than if the land were sold outright. This arrangement helps ensure that homes remain owned by persons affiliated with CSUF and qualified buyers.
The University Gables is subject to buyer income limits imposed by the City of Buena Park Redevelopment Agency in exchange for granting the site and entitlements for the project. At the time of purchase, all buyers must earn no more than 120% of the Orange County median income, adjusted for household size (Moderate Income). Purchasers of 11 of the townhouses must earn no more than 80% of Orange County median income (Low Income). Homes in the University Gables are available only on a resale basis, with resale prices limited to the initial purchase price plus appreciation based on the increase in Orange County median family incomes.
University Gables is a neotraditional neighborhood featuring Craftsman Bungalow type architecture. The street scene includes trees, white picket fences, and front porches, with landscaping maintained by the CSU Fullerton Auxiliary Services Corporation. Back yards are fenced and have gas hookups for barbecue installation. Neighborhood amenities include a recreational area with a pool, restroom and shower facilities, and a park. The homes offer quality appliances, fixtures, and finishes, such as built-in bookshelves and ceramic-tile kitchen counters and entryway. Master baths feature dual sinks, an oversized oval tub, and a separate glass-enclosed shower. Detached homes have fireplaces, which were also available as an option on townhomes. Specifications emphasize safety, energy efficiency, attractiveness, comfort, and convenience, including fire sprinklers; smoke & fire alarms; fireproof, energy-efficient concrete-tile roof; dual-glazed windows; extra insulation; central forced-air heating and air conditioning; gas water heater and kitchen range; 1.6-gallon toilets; concealed-hinge cabinetry; quiet floors; no-wax vinyl flooring in the kitchen, baths, and laundry; and fiber-optic connectivity. All homes have 2-car garages with automatic sectional raised-panel doors.
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University Gables is about 7 miles from the CSUF campus. The community is adjacent to a commuter-rail station, with residential neighborhoods to the west and north. Lakeside, a new upscale gated community, is located to the west, while railroad tracks and an industrial area are to the south. Like Lakeside, University Gables is partially shielded from train noise by a sound wall. All homes in the University Gables are currently owned and occupied by faculty and staff and qualified buyers.
Potential buyers are contacted by realtors in order of priority when a home becomes available. University Gables is subject to buyer income limits imposed by the City of Buena Park Redevelopment Agency. Purchasers are not required to be affiliated with CSUF, but persons affiliated with CSUF will have the highest priority for homes. All purchasers must use their University Gables home as their principal place of residence and retain employment status from the time of purchase.
Key Features of University Gables Program
The ASC has a prioritized list of tiers and categories for potential buyers. Tier I consists of individuals identified by the President of the University for special priority, current homeowners in another ASC or sponsored housing, and full-time, tenured faculty and management-level individuals. University Gables has a waitlist, and there are no set timelines for when homes become available.
The ASC has worked with lenders on the University Gables Program. Buyers should be aware that the University Gables is not a FNMA (Fannie Mae) approved development due to the restrictions placed on the community under an agreement with the City of Buena Park Redevelopment Agency. Homeowners lease the land under the terms of the University Gables Ground Lease Agreement from the ASC for a 99-year term. Ground rent amounts are reset at each resale transaction and are subject to adjustment every five years based on the Consumer Price Index. The ground lease agreement between the ASC and the homebuyer contains the Program controls designed to keep the University Gables community affordable, available, and attractive to qualified buyers over time, such as restrictions on buyer eligibility, the ASC right to repurchase, and resale price limitations.
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