The North Walnut area’s new student housing development has been approved by the Bloomington Plan Commission

Bloomington, Indiana – During its meeting on April 15, the Bloomington Plan Commission approved Bloomington Hub II, a new student housing facility with 1,143 beds. The North Walnut neighborhood surrounding the stadium will have several single- and multi-family homes demolished to make room for this new development.

The concept for Hub II was put out by national student housing developer Core Spaces, which oversees student apartment buildings including the Verve and the Standard. A smaller construction in the same area, called Hub I, was allowed by the planning commission last year. The completion of Hub I is anticipated in 2025.

Hub II is located between Washington, 17th, and 19th Streets. One of the three new mixed-use student housing zones that the city adopted in 2021 is where the development site is located. In an interview on Tuesday, District III delegate Hopi Stosberg stated that at least one of them qualifies as affordable housing.

If developers like Core Spaces and others adhere to specific incentives focused on affordability and sustainability, the city permits them to build massive complexes like Hub II. Nonetheless, Stosberg stated that in response to the construction of structures significantly larger than the recommended maximum, commission members have been debating amending recent legislation.

Apart from the development’s size, developers are exempt from pricing any of their own apartments at a reasonable rate because, as per the incentive initiative, they donated $3,440,000 to Bloomington’s affordable housing fund.

According to Stosberg, house demolition in the neighborhood is slated to start in the fourth quarter of this year and be finished by 2027.

Prescriptions will be immediately moved to the East Third CVS, which is conveniently open around the clock.

Hub II will be the latest in a long series of pricey student housing projects that Bloomington has seen in recent years. Hub II’s anticipated monthly rental price is not yet available, however the two existing developments by Core Spaces have monthly rates ranging from $1,000 to $1,600. Bloomington’s average monthly rent is estimated by real estate websites like Redfin to be roughly $1,500.

Bloomington’s anticipated poverty rate in the US census for 2022 was 31.1%. Due to the huge number of students in Bloomington, who generally have lower-paying occupations and less disposable income, this number is probably biased.

The city has started working to create more cheap homes as an alternative to the constant flood of upscale buildings. The largest of these is the Hopewell venture, an affordable housing development with more than 800 units situated at the location of the former IU Health Hospital on West Second Street.

In addition, Stosberg expressed optimism over the upcoming student housing projects, pointing out that a community with such a large student population must prioritize housing for them.

“Having this one unit over there is a better use of space. It’s a good location for more students to live, the speaker stated. “We simply require additional developments aimed at a different demographic group.”