If Austin Park is approved, the number of units for the two projects would surpass the number of building permits for apartments in the entire Dayton region — which includes six counties — in the past three years, according to statistics used by the Homebuilders Association of Dayton.
Pending permits, ground is expected to be broken on The Flats late this year with the first phase scheduled to be ready for occupancy by the spring of 2016 and all phases done later that year, said Stephen Dronen, development director of The Fortus Group.
The Fortus Group, which owns and manages the 4.33-acre project, thinks the market is ripe for housing at Austin Landing, which is being developed with a focus on pedestrians, Dronen said.
“A common trend is newer multi-family communities are now being designed to capture the lifestyle of residents preferring a walkable, urban lifestyle,” he said in an email, noting proximity to new restaurants and a retail grocer on site.
“When combined with the other restaurants, shopping and over 2,200 office jobs right on site, we really believe that the Flats will complement the development nicely and create a very attractive living option,” he said.
The Flats received unanimous approval from Miami Twp. trustees Tuesday night. It will help “round out” Austin Landing, said Miami Twp. Trustee Doug Barry.
The Austin Landing apartments will consist predominantly of one- and two-bedroom units, and are not expected to be adversely impacted by Austin Park, Dronen said.
“It’s a different project. It’s a different product. And it’s aimed at different customers,” he said. “We feel that Austin Landing is a premium location and it’s a deep market.
“We believe that a residential development, fully integrated into the overall Austin Landing development will prove to be a very attractive option for people looking for that true live-work-play environment,” according to Dronen. “Our amenities, interior finishes and community design will appeal to those interested in living in that type of residential environment. We’re confident in the demand for our product.”
The Flats will include units ranging in size from 500 to 1,100 square feet with preliminary pricing calling for leases ranging from $800 to $1,675 a month, according to Fortus.
The complex will include an attached four-story garage with 294 vehicle spaces with 109 additional surface parking spaces and an area for bicycle parking, said Kyle Hinkelman, assistant planning and zoning director for the township.
Amenities will include two courtyards, one of which will a house a swimming pool, and a dog park, according to Fortus.