Fresh off the success of its Edgewater Apartment Homes community in Lancaster, Young Development is moving forward with a new, smaller residential project a few miles away that will add another 50 units to the suburban town mix.
Young is working on plans for his new Edgewater East, featuring five new two-story buildings on a 5-acre plot that the developer has under contract. The site at 6026 Broadway, Pavement Road, is located across from Clover Management’s Lancaster Commons seniors’ complex and across from the Lancaster Country Club. It is already properly zoned for the project, which will be similar in design to Young’s downtown apartments at 4800 Transit Road.
“We are excited about this project,” said Joseph Young, regional property manager and son of company founder Bryan Young. “These will be high-end units.”
Designed by Carmina Wood Design, the new $17 million project will feature 10 apartments in each building, each with an attached garage and either a ground floor direct entrance or a walk-up floor for upper units. The mix includes one-bedroom units averaging 875 square feet, two-bedroom units ranging from 1,150 to 1,200 square feet, and three-bedroom apartments ranging from 1,250 to 1,350 square feet.
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Not including the property purchase and site work, Young said the company was spending about $240,000 per apartment on the project. Rents will average around $1,575 for one-bedroom apartments, $1,840 to $2,100 for two-bedroom apartments, and $2,000 to $2,360 for three-bedroom apartments.
The developer is working with city officials in Carmina and Lancaster to ensure the project will meet the requirements, although Young said it will still need “a few variations”. He said he expects to get municipal approval by the end of the year, with construction starting next spring and completion 12 months later.
Young Development previously built the largest Edgewater project at 5820-5828 Broadway at the intersection of Bowen Road with a total of 235 units. It was built in two phases over the past few years and has a high occupancy rate, Young said.
This justified the currently proposed expansion project and also provides the scale to manage the new units from the existing Edgewater office, which already has a property manager and leasing agent. “It makes sense to put 50 more units in this office,” Young said.
The new project also fits with Young’s emphasis on development along high-visibility main roads.
The company’s other projects include the $75 million Midtown Apartments mixed-use development with over 360 apartments and retail space at 6386 Transit in Cheektawaga, Park Lane Villas North and South in West Seneca, Fox Trace East Apartments in West Seneca and the Woodside Villas on Transit in Depew.