New "luxury" apartment complex for ETSU students coming to town - WFLA News Channel 8

New "luxury" apartment complex for ETSU students coming to Johnson City

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A Charlotte development company has bought the old Mullican Floor Factory building on University Parkway and plans to build what they describe as luxury apartments for college students.

Construction will begin, in just two weeks, across the street from East Tennessee State University at the old factory. Monarch Ventures, the company that now owns the property, plans on demolishing the Mullican facility and rebuilding a luxury apartment complex for ETSU students in it's place.

"The group is planning to have about a 176 units," said Mitch Miller, with the Washington County Economic Development Council.

Shannon King, CEO of Monarch Ventures, says there will be a total of 576 bedrooms for rent at the new complex.  She says it could look similar to a previous development by the company in Statesboro, Georgia.  King also says there will be a and 2 bedroom apartments, and the facility will most likely also have a pool, gym and coffee bar.

King says she sees a need for more apartments near ETSU, something county development officials agree with.

"ETSU is a high-growth area, they continue to grow with their program.  I see future enrollment growth in the next 5 years.  The need is there.  There is going to be a need for housing in and around ETSU," said Mitch Miller.

Some students say there is already a need.

"I feel like there are not enough apartments to choose from around here," said Chica Ozodiegw a student at ETSU.

Chica says she is eager to see what the future holds for the property.  However, she is concerned with rental prices as the apartments are being called "luxury".

"As a student you have just a limited budget," said Chica.

Some students say even if the apartments cost a little more, there are perks that could make it worth it.

"It's a nice facility and you could probably walk to class and save yourself some gas money," said Fidelis Ikwuenb, another student at ETSU.

According to Monarch Ventures however, the price to rent an apartment in their new luxury building will be comparable to other apartment complexes in the city and will be somewhere between $500 and $600 dollars a month.  The company says it will begin leasing apartments for next fall in early October.

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