Ciminelli Real Estate Corp. completed its sale of the land within Muir Woods to Aspen Heights Partners of Austin, Texas, for $8.5 million. That will enable the student-housing developer to move forward with its $83.3 million project, a residential complex of cottage and townhouse-style units with two to five bedrooms in each, plus a clubhouse.
Plans for the two-phase project at 1081 N. French Road call for construction of 220 units and 866 beds in the first phase, followed by another 295 units and 925 beds. More than 1,400 parking spaces are also planned, along with an extension of John James Audubon Parkway into the site.
The project – which received $9 million in tax breaks – is expected to be completed in summer 2023.
The project is one of three major components of Ciminelli’s effort to redevelop the 110-acre Muir Woods site north of the Lockport Expressway, or I-990. Additionally, Ryan Homes is using 46 acres to build 133 single-family homes in the $50 million Preserve at Muir Woods. And family-owned custom homebuilder Severyn Development is planning Sawyer’s Landing, a $48 million complex with 202 new residences on 17.42 acres.