Syracuse University has received approvals from the Board of Trustees to convert the Sheraton Syracuse University Hotel & Conference Center into a nearly 400-bed, on-campus student community. Development will begin in May 2024 and is slated for completion in fall that same year.
The repurposing of the 1985-completed hotel is part of the university’s program to relocate the south campus housing to the main campus. The plan also includes the construction of more than 12 buildings, many of which will be residence halls.
Located at 801 University Ave., the community will be within walking distance from the university. JMA Wireless Dome, as well as numerous dining and retail options, including Marshall Square Mall, are within walking distance. Downtown Syracuse is 1.3 miles away.
This conversion is part of Syracuse University’ Campus Framework program, which will guide future campus planning and development for the next 20 years. Over the last two years, the university purchased several properties around campus in a $12 million deal, as well as The Marshall, a 385-bed student community, for $69.4 million.
There are two more student communities in planning stages that will serve the university, Yardi Matrix data shows. Upon delivery, the properties are set to encompass 355 units, or 1,030 beds.
According to the latest student housing national report from the same data provider, this year’s preleasing at Yardi 200 universities reached 95.1 percent in September, below the 96.2 percent registered last year during the same period, but above previous years. Year-over-year rent growth averaged 6.3 percent through the fall leasing season this year.
