Dinerstein Readies For $40M Project
Demonstrating that patience can bring its rewards, Dinerstein Cos. closed on a 15-acre tract, which will be the site of a 312-unit student housing complex. The project, which is as yet unnamed, will be built through Dinerstein’s Sterling University Housing division, cost approximately $40 million and will be ready to house students at the University of Alabama by the fall 2011 semester.
The development at 14th street and 10th avenue is the Houston-based company’s first student housing project in the area, though Dinerstein isn’t really a stranger to the market. “We’ve been trying to do a student housing development in Tuscaloosa for years, but the only deal we could make work a few years ago was a condo deal targeted toward alumni and football fans,” Dinerstein’s principal John Caltagirone tells GlobeSt.com. He says that Crimson Place Condominiums at the University of Alabama sold out even before ground broke…