Developer has land-lease arrangement with the college
BEND, Ore. (KTVZ) -- Salem-based Neighborly Development begins site work Wednesday on The Veridian Apartments, a 186-unit development in Northwest Bend. The Veridian is located on the north side of Shevlin Park Road and across Campus Village Way from the Cascade Culinary Institute at Central Oregon Community College.
Here's the rest of Tuesday's news release from the developer:
The site encompasses 9.46 developed acres as well as a 0.75 acre reserve area, which will maintain additional open space on the site. The Veridian will consist of 19 three-story buildings with a mixture of 1-, 2-, and 3-bedroom apartments. The site will include onsite amenities for resident use including a clubhouse, pool, hot tub, storage sheds, dog park, outdoor open space and multiuse paths throughout the site.
Neighborly Development is a Salem-based company that specializes in multifamily developments in Oregon, Washington and Utah. The Veridian project site is being leased from COCC on a long-term land lease, and Neighborly Development is excited to bring The Veridian to Bend by working with the college.
“The land-lease arrangement between COCC and Neighborly Development offers the college a reliable and inflation-resistant revenue stream with which to help us fulfil our mission,” said Dr. Laurie Chesley, COCC’s President. “This income helps COCC continue to promote student success and community enrichment by providing quality, accessible, lifelong educational opportunities. COCC’s Board of Directors and its real estate committee worked tirelessly with William Smith Properties and Neighborly Development to ensure The Veridian Apartments project will support both community and college priorities. We very much look forward to welcoming new residents to the neighborhood in the years ahead.”
The Veridian is a market-rate project and was designed to be a high-quality development that both compliments the design of COCC’s Cascade Culinary Institute and incorporates well within the neighboring community.
The project will include 348 parking spaces, exceeding the City of Bend’s required number of parking spaces by more than 26%. The project will also preserve 89 mature trees and will plant an additional 220 trees to replace those that must be removed during development. Any trees that are removed during the project’s construction will be repurposed for educational and community needs, including wood for COCC’s maintenance projects and the college’s Forestry program, as well as donated firewood to local families in need.
“Working with the community on this project has been great,” said Richard Berger, Director of Development for Neighborly Development. “The willingness of the Bend community to engage with us during the development process has made this project possible.”
The Veridian will be managed by Neighborly Ventures, an affiliate of Neighborly Development. Leases for the project are expected to be available in Fall 2023.
For all questions or concerns related to the project, please visit the website www.theveridianbend.com