Main Street Commons opened last year, which houses mostly seniors, graduate students and interns, and very few underclassmen.
“We would be more than welcome to house freshman, but that is against the Bradley housing policy which requires all freshmen to live on campus,” said general manager Greg Colwell.
Colwell said there are no retention rates to base their success off of yet, since Main Street Commons has only been open one year. But he says the retention rates would still be diluted even if they had been open longer because the majority of students living there only stay for one year, maybe two. However, the retention rate still grows for those students who live in Main Street Commons for graduate school.
“I believe this high retention is a direct reflection of our high resident satisfaction and the quality of our community,” said Colwell. “Main Street Commons has a lot to offer that they can’t find as easily in the market.”
A potential second set of apartments, called “phase two,” is still a possibility for fall of 2013, he said.
“We really wanted to concentrate on making the first building top notch and a priority,” said Colwell. “It is important that we take in resident feedback and gauge the market prior to putting up our second building.”
This summer Main Street Commons further concentrated on filling its commercial space, adding two student/resident focused tenants in Random, a clothing boutique, and Leaves N’ Beans, a coffee shop which will arrive this winter.
Colwell said Main Street Commons is priced in accordance to the market, but is constantly gathering resident feedback.
“All inclusive may make us seem more expensive, but once you break down everything added we are an affordable choice in luxury housing,” said Colwell.
Colwell said listening to residents and being market aware will undoubtedly result in a fair rate. Main Street Commons expects to release rates for next year in the upcoming week.