The 505 – Springfield, Missouri

203 units / 509 beds

The 505 is a $53M, 203 unit, fully amenitized luxury student housing development, the first of its kind in the City of Springfield. The project houses a diverse and dynamic residential community providing Class A, luxury residences to a tenant base of students, young professionals, and traveling corporate professionals. CTI Housing sponsored the project from its inception, through the completion of construction, and now owns and manages the property.

The development is located on a 2 acre site within a QOZ in the heart of downtown Springfield, walking distance to the Missouri State University Campus. CTI Housing successfully secured financing under historically challenging market conditions in March of 2020, and negotiated with the City of Springfield to secure a 100% abatement of property taxes for 10 years, followed by an additional 5 years at 50%.

The project was completed on-time and on-budget during the COVID-19 pandemic.