The Links calls for 480 one- and two-bedroom apartments on an 80-acre site west of the intersection of Wakarusa Drive and Queens Road at the northwestern edge of Lawrence, but the focus is on its open space: an area dominated by a proposed full-length, nine-hole golf course that would available for unlimited play by residents at no extra charge. The course also would be open to the public.

Apartment buildings at The Links would be identical to others, such as this one, that already are owned and operated by Lindsay Management Co. Inc., of Fayetteville, Ark.

Developers once again are lining up to build hundreds of new apartments in Lawrence, renewing hopes for the sluggish construction industry while rekindling fears of saturating a market that has endured relatively high vacancy rates in recent years.

Two of the projects alone – The Links, proposed on 80 acres of open land at the edge of northwest Lawrence; and The Exchange, planned for near 31st and Ousdahl streets – would boast a combined total of at least 1,600 new bedrooms, to be marketed to everyone from new college students to seasoned retirees.

Apartments at The Links would be built around a new nine-hole golf course, available for unlimited play by apartment residents at no additional charge. Any unfilled tee times would be available to other members of the public, either through a limited number of memberships or daily greens fees.

Add in the outdoor pool, fitness center and other features, and the folks at Lindsey Management Co. Inc. are looking to make a major investment after studying the market for the past dozen years.

“College towns have been very good to us,” said Hugh Jarratt, a corporate attorney for the company based in Fayetteville, Ark.

Lindsey’s interest in Lawrence surfaced as the city’s last major apartment boom materialized: in 1996, when more than 1,100 apartment units hit the market.

The multifamily market has been relatively quiet since then, although a few projects – including The Legends, a rent-by-the-bedroom project along West 24th Street in southwest Lawrence – have opened up and made inroads.

Market ‘stress’

The question now is just how this next era of major projects, and others said to be entering the development pipeline soon, might affect the market.

Marilyn Bittenbender, a commercial Realtor who represents developers and property owners on sales of land and buildings in Lawrence, said that the incoming projects might inject some welcome uncertainty into the multifamily residential market.

Older properties, either already or on the way toward being distressed, would be among the first to risk losing tenants as people opt for newer properties.

She said that some may be slated for needed redevelopment – such as conversion into professional offices or replacement by neighborhood shopping areas – while some rental homes might even become available for a return to single-family ownership.

“Sometimes people need to be encouraged to do things,” said Bittenbender, a broker for Grubb & Ellis | The Winbury Group, who has represented Lindsey Management on its project. “And if we don’t offer incentives, then sometimes we need to experience that through a little bit of stress.”

That’s what happened in 1996, said Tim Keller, a property appraiser who has tracked Lawrence’s apartment industry. As the new offerings flooded into the market, it left many marginal rental properties gasping for air, forcing them to grab for lifelines through upgrades and redevelopment.

Rental rise

Nowadays, Keller said, developers also may be counting on having more renters to draw from. Rising foreclosure rates and tightening credit opportunities may be forcing homeowners, and an increasing number of potential homeowners, to live in rental housing.

“I think that’s what these guys are capitalizing on,” Keller said.

Both The Exchange and The Links are looking to tap into specific markets, Keller said, through focused offerings: The Exchange plans to cater to college students by offering student-friendly lease structures and a range of recreational and entertainment amenities, and The Links, attractive to golfers living as renters.

“They’re hoping to cannibalize off existing units by offering these amenities that these other places don’t offer,” he said.

More golf?

Dick Stuntz, president of Alvamar Inc., said that the opening of a new nine-hole golf course certainly would affect the owners and operators of other golf courses in town: Alvamar has a total of 36 holes, split between private and public courses; Lawrence Country Club has 18 holes for private use; the city’s Eagle Bend Golf Course features 18 holes for public use; and The Orchards offers a nine-hole executive course for public use.

“It’s certainly not going to help,” Stuntz said, upon learning of the plan last week. “Anytime you add golf holes, you’ll cut up the pie. It just spreads (the market) thinner.”

Jarratt said that his company already had developed similar projects in at least a dozen other college communities, such as its hometown Fayetteville and including Columbia, Mo., and Lincoln, Neb.

The projects are especially popular among “empty nesters” looking to downsize, he said, while about 20 percent of the units in such projects are occupied by college students.

The Links would be on 80 acres east of Queens Road at the edge of northwest Lawrence. An extension of Wakarusa Drive would stretch through the project, whose course would feature par-3, par-4 and par-5 holes.

Land-use issues related to the proposed project are slated to be considered Jan. 29 by Lawrence city commissioners, and Jarratt is looking forward to sharing his company’s plans with the community.

“We like Lawrence. We want to be a good neighbor in Lawrence, and we take a lot of effort to be a good neighbor,” he said.