Trustees Give Green Light
to North Campus Development
The Board of Trustees has approved the environmental impact statement for the North Campus, clearing the way for development of 1,000 beds of student apartments to be completed by fall 2002.
The apartments will accommodate upper division or non-traditional or graduate students. They will be located just beyond Northwest campus, on the unfinished road that will eventually connect with Route 44 and will become the main entrance to campus.
The apartments will be built and owned by JPI Apartment Developer, a real estate firm specializing in the development, construction, acquisition, and management of multi-family and student housing communities, including similar projects at Wingate University, Virginia Commonwealth University, California University of Pennsylvania, and Clark Atlanta University, said Dale M. Dreyfuss, vice chancellor for business and administration.
Dreyfuss said the firm has successfully built 21,000 beds of student housing and manages 24,000 apartment units.
Construction of the units will be financed with $38.6 million in taxable variable rate bonds, which JPI will be responsible for repaying. The bonds will be issued through Legg Mason Wood Walker, a national real estate finance banking and investment firm.
Design of the apartments must comply with the University's architectual standards. The buildings will revert to University ownership at the end of the developer's 40 year ground lease.
JPI Apartment Developer has been named one of the top three apartment builders in the nation for the past three years by Builder Magazine. Since 1997, it has been 50 percent owned by General Electric Capital Services.
The North Campus Master Plan proposes space for technology and research, student housing, parking, academic and residential support services, a faculty retreat center, nature center, retail area, bikeways, and pedestrian paths.
Also proposed are multi-purpose athletic fields, including baseball, football and soccer fields, and open space.
Karen A. Grava