I have first hand knowledge of this deal and to answer DoctorGonzo, I can tell you it will be privately funded, owned and managed by Place Properties who is the second largest developer/manager of off campus student housing in the country. The city and the university will have no stake in the housing. It will not go over budget as Place's current funding entity, Blue Vista, has rigorous standards that must be met. Place has a proven track record of developing Class-A student property at low costs. Place also has their own security on the property and will not require campus police. The rents will be less than on-campus rents and the property will be full of amenities. Place has a proven track record in providing first class student apartments at affordable rates and has one of the best management teams in the country.
The reason that the University objects to the deal is because the entity that was previously under contract to buy the land had promised to let YSU share their parking lot and Place won't give them parking. They isn't enough acreage their for them to build the housing and parking for the residence and to donate parking spaces to the university. This is what they are referring to when they say they won't work with the university.
$17M student housing proposal ignites debate
I have first hand knowledge of this deal and to answer DoctorGonzo, I can tell you it will be privately funded, owned and managed by Place Properties who is the second largest developer/manager of off campus student housing in the country. The city and the university will have no stake in the housing. It will not go over budget as Place's current funding entity, Blue Vista, has rigorous standards that must be met. Place has a proven track record of developing Class-A student property at low costs. Place also has their own security on the property and will not require campus police. The rents will be less than on-campus rents and the property will be full of amenities. Place has a proven track record in providing first class student apartments at affordable rates and has one of the best management teams in the country.
The reason that the University objects to the deal is because the entity that was previously under contract to buy the land had promised to let YSU share their parking lot and Place won't give them parking. They isn't enough acreage their for them to build the housing and parking for the residence and to donate parking spaces to the university. This is what they are referring to when they say they won't work with the university.
You can view a list of Place's current properties here: http://www.theplacetolive.com/
You can read about Place Properties funding deal with Blue Vista here: http://atlanta.bizjournals.com/atlant...)
June 2, 2008 at 3:07 p.m. permalink suggest removal