Board of Trustees Meeting The University of North Carolina at - - PowerPoint PPT Presentation

Board of Trustees Meeting

The University of North Carolina at Greensboro

Spartan Village Student Housing Phase II Authorization of Project and Lease

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Spartan Village Student Housing Phase II – The Project

February 18, 2015 Page 1 Spartan Village Student Housing Phase II Authorization of Project and Lease

• Chancellor informed BOT in September 2014 of project.
• Project important elements:
• Approximately 330 beds, apartment style and

30,000 square feet of mixed-use retail.

• Estimated project budget: $48M, including land

acquisition.

• Proposed site: West Lee Street and Glenwood

Avenue.

• Will present exterior designs to BOT for approval.
• Projected occupancy date: Fall 2017.

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Spartan Village Student Housing Phase II

February 18, 2015 Page 2 Spartan Village Student Housing Phase II Authorization of Project and Lease

• Proposed location at the intersection of Glenwood Avenue and Lee Street
• Approximately 330 resident beds
• Approximately 30,000 sf of mixed-use retail on ground floors
• Creates critical link between Rec Center to the west and Student Housing Phase I to the east

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2010 Spartan Village Vision Plan

February 18, 2015 Page 3 Spartan Village Student Housing Phase II Authorization of Project and Lease Drawing Legend: Student Residential Mixed-Use Student Rec Center Future University Use Streets and Parking

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Spartan Village Student Housing Phase I

February 18, 2015 Page 4 Spartan Village Student Housing Phase II Authorization of Project and Lease

Haywood Residence Hall (above) Highland Residence Hall (below foreground) Union Residence Hall (below background)

Photos showing three of the four residential buildings completed in summer 2013 BOT-3

Spartan Village Phase I Pedestrian Underpass

February 18, 2015 Page 5 Spartan Village Student Housing Phase II Authorization of Project and Lease

Pedestrian Underpass (from Lee Street) Completed early 2014 Pedestrian Underpass(from Forest Street)

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Spartan Village Phase I Police Building

February 18, 2015 Page 6 Spartan Village Student Housing Phase II Authorization of Project and Lease

Police Building on Lee Street Completed late 2014

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Spartan Village Rec Center Phase

February 18, 2015 Page 7 Spartan Village Student Housing Phase II Authorization of Project and Lease

Student Recreation Center (rendering) completion in summer 2016 Student Recreation Center in progress

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Spartan Village Student Housing Phase II Lease

February 18, 2015 Page 8 Spartan Village Student Housing Phase II Authorization of Project and Lease

• Project will be developed by the Capital Facilities Foundation, Inc. (CFF) under

a 30-year lease with UNCG.

• Lease enables CFF to secure financing for construction (estimated at $39.5M)

and land ($8.5M), total $48M.

• The University will lease these facilities and operate the residential facilities as

part of their student-housing program.

• The University will pay to CFF rental for these facilities in an amount sufficient to

totally amortize the cost of the project or upon future approval of the UNCG Board of Trustees, purchase the facility from CFF.

• The lease requires authorization by:

Board of Trustees Board of Governors Council of State with signature of lease by the Governor

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Spartan Village Student Housing Phase II - Authorization of Project and Lease

February 18, 2015 Page 9 Spartan Village Student Housing Phase II Authorization for Project and Lease

• The action item includes approval of authorization of the

project.

• Authorization for UNCG to pursue required approvals

and work with the State Property Office to enter into a lease arrangement with CFF for this project.

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Spartan Village Student Housing Phase II - Authorization of Project and Lease

February 18, 2015 Page 10 Spartan Village Student Housing Phase II Authorization for Project and Lease

Questions ?

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