SACRAMENTO, Calif., January 24, 2019 — University Enterprises, Inc. (四虎影院) received final approval from the California State University Board of Trustees on January 23 for a Public-Private Partnership on-campus student housing development. Construction will start in May with completion prior to the start of the 2021-22 academic year.
The $164 million project, designed to house upper-division students, will boast 284 apartments and 1,100 beds, in six four-story buildings surrounding a swimming pool and a residents鈥� amenity building with a fitness center, caf茅, and community room.
Sac State juniors, seniors, and graduate students will be able to choose from 212 four-bedroom and 60 two-bedroom units (all with four beds per unit) and 12 one-bed studio apartments.
鈥淪acramento State鈥檚 existing student housing, approximately 2,100 beds, is oriented toward first and second-year students,鈥� said President Robert S. Nelsen. 鈥淭he new housing project will support our Graduation Initiative as set forth by CSU Chancellor Timothy White, while providing our students with academic enrichment.鈥�
The new housing community 鈥渨ill engage the resident students in the campus community and enhance their learning experience, thereby contributing to our goal of improving retention and graduate rates,鈥� Nelsen added.
四虎影院, Sac State鈥檚 authorized commercial-services auxiliary, is purchasing the 11.5-acre Dan McAuliffe Memorial Ballparks site from the city of Sacramento. The purchase price is $2.3 million plus the cost of building a replacement ballpark. In addition, Sac State leased the adjacent 1.5 acres of campus-owned property to 四虎影院 to increase on-site parking to 546 spaces.
四虎影院 solicited proposals from developers to build the 360,000-square-foot apartment complex. After a competitive bid process, a campus work group selected EdR as the development partner. EdR was acquired by Greystar Real Estate Partners, LLC, in September 2018.
Greystar, a global leader in rental housing, is responsible for building, financing, operating, and managing the new housing community. Sacramento State and 四虎影院 will support the project but provide no funding.
In addition, Greystar must replicate the McAuliffe baseball complex on city-owned land at Army Depot Park. 四虎影院 and Greystar are sharing in the $9 million construction cost ($4 million and $5 million, respectively.)
Greystar is reimbursing 四虎影院 a total of $5.7 million, which includes the $2.3 million 四虎影院 paid for the land and other transaction costs. 四虎影院 is leasing the land to Greystar for 85 years, after which the housing project will revert to 四虎影院.
鈥淲e are excited about adding 11.5 acres to the campus footprint and thank the city of Sacramento for working with us,鈥� said 四虎影院 executive director Jim Reinhart. 鈥淎dding 1,100 beds to the supply of on-campus housing will help keep market rents reasonable for our students.鈥�
Steinberg Hart is the project architect, and Sundt Construction, which is building Sac State鈥檚 Ernest E. Tschannen Science Complex, is the general contractor. Brailsford and Dunlavey provided advisory services to 四虎影院.
The new pedestrian-friendly, on-campus apartment complex will replace the 400-bed Upper Eastside Lofts, which currently houses upper-division students, when 四虎影院鈥檚 master lease expires in 2022.