Student Housing Business

JUL-AUG 2018

Student Housing Business is the voice of the student housing industry.

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ON-CAMPUS DEVELOPMENT July/August 2018 74 ing academic buildings, admin- istration offices, honors colleges, recreation buildings, dining halls and maker spaces." A Changing Environment Coupled with growth in proj- ect size and complexity comes a heightened focus on affordability. "Today's students are a different demographic profile than yes- terday's student, and addressing that has become a major focus for colleges and universities and it is moving quickly," says Brad Noyes, executive vice president at Brailsford & Dunlavey. "On-campus, developers are looking at different unit types in order to be able to provide the most affordable housing options for students," continues Noyes. "There is an increase in the num- ber of students who leave colleges and universities — and on-cam- pus housing in particular — due to affordability where five or 10 years ago, students would only be leaving student housing because of policies or roommates." Ned Williams, senior vice presi- dent at University Student Living, notes that the need for affordabil- ity is taking a higher precedent today than ever before. "Over the years, a lot of universities would say 'we need affordability, but we definitely need tanning beds, lazy rivers and Starbucks Coffee in the lobby or we can- not compete with the off campus market,'" he says. "What schools didn't realize is that being on- campus, they don't need a heavily amenity-laden building, and it's expensive to build that type of product. We're seeing much more thoughtful buildings developed today that are more streamlined and have amenities that students need, like intelligently designed study spaces, rather than gran- diose, hotel-like lobbies. There's a much more concerted focus on affordability today." The affordability-first mental- ity is even challenging traditional development techniques. "Devel- opers are looking at how to devel- op on-campus housing that is geared more towards the median to lower-affordability students, and that has meant trying to build the most efficient units, looking at only amenities that are high- ly valued and avoiding some of the more premium amenities that were driving up the cost," says Noyes. "This mentality extends to looking at operating costs to make sure that buildings are being built most efficiently, and looking at construction standards and chal- lenging some decisions that have historically been made to make sure that the life cycle cost of a building is as low as possible." Today's student prefers gather- ing spaces for creating a commu- nity, and more importantly, for fostering academic success. "In the past, many projects empha- sized a high level of amenitization including gaming areas, theaters and exotic pools," says Wilhelm Housing Dining Academic Athletics Research Infrastructure Investment Development Construction Operations Mission Driven Partnerships / Partners for On-Campus Development A student housing community currently under development at Nova Southeastern University in Davey, Florida, by RISE: A Real Estate Company. Set for delivery in fall 2019, construction is currently underway on a residence hall at Northeastern University in Boston. The community is being developed by American Campus Communities.

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