Student Housing Business

JUL-AUG 2018

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

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Page 76 of 104

ON-CAMPUS DEVELOPMENT July/August 2018 76 of ACC. "Today's students value an environment that is academically oriented, and emphasizes community and inclusion while fostering healthy lifestyles. Therefore, we prioritize well equipped fitness centers, innovation and/ or maker spaces and flexible community gathering spac- es that promote a combination of individual or group study as well as community building and socialization." These maker-spaces even include rooms that foster entrepreneurial work. "One of the neatest amenities that we are doing is a spin off of the popular television show 'The Shark Tank' at Nova Southeastern University," says Greg Blais, president of RISE: A Real Estate Company. "There is a space within our building that is designed for the winner of their on-campus 'Shark Tank' competition. Each year, that competition winner will get that square footage to develop their concept." Grab-and-go convenience stores, amenities geared towards growing community and enhancing group study opportunities, and outdoor amenities like hammock gar- dens were among those also mentioned by Blais as being heavily popular on-campus today. "Technology, speed and access are top priorities for today's student," says Bob Shepko, division president at Balfour Beatty Campus Solutions. Technology becomes an even greater focus with the rising class of Generation Z students, whose lives revolve around technology. "The need for increased technology within our proper- ties will and has continued to be enhanced by the demand of Generation Z," says Blais of RISE: A Real Estate Com- pany. "If it can be done on your iPhone through an app, it's more conducive for them to participate. That's a large part of how they organize and feel a part of a community. We have to keep up with the technology times." When deciding on amenities on-campus, Skolnicki of EdR notes it's all about location. "If the building is located next to a recreational center on-campus, they don't need fitness space," she says. "On some of these major campus transformations where we're developing an entire dis- trict, we have an opportunity to have really robust fitness centers and full-scale dining halls. Development today tends to be more community-minded and less focused on the individual building. It's truly all about location." Housing for graduate students and for faculty and staff is also a focus for upcoming developments on-campus. "A big trend that we are noticing is a focus on graduate housing and on faculty and staff housing," says Williams of University Student Living. "These groups don't want to live with undergraduate students, but a lot of the larg- er universities focus so heavily on the younger classes that these groups are left to their own devices. It's a big problem in some of the more urban, anti-development cities — they don't want to see new development, which doesn't leave many options for faculty and staff." Future Development All signs point to a fortuitous season of continued opportunity for public-private partnership develop- ments ahead. "I only see the opportunities for public-pri- vate partnership increasing as universities are looking to diversify their capital stack and their approach to financ- ing student housing," says Skolnicki of EdR. "We're see- ing projects get bigger, and I think we'll also begin to see more renovations and wholesale replacements." "We're beginning to be asked more about renovations, as well, and we think it is pretty compelling if it's a more historic structure, like Berkeley's Bowles Hall," continues Skolnicki. "Universities are looking to the development American Campus Communities is currently developing two on-campus projects at the University of California, Berkeley, set for delivery this fall and in fall 2021. Balfour Beatty Campus Solutions is currently developing a residence hall at Texas Woman's University in Denton. The project will open in fall 2019. Balfour Beatty Campus Solutions is currently developing Aspire at Discovery Park, an 835-bed residence hall at Purdue University in West Lafayette, Indiana.

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