DAVIS, Calif., February 26, 2019 (Newswire.com) - The University of California, Davis formally broke ground today for their new 3,300-bed student living community, The Green at West Village.
The new development will be constructed through a public-private partnership between UC Davis, The Michaels Organization and Collegiate Housing Foundation, a 501c3 nonprofit.
The new community is currently the largest single student living project to be developed in the United States. Michaels recently closed on $575 million in tax-exempt bonds to fund the entire project; the largest-ever bond issue for a single student housing project in the country.
“This student housing community demonstrates what is possible when the public sector and private sector form partnerships, leveraging the strengths of both," said Joe Coyle, president of Michaels Student Living. “An affordable, sustainable living environment for the students of UC Davis is the goal, and this groundbreaking is the first milestone towards that end."
The Michaels development team includes Stantec, whose headquarters are in Edmonton, Canada, to provide architectural and engineering services and CBG Building Company of Arlington, Virginia, as the general contractor.
Work on the site began in December 2018 and the first 1,000 beds are expected to be available for Fall 2020. Set on 34 acres, The Green at West Village will comprise nine four-story apartment buildings along with indoor and outdoor community space and recreational fields. A 10,000-square-foot community building will house a fitness center, multipurpose room and student support services. The project has a goal of 100 percent zero net energy use on an annual basis.
The university’s original request for proposals aimed for 1,875 beds. However, UC Davis, The Michaels Organization and Stantec worked together to develop a plan that provides reduced space for student vehicles and more living space, allowing for substantially more residential units.
“I’m thrilled to celebrate with our partners this major step forward in addressing the critical need for affordable student housing,” said Chancellor Gary S. May. “Today’s groundbreaking is part of an ambitious plan to provide access to more housing for our students.”
The development is part of UC Davis’ new Long-Range Development Plan, which projects adding 9,050 beds for students and housing 100 percent of any growth in student enrollment on campus. The Michaels Organization will also develop the Orchard Park apartment expansion at UC Davis, which will provide approximately 585 apartments designed for graduates and families.
When construction is complete, The Green at West Village will be operated by Collegiate Housing Foundation, which will hold the ground lease from the University of California. The Michaels Organization will manage building operations. UC Davis Student Housing and Dining Services will provide on-site program and residence support services and be responsible for leasing and marketing activities.
About the Michaels Organization: The Michaels Organization is a national leader in residential real estate offering full-service capabilities in development, property management, construction and finance. Serving 145,000 residents in more than 400 communities nationwide, Michaels is committed to crafting housing solutions that jump start education, civic engagement and neighborhood prosperity and to creating Communities That Lift Lives.
Source: The Michaels Organization