Actually, there is a growing trend for public colleges to enter into agreements with private companies to own and maintain student housing. In most of these instances the private company doesn't pay property tax either because a) the public college owns the land on which the building is built or b) the land is off campus but some arrangements have been worked out with the local governement.
Colleges expand housing options through public-private partnerships Campus Town will cover 12 acres and house TCNJ students as well as retail outlets. (Courtesy TCNJ) Tom De Poto|The Star-Ledger By Tom De Poto|The Star-Ledger on March 02, 2014 at 8:52 AM, updated March 03, 2014 at 12:48 PM
Lior Naor is a junior at Rutgers University living in Rockoff Hall in downtown New Brunswick. She won the apartment through a lottery that about 12,000 students looking for housing enter every year.
“I love it,” the psychology major said. “The location is great and there’s a lot of Rutgers students in the area.”
In February, however, a private, Pennsylvania-based company purchased the building for $44.1 million.
Naor will be returning in September and didn’t have to enter any lottery. Instead of paying Rutgers, she’ll be sending a monthly rent check to McKinney Properties, which bought the building.
The Economic Stimulus Act of 2009 paved the way for public colleges to partner with private developers to keep up with demand for upscale dorms without taking on more debt.
Montclair State University was among the first to take advantage, building The Heights in partnership with Provident Resources Group. The Georgia-based nonprofit financed the $211 million project. Provident owns the buildings, which house 1,978 students, and pays a lease to the university.
When the bonds are fully paid, the property will revert to the university.
Among the more ambitious projects underway is The College of New Jersey’s Campus Town, a 12-acre mini village being built in partnership with the West Long Branch-based PRC Group.
The development will house not only students, but retail outlets as well.
“The planning for Campus Town dates back to 2008,” said TCNJ spokesman Dave Muha. “The (Economic Stimulus Act) helped make it possible.”
See a video of campus town here.
Like Rutgers, TCNJ fulfills housing requests through a lottery system. There are about 6,600 students and only 4,000 beds, Muha said.
PRC will invest about $80 million to construct the nine-building village. It will be responsible for student rents and the retail leases. Barnes & Noble, the campus bookstore, will be one of the anchor tenants.
PRC will pay TCNJ $1 million annually under a 50-year lease agreement.
“It’s not a transferring of housing responsibility to another organization,” Muha said. “There’s more demand for housing than the college can provide, which is why this is a win-win. It’s an innovative way to provide additional housing that the college couldn’t do on its own.”
Campus Town will house about 446 students in one-, two- and four-bedroom apartments with a kitchen area and living room. About 79,000 square feet of the 278,000 total square feet will be devoted to retail outlets.
“The real gain for the college is being able to provide housing and other amenities that we couldn’t afford, as well as strengthen the college-community relationship,” Muha said.
It’s an innovative way to provide additional housing that the college couldn’t do on its own.” Muha Rutgers has two such projects underway. One is Rockoff Hall in New Brunswick, the other is 15 Washington Street in Newark.
The Newark landmark high-rise housed the Rutgers law school from 1978 to 1999, but has been vacant since then.
Rutgers plans to sell the building to Devco, a New Brunswick development firm that has worked closely with the university on several other major projects.
The project calls for restoring the building to its original glory when it was the headquarters for the American Insurance Company. It will be used now primarily to house graduate students in apartment units, and the school chancellor will move into a penthouse at the top of the building.
Plans for the renovation had been on the table for several years, said Antonio Calcado, Rutgers vice president of university facilities and capital planning. “We could not have done as big a project without the partnership,” he said.
“Everything was on a much more reduced scale that wouldn’t do the building justice.”
Rutgers will operate the building, and students will lease the apartments through the university, which will in turn makes payments to Devco. The rehabilitation and restoration are expected to cost $95 million.
Selling the building to Devco gives the developer equity that it will leverage to fund the project.
Rodd Werstil, managing director of real estate investments for McKinney Properties, which owns Rockoff Hall, said, “It’s a national business model.”
He said this type of apartment housing for students using public-private partnerships is more popular in other states than in New Jersey, but he sees change coming.
“It’s about educating the marketplace, and the marketplace seems to be accepting it,” he said.
McKinney has invested more than $1 million to upgrade the building, installing dishwashers in each unit, adding student lounges, a computer room with printers and a fitness area.
Rents in the 674-bed building include furniture, security and utilities such as cable and internet.
An added benefit for students such as Naor is that the lease is 12 months, so they don’t have to move out at the end of the spring semester. The monthly payments are also cheaper.
“We’re really shifting students toward a much nicer product,” Werstil said.
In addition to easing college housing burdens, the developers claim other benefits.
In its application to the state Economic Development Authority. PRC, builder of Campus Town, said the development will create 475 permanent jobs, and an additional 6,000 to 10,000 temporary construction-related jobs. Once completed, it anticipates generating $1.5 million in sales taxes annually.
nice copy&paste...lol...did you even bother to read what i quoted?
nice copy&paste...lol...did you even bother to read what i quoted?
ROFL ... Yes, I did .. so what? Just making the point that the phenomenon of privately owned student housing for public colleges is NOT "only in Schenectady."
George Amedore & Christian Klueg for NYS Senate 2016 Pete Vroman for State Assembly 2016[/size][/color]
"For this is what America is all about. It is the uncrossed desert and the unclimbed ridge. It is the star that is not reached and the harvest that is sleeping in the unplowed ground." Lyndon Baines Johnson
Obviously the he/she eternally negative internet troll didn't actually bother to read the article that was posted. I was just showing that there is a growing trend for public colleges entering into partnerships with private companies to provide student housing. Furthermore, it is a growing trend for community colleges to provide student housing option on or near campus.
The he/she troll needs to look at a calendar. It is 2015 A.D. and NOT 1915 A.D or 1915 B.C. or whatever century he/she is trapped in. No one gives a sh*t that he/she walked 100 miles to and from (up hill both ways) some one room cave school room in his/her neanderthal past. No one needs to hear his/her incessant lies about me or his/her constant need to make everything he/she posts some attack on me.
Another point - the students are NOT getting "free internet, free cable, free big screen TV's, Central Air, heat and electricity, free parking, game rooms" - that is included in what the students pay to live in the housing. Apparently, the he/she troll is a lousy real estate agent (that is what some claim that he/she works as) because he/she doesn't know that landlords build the cost of those amenities INTO the cost to rent or lease their property.
Schenectady Community College is a well-regarded educational institution - regionally, nationally and internationally. It go there by being "ahead of the curve" and leading the way. Providing excellent student housing options near campus was and is a great idea. ------ I make no apologies for believing that the SCCC student housing was a great idea BOTH for the college and for the community in which it is located.
George Amedore & Christian Klueg for NYS Senate 2016 Pete Vroman for State Assembly 2016[/size][/color]
"For this is what America is all about. It is the uncrossed desert and the unclimbed ridge. It is the star that is not reached and the harvest that is sleeping in the unplowed ground." Lyndon Baines Johnson
Obviously the he/she eternally negative internet troll didn't actually bother to read the article that was posted. I was just showing that there is a growing trend for public colleges entering into partnerships with private companies to provide student housing. Furthermore, it is a growing trend for community colleges to provide student housing option on or near campus.
The he/she troll needs to look at a calendar. It is 2015 A.D. and NOT 1915 A.D or 1915 B.C. or whatever century he/she is trapped in. No one gives a sh*t that he/she walked 100 miles to and from (up hill both ways) some one room cave school room in his/her neanderthal past. No one needs to hear his/her incessant lies about me or his/her constant need to make everything he/she posts some attack on me.
Another point - the students are NOT getting "free internet, free cable, free big screen TV's, Central Air, heat and electricity, free parking, game rooms" - that is included in what the students pay to live in the housing. Apparently, the he/she troll is a lousy real estate agent (that is what some claim that he/she works as) because he/she doesn't know that landlords build the cost of those amenities INTO the cost to rent or lease their property.
Schenectady Community College is a well-regarded educational institution - regionally, nationally and internationally. It go there by being "ahead of the curve" and leading the way. Providing excellent student housing options near campus was and is a great idea. ------ I make no apologies for believing that the SCCC student housing was a great idea BOTH for the college and for the community in which it is located.
I think the term "faux realtor" would be a better description. Or perhaps "phony real estate agent". Or maybe "wannabe realtor". Take your pick. I think brad really needs to stay in North Carolina at any rate.
"I saw the best minds of my generation destroyed by madness, starving hysterical naked, dragging themselves through the negro streets at dawn looking for an angry fix,"
Here is some breaking news . "You have one sh!tty attitude about life in general. "
^5
I'm wondering if brad's shitty attitude isn't somehow related to a failed real estate deal, and HE'S bitter because HE couldn't get one of those "sweetheart" deals everyone else got. Just speculating on my part.
"I saw the best minds of my generation destroyed by madness, starving hysterical naked, dragging themselves through the negro streets at dawn looking for an angry fix,"
I think the term "faux realtor" would be a better description. Or perhaps "phony real estate agent". Or maybe "wannabe realtor". Take your pick. I think brad really needs to stay in North Carolina at any rate.
I don't wish any ill-will toward anyone. If he would be happier in North Carolina than he should stay there. Life is too short to be miserable all the time. In your post to another person, you mentioned that he may have had a failed real estate deal. That is life. Each of us wins some and loses some. Each of us has good days and bad days. And lets face it - there are a helluva lot of people in the world that REALLY have been dealt a much worse hand than any of us. Again - I am not saying that everything is rose colored in life or in our community. I would just rather not waste a bunch of energy being miserable, wallowing in the negatives and rehashing the past.
It is sunny outside and we may even get up into the 40's this week. Have a great day!
George Amedore & Christian Klueg for NYS Senate 2016 Pete Vroman for State Assembly 2016[/size][/color]
"For this is what America is all about. It is the uncrossed desert and the unclimbed ridge. It is the star that is not reached and the harvest that is sleeping in the unplowed ground." Lyndon Baines Johnson
I don't wish any ill-will toward anyone. If he would be happier in North Carolina than he should stay there. Life is too short to be miserable all the time. In your post to another person, you mentioned that he may have had a failed real estate deal. That is life. Each of us wins some and loses some. Each of us has good days and bad days. And lets face it - there are a helluva lot of people in the world that REALLY have been dealt a much worse hand than any of us. Again - I am not saying that everything is rose colored in life or in our community. I would just rather not waste a bunch of energy being miserable, wallowing in the negatives and rehashing the past.
It is sunny outside and we may even get up into the 40's this week. Have a great day!
I'm in agreement with you. Sometimes I get a little ornery. I do wish brad, or mc1 or whatever his name is good luck in all of his pursuits, be it here or wherever he chooses to live.
I think I'll try to be a little more compassionate from here on out and try to adhere to the golden rule.
"I saw the best minds of my generation destroyed by madness, starving hysterical naked, dragging themselves through the negro streets at dawn looking for an angry fix,"
Another point - the students are NOT getting "free internet, free cable, free big screen TV's, Central Air, heat and electricity, free parking, game rooms" - that is included in what the students pay to live in the housing. Apparently, the he/she troll is a lousy real estate agent (that is what some claim that he/she works as) because he/she doesn't know that landlords build the cost of those amenities INTO the cost to rent or lease their property.
DV, what kind of ignoramus are you? Not only are you NOT a homeowners nor write out checks to the town for taxes, but you have just proven you have NEVER been a renter! You have never lived as an adult, you've been living with your two mommies for close to 25 years if not more so you have not been a renter paying a landlord.
Landlords DO NOT provide phone, internet, and cable in their rent. Extremely few, if any, landlords, provide electricity, heat, and hot water these days either. You have not grown up yet, DV, you've lived with your two mommies and have never had to do what normal adults do. The vast majority of apartments for rent are listed in ads as "$900 + util + sec" (whatever rent price) SOME garden apartment complexes provide SOME utilities but the rents for just two bedroom apartments are upwards of $1,200. Hell DV, even one of the tax exempt apartments downtown is listed as "Utilities included: Trash and Water" and the rent for a two bedroom is $1,565 per month and do NOT provide heat, electricity, phone, cable, and internet in the rent!
Grow up DV, 50+ year old baby boy it's time for you to move out of your mommies' house and become and adult, live on your own, support yourself.
And yeah, no, neither of us are real estate agents. You are just whining and crying and stomping your feet because you can't handle that we have intelligence (and you do not) to post the TRUTH about Schenectady, provide the FACT that the mayor is telling a MASSIVELY HUGE LIE about homes that have sold, and you can't handle the fact that we have the intelligence to provide the FACTS that the wild uncontrolled spending on downtown is causing MASSIVE REDUCTION to the city's tax base, MASSIVE INCREASES in tax BILLS, and the FACT that we provide the EVIDENCE to prove those facts.
And you are just whining and crying, despite the FACT that we are not real estate agents YOU cannot DISPROVE NOT ONE of the FACTS we have posted about how home values in the city are falling and the falling home sales prove that people do NOT want to live IN the city.
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
Obviously the he/she eternally negative internet .
Not "being negative," DV, when we post. Just stating FACTS and TRUTHS and providing EVIDENCE.
It just so happens that the EVIDENCE proves that the effect on the city of what the city/co/plex leaders have done in the past 10 years has been NEGATIVE. They have caused the MASSIVE REDUCTION of the city's tax base, they have caused MASSIVE REDUCTION in the property values (and your beloved McCarthy and his TOTALLY UNQUALIFIED ASSESSOR, REFUSES to correct those values as mandated by the STATE law) they gave caused home sales to plummet, they have caused home sale prices to fall big time, they have substantially reduced ESSENTIAL services to the homeowners in the city while at the same time they have jacked up the taxes on the homeowners so high that many cannot afford them. And because taxes are so high, people move out leaving empty houses, there IS a RECORD HIGH NUMBER of empty houses in the city. Additionally because people cannot afford to pay the taxes of the millionaires and billionaires downtown, they lose their homes to tax foreclosures which results in empty houses in the city. And with so so very many unable to sell their houses, they abandon their houses which in turn causes dangers and blight in the city and reduces others' property values which in turn results in even a lower tax base in the city. These are the FACTS, DV, and I DEFY you to dispute any of these FACTS AND PROVIDE THE EVIDENCE!!!
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
Another point - the students are NOT getting "free internet, free cable, free big screen TV's, Central Air, heat and electricity, free parking, game rooms" - that is included in what the students pay to live in the housing.
At 695 per month per student (6255 per school year) they are certainly getting something for nothing, and it is quite obvious that the student/renters are benefiting from tax subsidies being given to the building owner.
Amenities Steps to SCCC 24-hour key-fobbed building access 24-hour emergency maintenance Blue Light Emergency System On-site professional AMO® management Community demonstration kitchen All-inclusive utilities (incl. cable & internet) Laundry facilities Vending machines ATM 24-hour group study rooms Free parking State-of-the-Art fitness center Student lounge Music room Business center Flight simulator Game room Pool tables Shuffle board Gaming systems Bike room Community manager program
I think I am going to sign up for classes and move my family in to one of these units. Comparable to a mortgage plus taxes, utilities and long term upkeep on a home in the town of Rottendam. No need for me to bust my back shoveling mowing or doing home repairs.
At 695 per month per student (6255 per school year) they are certainly getting something for nothing, and it is quite obvious that the student/renters are benefiting from tax subsidies being given to the building owner.
Amenities Steps to SCCC 24-hour key-fobbed building access 24-hour emergency maintenance Blue Light Emergency System On-site professional AMO® management Community demonstration kitchen All-inclusive utilities (incl. cable & internet) Laundry facilities Vending machines ATM 24-hour group study rooms Free parking State-of-the-Art fitness center Student lounge Music room Business center Flight simulator Game room Pool tables Shuffle board Gaming systems Bike room Community manager program
I think I am going to sign up for classes and move my family in to one of these units. Comparable to a mortgage plus taxes, utilities and long term upkeep on a home in the town of Rottendam. No need for me to bust my back shoveling mowing or doing home repairs.
Despite what someone has posted, NO ONE who rents or leases housing or any type of real estate gets "something for nothing." Any utilities or amenities that are provided by the building owner are calculated into the rental or lease rate that is charged. That is Business 101.
Furthermore, you misspelled the name of our fine town. It is a great place to live, work and do business. And the overwhelming majority of its residents, who are good, decent, hardworking people, really resent those who resort to the childish tactic of constantly denigrating the town and its good name.
George Amedore & Christian Klueg for NYS Senate 2016 Pete Vroman for State Assembly 2016[/size][/color]
"For this is what America is all about. It is the uncrossed desert and the unclimbed ridge. It is the star that is not reached and the harvest that is sleeping in the unplowed ground." Lyndon Baines Johnson
Furthermore, you misspelled the name of our fine town. It is a great place to live, work and do business. And the overwhelming majority of its residents, who are good, decent, hardworking people, really resent those who resort to the childish tactic of constantly denigrating the town and its good name.
Yeah and I thought so too when I bought my home here over 20 years ago, but regular dealings with this town its board(s) and some of its employees have me realizing that it is no longer a nice place to live or do business in. The volume of outright lies and corrupt acts by our town officials has me hopeful that someone like Preet Bharara would come to town to investigating.
Further more I would love to call this town by its correct name, and not cringe every time I tell someone where I live, but unless major change happens in this town and county I do not see any future for our community. We have too many corrupt individuals calling the shots for us good, decent, hardworking people you speak of. You have the nerve to mention the childish tactics being used here but what about those of our town board. How many years has the townsfolk sat and watched the childish antics of HB WC and princess KM turning a blind eye and deaf ear to the towns impropriety's and problems as well as the cries of those good, decent, hardworking people ? I have been watching it the whole time, have you?
I will add that I previously owned rental properties in this town and fully understand business 101 and rental income. If I was to have supply those amenities to my tenants I would be the definition of a fool and his money soon being parted, but if I didn't have to pay my full share of taxes and received property at bargain prices than I may have been able to afforded to offer them cheaper rent and additional benefits. Do you own rental properties? Do you have any business sense?
Despite what someone has posted, NO ONE who rents or leases housing or any type of real estate gets "something for nothing." Any utilities or amenities that are provided by the building owner are calculated into the rental or lease rate that is charged. That is Business 101.
Furthermore, you misspelled the name of our fine town. It is a great place to live, work and do business. And the overwhelming majority of its residents, who are good, decent, hardworking people, really resent those who resort to the childish tactic of constantly denigrating the town and its good name.
Yeah, $695. Subtract the roughly $200 per month for cable, phone and internet, and then subtract probably about $200 a month (average) for heat, electric, and hot water) and now tell us DV. how much does someone pay for "rent?" Then subtract the cost for the furniture, subtract the cost of the game rooms, equipment, gym, etc. Now how much are they paying for "rent?"
Sorry buddy, but again, since you have never lived the life of the rest of us NORMAL adults, i.e., independent, self supporting, you do not know anything about which you are talking. But DV, we who are taxpayers (that EXCLUDES YOU), we are the ones who paid to build this place and now we have to pay the taxes on it.
The mama's boy knows nothing
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
--- I make no apologies for believing that the SCCC student housing was a great idea BOTH for the college and for the community in which it is located.
Naturally, because you are a mama's boy who does not have the financial responsibilities of adults. We who are NORMAL adults and taxpayers have been FORCED to pay for this place (and if we taxpayers don't pay, we have our houses seized via tax foreclosure). But of course, babies don't learn things until they become real adults, leave their mommies, and become independent and self sufficient.
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
Apparently, the he/she troll is a lousy real estate agent (that is what some claim that he/she works as) because he/she doesn't know that landlords build the cost of those amenities INTO the cost to rent or lease their property.
I have NEVER NEVER NEVER NEVER stated that either I or my husband is, has, or wants to be a real estate agent. And DEFY you to provide proof that either of us has stated that either of us was, is, or wants to be such.....yes, DV, provide your EVIDENCE of your statement Just the normal LIES from the mama's boy who can't live on his own.
No DV, we are just intelligent people who actually own our home, and so of course we understand things like home value, assessment value, taxes, tax levy, tax rate, tax bill, etc. We have the intelligence to do the research to provide the FACTS about your buddy mayor's lies, for example, about his lie about what percent of houses sold under his taxpayer funded home selling program.
But the little mama's boy is crying and whining because he knows we are intelligent, the mama's boy is crying and whining and stomping his feet because he doesn't have the intelligence to provide the FACTS and provide EVIDENCE.
Remember his FAIRY TALE about the county taxes being lower now than in the 1970's? How many years now since DV said that and despite many requests, many challenges, he NEVER has provided one teeny weeny shred of EVIDENCE. He's so embarrassed that we proved him a BIG LIAR, that he won't EVER respond to a request to provide proof that the taxes are lower now than in the 1970's.
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
Logged
Have a great day! 
