Pictured is an aerial rendering of commercial and residential space planned for the College View development at Mississippi State. Photo by: Courtesy image
February 16, 2018 10:35:34 AM
A major mixed-space residential project is closer being underway at Mississippi State University after getting an OK from the State Institutions of Higher Learning on Thursday.
The IHL Board of Trustees approved a partnership between MSU and Memphis-based Education Realty Trust (EdR) Thursday to move ahead with the development of a $67 million College View mixed-use university village. The development will be built on an approximately 34-acre piece of land on the northwest edge of campus, where the Aiken Village apartments were formerly located before their demolition.
Work on the site could begin as early as next week, according to a university press release, and plans are in progress to hold an official public ground breaking ceremony in the spring.
"I appreciate the support of the Board of Trustees as we have worked steadily over the past three years to bring this first-of-its kind project to a Mississippi university campus," MSU President Mark Keenum said in an issued statement.
The planned project is a multi-phase development, and will include 656 beds for upperclassmen in its first phase, according to the release. The project will also include 46,000 square feet of retail and commercial space, recreational amenities, an outdoor entertainment zone, a 7,000 square-foot day care center and parking. The first phase has an anticipated fall 2019 completion date.
Additional phases may follow, pending further market analysis.
"We believe that our partnership with EdR will help us meet the needs of our students and their families, and College View will also become a destination for members of the community, alumni and other visitors to Starkville and Mississippi State," Keenum said.
EdR will finance, build and manage the development with a 40-year lease of MSU land that comes with a 10-year renewal option, according to the release. MSU will receive a portion of that revenue as ground lease payment.
"We are honored to be working with Mississippi State University to make College View a reality," EdR CEO Randy Churchey said in a statement. "We have seen the way developments like College View can not only enhance the campus but the university community at large. We're excited to be taking the next steps toward building this community."
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