American Campus Communities says it has has started building a new on-campus student housing development in a public-private partnership with San Francisco State University (SF State).
The project is the result of a development collaboration with Pacific Union Development Company (PUDC) and RLR Ventures (RLR), who have been working with SF State on the Holloway Avenue revitalization project since 2014.
“This public-private partnership with American Campus Communities and Pacific Union Development Company will help us meet the demand for modern, on-campus student housing,” said Jason Porth, SF State’s vice-president for University Enterprises. “It has also created an exciting opportunity to contribute to the revitalization of Holloway Avenue.”
Upon completion in 2020, the 584-bed mixed use community project will be located on the southeast edge of the SF State campus, including furnished apartment-style units with private and shared accommodations. Residents will have access to nearly 14,000 sq. ft. of modern amenity space, including social and recreational lounges, and an Academic Success Center. Additionally, the community will include nearly 15,000 square feet of on-site retail. The development is designed sustainably and will pursue a LEED Gold certification.
The transaction was structured under the American Campus Equity (ACE) program, which gives universities the opportunity to expand and modernize their student housing offerings without the use of university financial resources. Under the ACE program, ACC delivers student housing at lower development costs and operating expenses as well as affordable rents to residents, without the use of taxpayer or university funds, which allows universities to dedicate their capital to educational and research facilities.