American Campus Communities (ACC), which owns, manages and develops student housing, has commenced construction on a new on-campus student housing development in a public-private partnership (PPP) with San Francisco State University (SFSU).
The public research university is part of the California State University System and the student housing project is the first equity-financed PPP for the California State University System.
San Francisco State University serves nearly 30,000 students and with a waitlist of over 2,000 students wanting to live on the campus, the partnership will develop a modern solution to the need for updated student housing at affordable price points.
Pacific Union Development (PUDC) and RLR Ventures (RLR) have been working with SFSU on the Holloway Avenue revitalisation project since 2014.
SFSU vice president for university enterprises Jason Porth said: “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.
“It has also created an exciting opportunity to contribute to the revitalization of Holloway Avenue.”
The project, to be completed in 2020, will be located on the southeast edge of the SFSU campus and serve as a hub of student life activity and pedestrian connection between the university and its surrounding community.
The 584-bed, mixed-use community will consist of fully furnished apartment-style units with private and shared accommodations.
Residents will have access to nearly 14,000ft² of modern amenity space, including social and recreational lounges, and an Academic Success Center.
The community will also include 15,000ft² of on-site retail. The development has been designed for LEED Gold certification.
The new facility will add to the university’s ongoing revitalisation of Holloway Avenue.
The corridor also includes the Liberal & Creative Arts Building, the SFSU’s first, new academic building in over two decades.
The four-storey, 76,000ft² building, which will be open for the Fall 2020 semester, will accommodate the Broadcast and Electronic Communication Arts programme; administrative offices; television studios; newsroom; radio station; and interdisciplinary lecture and active learning classrooms.
The transaction has been structured under the American Campus Equity (ACE) programme, under which universities have the opportunity to expand and modernise their student housing offerings without the use of university financial resources.
Image: Representatives from SF State, American Campus Communities, and the project team celebrate the commencement of construction of the university’s newest on-campus student housing. Photo: Courtesy of Business Wire/ American Campus Communities, Inc.