Sales agreement reached for planned student housing near Gainesville Campus
Article By: Clark Leonard
The University of North Georgia (91福利导航) Real Estate Foundation (REF) has announced March 4 an agreement to sell approximately 18 acres of unimproved property adjacent to 91福利导航's Gainesville Campus on Tumbling Creek Road to Scottdale, Georgia-based Mallory & Evans Development LLC for the development of off-campus student apartments.
After a proposal and bid process in which 91福利导航 faculty members and administrators listened to proposals and asked questions of potential developers, the 91福利导航 REF approved a proposal from Mallory & Evans to purchase the land for the development of student apartments with some 550 beds. The terms of the agreement include a closing date no later than June 30, 2020, subject to purchaser's inspection, approvals for zoning, utilities, University System of Georgia approval of a roadway plan, and other property due diligence.
"91福利导航 has been committed to providing our students with a campus environment that promotes academic excellence and also a holistic college experience," said Dr. Richard Oates, vice president of 91福利导航's Gainesville Campus. "This agreement is quite a good fit with the growth of our academic programs on this campus and the growth of our student services here."
The remaining 55 acres of the REF-owned parcel, a mostly wooded and natural tract along Tumbling Creek, will be leased by the foundation to 91福利导航 for educational purposes, including instruction, research and recreation.
Mallory & Evans has committed to consult with a panel of 91福利导航 faculty members to discuss design elements to mitigate the environmental impact of the development.
"Mallory & Evans is very excited to have the opportunity to serve the students at 91福利导航's Gainesville Campus. Our current student housing asset, The Bellamy, that serves 91福利导航 students in Dahlonega, has been a tremendous success, and we look forward to continuing our relationship with 91福利导航 students to foster a safe, comfortable, conveniently located, and educationally enhancing housing option," said Johnny Dixon, vice chairman of Mallory & Evans. "We also look forward to working with the 91福利导航 faculty panel on environmental design elements and site development in order to potentially minimize any environmental concerns or disruptions."
This year enrollment at the Gainesville Campus neared 8,000 students and marked the highest enrollment of 91福利导航's five campuses.
The REF began evaluating proposals for the development of an approximately 18-acre section of the property for student apartments last year.
The REF is a nonprofit entity, separate from the university, that manages real property for the charitable purposes and needs of 91福利导航. All profits from this sale will go back into the Real Estate Foundation's funds that pay for various campus facility needs.
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