Story Tools  E-mail Story  Print Friendly Send E-mail To Martin Salazar BY Recent stories by Martin Salazar $$ NewsLibrary Archives search for Martin Salazar '95-now Reprint story Featured Jobs Featured Jobs Feature Your Jobs: call 823-4444 Metro Mayor Berry Signs $467 Million Budget From Stranger to Friend to Living Organ Donor CNM To Pay One-Time Bonuses Vigilance Urged in Trumbull Homicides Concern Neighborhood Road Named for Miera Suit: Doc Told Not To Testify Recycling Station Plans Rejected Commissioners All Oppose Facility Father and Son Arrested in Homicide Teen in Hospital After School Fight $630,000 Roof Problem Commission Approves 125 New Hires New Board Member Not Happy With APS Budget APS Board OKs Graduation Dates More Metro

          Front Page  news  metro

Thursday, March 26, 2009

UNM Looking at Housing Deal

By Martin Salazar
Journal Staff Writer
       The University of New Mexico is looking into a public-private partnership with an Austin, Texas, company to provide new student housing.
    Under the plan, UNM would provide the land through a long-term lease, and American Campus Communities Inc., or ACC, would build the housing and cover the costs.
    The project is being handled by Lobo Development Corp., the nonprofit UNM corporation that handles real estate transactions. Lobo's board authorized staff on Wednesday to move forward on negotiations with the company. Any deal will need to be ratified by UNM regents and by Lobo Development's board of directors.
    American Campus Communities, Inc., is a publicly traded company. It is the largest developer and manager of student housing in the country.
    Under terms being considered, UNM would contribute land at the core of its campus through a 65-year ground lease. The location has yet to be determined, and it's unclear when the new housing might be ready for students, real estate director Kim Murphy said.
    ACC would finance, own and manage the housing, which would revert to UNM once the lease expired. UNM would play a role in managing the housing, including setting housing rates.
    UNM wants to add 2,000 new beds in a variety of housing units, from semi-suites — two bedrooms with two beds each and semi-private baths — to apartment-style housing, which would include four individual bedrooms with private baths, Murphy said.
    The university now has 2,273 beds.
    President David Schmidly said an increase in freshman applications likely will add more pressure for student housing. He said the project is "crucial" for UNM. Students who live on campus graduate at higher rates than those who live off campus, he said.
    Because UNM would not put money into the project, its bonding capacity likely wouldn't be impacted, nor would its credit rating, board members were told.

You also can send comments via our comment form