Quote:
Originally Posted by 202_Cyclist
wburg:
How have the Drexel and USC satellite campuses changed the nature of downtown Sacramento?
I agree with you, I think CSUS needs to focus on creating more of a college environment with on-campus housing next to the university, not build housing miles away from the campus.
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IIRC - In 2008 a huge, major, national developer/builder offered to build a university village on 36 acres of under-utilized university property. This village would have included over 1500 student beds, between 200-400 market and workforce housing units, over 200,000 SF of office/lab/technology space, and more than 80,000 SF of retail/commercial/entertainment, a plaza adjacent to the stadium with a giant TV and clubs/pubs/retail (think LA Live), a 4000-6000seat amphitheater.
There were even discussions of how to connect the village and light rail via a street car system that also would have served the campus.
This project, designed to make Sac State a destination campus in accordance with an MOU signed by the University and the City, would have cost between $500,000,000 and $750,000,000, ALL privately financed. The developer based the deal on a 99-year lease which would have provided a
guaranteed revenue stream back to the university in addition to creating the long-sought university village adjacent to campus.
The project had been favorably received by the financial markets and the developer was contributing a nine-figure equity portion to the deal itself.
Under the worst case scenario, Phase One would have opened in the
Fall of 2013.
After two years of discussions with the university and city and plans developed by one of the country's leading Architectural/Planning firms and lead by one of the country's most visionary placemakers, Sac State turned the developer down and the project was rejected in 2010 saying it wasn't the right time for a project of such scope.
The sites remain empty...
PS - the revenue stream back to the university was with no strings attached and could have been leveraged to build an on-campus arena of between 8000 and 13,000 seats...This proposed arena was included in several of the site plans for the project (parking lot east of the stadium and north of the Alumni Center)...