The Learning Curve: Higher Education Opportunities In Hampton Roads

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The Learning CurveHigher Education
Opportunities In Hampton Roads

• Old Dominion University
• HRACRE
• September 23, 2009

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THE UNIVERSITY AS DEVELOPER WHY?

• To Generate Supplemental Revenue Streams
• To Expand the Campus
• To Eliminate Blight or Address Crime
• To Promote Economic Development
• To Prime the Pump (Supplement Market Forces)
• To Provide Co-Curricular Facilities
• To Improve the Competitive Standing (Image)
• To Create a Destination
• To Circumvent State Procedures or Lack of
  Authority

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THE UNIVERSITY AS DEVELOPER WHO HOW?

• The University
• The Universitys Real Estate Foundation (Or Other
  501(c)(3)
• CDC
• CDA
• City or Redevelopment Authority
• HOW - As Deep Pocket - As Enabler - As
  Partner - As Advocate

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THE UNIVERSITY AS DEVELOPERCritical
Issues/Elements

• Market Demand
• Land Availability Cost
• Authority
• Structure/Methods
• Financing
• Tax Implications

• Liability/Risk
• Compatibility of Revenue With Mission
• Impact on Other Projects
• Debt Management

EXIT STRATEGY
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WELCOMETO THEUNIVERSITY VILLAGE
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THE PLANNING OBJECTIVES

• Extend Campus to Meet the Universitys
  Programmatic Needs
• Create Retail Services to Support the University
  and the Surrounding Community
• Create Research/Office Space to Attract and/or
  Grow Private Technology-Related Companies

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THE PLANNING OBJECTIVES

• Increase Economic Development Opportunities for
  the City of Norfolk
• Diminish the Perception of an Unsafe Environment
• Create Well-Landscaped Open Spaces to Facilitate
  Informal Uses by the University and the
  Residential Community

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PROJECT PHASING PLAN
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TED CONSTANT CONVOCATION CENTER
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SHARED PARKING
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UNIVERSITY VILLAGE APARTMENTSAND STREET-LEVEL
RETAIL
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MONARCH WAY RETAIL
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INNOVATION RESEARCH PARK
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MARRIOTT SPRINGHILL SUITES
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UNIVERSITY BOOKSTORE
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PRIVATE HOUSING
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PROJECT REALIZATION

• 310M Investment to Date
• University 75M
• City of Norfolk 15M
• Private Sector 220M
• Final Phases Estimate (50M)
• Mixed Use

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Other Potential Private Development Opportunities
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CENTRAL HAMPTON BOULEVARD MARKET DEMAND

• Residential
• 750 New Units (7-10 Year)
• Retail
• 200,000 250,000 sf
• Commercial
• 350,000 400,000 sf

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The Learning CurveHigher Education
Opportunities In Hampton Roads

• Old Dominion University
• HRACRE
• September 23, 2009