The Texas A&M System announced a public-private project Thursday that includes plans to develop a 48 acre site west of the intersection of George Bush Dr. and Welborn Rd. into a new student housing complex, Park West. The site sits on land that is currently pasture, and is bordered by George Bush Drive on the north, Penberthy/Jones-Butler Road to the west and Luther Street to the south.
The system selected Servitas, LLC as the developer of the project, and the land will be ground leased to NCCD-College Station Properties LLC, a Texas nonprofit corporation, according to a press release.
According to the release, NCCD-College Station will pay $18.5 million upfront to Texas A&M University, and future revenues are projected to average $20 million annually over 30 years. The facilities will revert to The Texas A&M University System upon termination of the ground lease. TAMUS Chancellor says the money generated from the project is instrumental to the system’s mission.
“Every extra dollar we can generate or save is one less dollar from the students, their parents or Texas taxpayers,” Sharp said. “Besides the revenue it generates, the Park West project also puts the debt and the risk on the books of the private sector, not with the A&M System.”
A&M President Michael Young said additional revenues from the project can be invested right back into students.
“At Texas A&M we continue to find innovative ways to provide 21st Century tools in order to meet 21st Century needs,” Young said. “This project will generate revenue that we can invest into high performing faculty, research and teaching that allow our students to receive an elite education at an affordable price.”
According to the release, Park West will be home to 3,402 beds in facilities ranging from studio apartments to three bedroom garden-style units. Michael Short, Chief Operating Officer of Servitas, said the scale of the project is unprecedented.
“At more than 3,400 beds, the scale of this development is like nothing else in College Station, or anywhere in the U.S., in terms of new student housing,” Short said. “We are excited about the opportunity to develop a project for Texas A&M students that is paving the way for the future in terms of design and features. We believe that our design of the site, the service, and the amenities will be very attractive to students. We look forward to developing this truly unique property in College Station.”
Park West is currently scheduled to be up and running in time for the Fall 2017 semester.
