Xavier University

Cincinnati, OH

Mixed-use Development Plan and Master Developer Selection Support

In 2010 Xavier University engaged B&D for a pre-development plan to update its proposed campus edge mixed-use project and assess its financial feasibility.  The project included student apartments, office, retail, hotel, a central square, and an adjoining recreation center.  Our work included: a visioning session to identify strategic project objectives; an economic assessment; market analysis to understand demographics and absorption rates; sensitivity testing to analyze funding scenarios; analysis of demand for student housing, recreation, and retail via interviews; and a market analysis for student housing, retail, hotel, and office components.  Significant economic analysis and development scenarios were analyzed in light of the university’s prior attempt at partnering with a developer, which was not implemented, and its strong desire to fully understand the project’s risk.  In addition, the project’s schedule had to be planned to allow for approvals such as zoning and public funding, and the Xavier Board.  Ultimately, the preliminary plan was approved by the university in 2011, and we then led the selection process for a Master Developer to develop, own, and operate the mixed-use projects.  We developed the RFP, coordinated evaluation materials, participated in on-campus interviews, conducted reference checks, and facilitated work sessions with the management team.  In 2011 we were retained again to support the university during due diligence.  Phase I of the 315,000 SF, $54 million project was completed in 2014.  This development includes housing for 480 students, 35,000 SF of retail/dining, 40,000 SF of office space, and 900 parking spaces.

Presentations 

Collaborative University Partnerships: Planning for Future Campus Capital Projects in a Challenging Economic EnvironmentPresented by Katie Karp and Ryan Conway at the 2012 ITGA Conference.