EWING, N.J., Feb. 5, 2015 /PRNewswire/ -- With all 446 available student beds leased in just three months, the PRC Campus Centers LLC, a member of the PRC Group, has announced plans to expand Campus Town at The College of New Jersey, adding two residential buildings which will accommodate 166 additional students.
"Leasing all of phase one beds in such a short amount of time reflects the demand for quality student housing as well as a very attractive project design," said Greg Lentine, PRC's director of campus development. "This expansion is welcome news to students," added Lentine.
Phase two, scheduled to open in fall 2016, will add an additional 74,000 sq. ft. of one, two and four bedroom apartments to the existing 278,000 sq. ft. of mixed-use space. The addition brings PRC's privately funded total investment to approximately $120 million.
"Our public-private partnership with the PRC Group allows us to address a critical need for additional student housing without utilizing state or college funding," said TCNJ President R. Barbara Gitenstein. "The retail shops and restaurants that will open this fall will benefit not only members of our campus community, but also the town and residents, making this project a real win-win for both the TCNJ and Ewing communities."
The fully furnished student apartments offer every student a private bedroom, a private or semi-private bathroom, full kitchen, living room, laundry room, and features secure access.
Retail includes Panera Bread and Barnes and Noble anchoring the north and south ends. Retailers such as Piccolo Trattoria, Yummy Sushi, El Mexican Mariachi, Redberry Yogurt, and Spencer Savings Bank have also taken advantage of the location. Other businesses that are completing the leasing process include a national drug store, wireless service and sports bar. The addition of these shops will enhance the attraction for the community and college. The project also includes new 11,400 square foot student fitness center.
Campus Town, approved under the NJ 2009 Economic Stimulus Act allows public institutions to partner with a private company. The attraction to this partnership, if done properly places the entire financial risk on the private company and does not add to the college debt or impact their bond rating. Campus Town was financially structured so not to increase the student's tuition. This allows the college to focus on education and target their funds to academic initiatives.
Video - http://youtu.be/9ksuyqqiU6U
SOURCE PRC Campus Centers LLC