George Mason University

Fairfax,

Faculty/staff Housing Feasibility Analysis And Development Plan

In 2005 George Mason University retained B&D and Studley to conduct a feasibility analysis for the potential development of reasonably priced for-sale and rental housing for its faculty, staff, and graduate students. The school was challenged by being in one of the most expensive housing markets in the U.S. and had great difficulty attracting and retaining its desired level of high caliber employees as a result. The university already held deed to a significant amount of land adjacent to its main campus and wanted an exploration of options for leveraging that asset for housing. To complete the study our tasks included: defining the target market; evaluation the demand for housing options; evaluating comparable local and national housing; and delivering a recommended plan of action for housing over a ten-year period. In the end, we provided the university with a long-term development plan and an analysis of its economic performance and unit affordability. Because providing this housing was critical to the university and the local market could not provide affordable housing, we recommended a development plan that would allow the university to offer this employee amenity through a 501(c) (3) foundation that would retain ownership in perpetuity while offering a majority of units for sale to qualified employees. The university foundation retained land ownership, but the employees enjoyed most of the benefits of home ownership. As a result, the $39.7 million, 157-unit Masonvale housing community was completed in 2010, ahead of schedule and with a cost savings of $1.15 million. The project’s awards have included:

  • 2010 Great American Living Award
  • 2010 Builder Magazine Builder’s Choice Design and Planning Award
  • 2011 National Association of Home Builders Pillars of the Industry Award
  • 2011 Pacific Coast Builders Conference Gold Nugget Award
  • 2011 Associated Builders and Contractors of Metropolitan Washington Award for Excellence in Construction
  • 2012 National Association of Home Builders Pillars of the Industry Award

2013 Urban Land Institute Jack Kemp Workforce Housing Models of Excellence Award

TO P3, OR NOT TO P3, UNDERSTANDING THE QUESTION

Presented by Peter Isaac and Sam Jung at the 2012 Academic Impressions Conference.

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ADVANCING THE MISSION AND THE BOTTOM LINE: FACULTY, STAFF AND GRADUATE STUDENT HOUSING

Presented by Chris Dunlavey, Tom Calhoun, and Bill Quinby at the 2011 NACUBO Annual Conference.

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ENROLLMENT TRENDS AND FUTURE STUDENT HOUSING OPPORTUNITIES

Presented by Craig Levin and Chris Harness at the 2009 NMHC Student Housing Conference.

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CASE STUDY: MASONVALE AT VIRGINIA’S GEORGE MASON UNIVERSITY DOWNLOAD