Cuyahoga Community College

Cleveland,

Student Housing, Hotel, And Retail Market Analysis; Mixed-Use Expansion Developer Selection Assistance

Cuyahoga Community College selected B&D in 2013 to conduct a comprehensive market and demand analysis for on-campus student housing on its Eastern Campus, as well as a preliminary demand analysis for an on-campus hotel and expanded on-campus retail. At the time, the college had an enrollment of approximately 5,200 students on the Eastern Campus. While the college did not have on-campus housing and there was a limited number of student-focused properties in the area, ample land was available on campus for potential housing, retail, and hotel development. Our scope of work began with strategic asset visioning sessions involving various members of the college administration to establish strategic drivers for the project. Student focus groups were held to assess housing and retail preferences and to gain qualitative information to support the ensuing student survey. An off-campus housing market study analyzed key metrics of the private housing marketplace surrounding the campus and, based on the data gathered in prior research, a housing and retail demand model was developed that projected demand for specific unit configurations, rental rates, and retail offerings. As a result, we identified demand for approximately 430 student on-campus beds in studio, one-bedroom, two-bedroom, and four-bedroom configurations. Retail demand included 9,500-11,000 GSF for a coffeehouse, fast food dining, a convenience store, and a clothing retailer. It was recommended that the project be developed in two equal phases to mitigate risk. We also outlined ways in which the college could market the project, including student-focused management, college affiliation, mixed-use amenities, and student-friendly lease terms and policies. The following year, B&D was retained to help the College identify the most advantageous partnership structure and engage a development partner for the project.