West Virginia University / MJR Evansdale Development, LLC

Morgantown,

Student Housing, Market-Rate Housing, And Retail Market Analysis And Financial Analysis

In 2013 MJR Evansdale Development, LLC, in association with West Virginia University, selected B&D to conduct a real estate analysis for its planned University Park project—a mixed-use housing and retail development located on the university’s Evansdale Campus. The purpose of the analysis was to test demand and the financial feasibility for the development of student-focused housing, market-rate housing, and retail space. Our scope of work included an analysis of the proposed project concept that included 900 suite-style beds, 410 apartment-style beds, and over 12,750 square feet of student- and market-oriented retail space. The resulting findings allowed for a better understanding of the relative space needs of the campus and the local submarket, and helped frame our project recommendations. We determined that the project was financially feasible and would meet the university’s stated strategic, market, and financial objectives as established by its partnership with MJR. The 434,000 SF, $90 million project opened in 2015.