United Development Corporation

Troy,

Student Housing Market Study And Retail Assessment — Troy, Ny

In 2010, United Development Corporation selected B&D to evaluate demand for a new mixed-use student housing project that would serve students primarily from Rensselaer Polytechnic Institute, as well as from Russell Sage College and Hudson Valley Community College. The work effort commenced with a tour the proposed site and detailed discussions with both United Development and key stakeholders to address specific issues regarding the development options under consideration. Based on feedback from these meetings, we conducted a detailed market analysis that examined characteristics of each school’s existing housing, demographic composition, and off-campus market. We also led focus groups and intercept interviews with students to gain qualitative information regarding existing housing issues and preferences for future housing and retail. Finally, through our student housing demand model, we were able to confirm the feasibility of developing 400 leasable student beds at the proposed site. We also advised United Development on unit-type considerations, graduate student implications, transportation issues, and locational factors. As a result, United Development moved forward with construction of the mixed-use College Suites at City Station, a three-phase housing and retail development valued at approximately $40 million. The 184-bed City Station West opened in 2011, the 184-bed City Station South opened in 2012, and the 157-bed City Station East opened in 2013.