Cal Poly seeks developer for housing PPP
California Polytechnic State University (Cal Poly) hopes to use a public-private partnership to build on-campus housing for its faculty and staff.
According to sources, the university wants a private developer to build up to 420 condo-style apartments as affordable housing, which the university hopes will recruit and retain school employees.
The potential developers would build, operate, maintain and rent the apartments to faculty and staff and make lease payments to Cal Poly for 60-80 years. The project would be located in 10-15 acres of agricultural land the university owns near student housing assets.
The units not rented by university employees would be made available for rent to the general public.
The project would also take 400 or so cars off the streets because people won’t have to drive to work.
The California State University Board of Trustees must approve the project, which is part of the university’s master development plan, and authorize the bidding process. The approval of the master plan is expected for May 2017.
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