21 January 2005

Public/Private Partnership will provide critical housing for Longwood University

PROJECT RENDERINGS [click to enlarge]

A $20 million housing/retail project, proposed by Bluestone Land LLC and supported by the Farmville Town Council, will enable Longwood University to provide upscale housing for students as part of the University's Residence Life Capital Improvement Program and long-range strategic plan.

The public/private partnership project is the result of Bluestone Land LLC approaching Longwood University with a proposal to build both residential housing and retail space in the property currently occupied by the Farmville Shopping Center. The residential village will include four, four-story buildings with the top 3 floors as residential and the ground floors as retail.

The following business partners are principals in the proposal. The Longwood University Real Estate Foundation (a private foundation) will partner with Bluestone Land LLC, a Charlottesville company that specializes in the development of housing and retail space, along with Pinnacle Construction & Development Corporation, Fugleberg Koch Architects and Fred Kuntz & Associates, Architects.

Bluestone Land LLC will construct the complex and ownership of the residential space as well as the parking areas will revert to the Longwood University Real Estate Foundation upon closing of the permanent financing. Bluestone will own the ground floor retail commercial space through a condominium agreement executed with the Real Estate Foundation. Funding for the debt service will be provided by a lease arrangement between the Real Estate Foundation and the University. The revenue generated by student housing fees will fund the monthly lease obligations of the University. The residential space will be managed by Student Affairs and the retail space will be managed by Bluestone Land.

This proposal comes to Longwood at an opportune time as the University prepares to renovate and upgrade student housing. The development will provide up to 400 beds as "swing space" to replace housing that will be taken offline during renovation of certain residential space on campus. The current inventory of on-campus housing "beds" will remain at 2500. As residence halls are renovated, some buildings - due to their age and antiquated infrastructure - will be adapted for uses other than housing or demolished. The project will include 400 parking spaces for students, visitors, and shoppers.

Construction is expected to begin in March. The partnership project is scheduled to be completed during summer 2006 with student housing ready for occupancy for the Fall 2006 semester.

The partnership project will provide major benefits to both the town of Farmville and Longwood University. As Farmville continues its downtown renaissance, this development will enhance the aesthetic and architectural appeal of downtown and preserve valuable green space on campus. Additionally, the complex will generate business for new retail tenants while providing state-of-the-art housing and a positive social environment for our students.