X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW BRUNSWICK, NJ-The New Brunswick Development Corp. (Devco) has reached an agreement with Rutgers University to development a new residence hall with 186 units of student housing. Tentatively scheduled for completion in time for the fall semester of 2005, College Hall would also include an 800-car parking garage and some 13,000 sf of ground floor retailing.

Under the terms of the agreement announced last week, Devco will build and manage the facility, which would actually be owned by Keating Partners, a Philadelphia-based investment, development and management firm. Keating and Devco have already teamed up on a few other redevelopment projects in this city’s downtown area. Rutgers will provide security and related services for the residents.

Also as part of the agreement, the revenues generated by rents would go to Devco. Officials estimate that the total of such revenues could approach the $5 million mark with three years of the project’s completion. No cost of construction has been released.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.