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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.

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