Colorado-Real-Estate-Journal_432803

48 / BUILDING DIALOGUE / DECEMBER 2024 ELEMENTS Student Housing University of Colorado Boulder: Off-Campus Housing Drives Change, Retains a Highly Educated Population Base S tudent housing doesn’t create students, it creates housing. Beyond providing students at University of Colorado Boulder much-needed housing, well-located and thoughtfully designed off-campus rental housing serves multiple purpos- es. As enrollment at CU Boulder grows steadily and more graduates choose to remain in the area, off-campus housing projects address a distinct housing shortage while keeping Boulder’s economic engine running strong and well into the future. New developments help elevate underutilized land to higher and better uses, often generating new revenue streams for municipalities and businesses. Boulder’s eco- nomic engine essentially gets a tune-up with the introduc- tion of high-quality housing options that appeal to students while also reducing the pressure on the local housing mar- ket for current and future residents. Forward-thinking de- velopment teams – through strategic initial site selection, design and construction – are well positioned to work to- gether with the broader community to bring quality hous- ing options to the area around CU Boulder. n Elevating land to its highest and best use. Underuti- lized and underperforming parcels of land can be a burden on the community. From improving aesthetics to accommo- dating population growth, new student housing revitalizes these areas through better use. Boulder’s housing shortage, like many cities across the country, has affected both stu- dents and local residents – many of which are would-be future residents. Thoughtfully designed rental communi- ties help alleviate strain on the existing rental stock proxi- mate to campus while opening new housing options to the broader population. Enrollment at University of Colorado has grown as student housing supply remains stagnant. From fall 2017 to fall 2023, enrollment has increased a total of 11%, or 1.7% year over year on average, to a total of 39,000- plus students. Since 2016, there has been no true student housing projects delivered. New housing options also provides students with the opportunity to live, study and socialize in one place. An off-campus housing community gives students an attrac- tive lifestyle option to support their studies and provides a strong social network supported by community and neigh- borhood amenities. In many cases, an experienced on-site operations team gives added peace of mind and can imme- diately address resident and maintenance needs. One de- velopment currently underway, The Standard at Boulder, will expand the city’s housing stock by 303 units and 936 beds via a highly amenitized development that will provide housing for students and area residents while promoting community vitality with publicly accessible green spaces. n Green spaces and sustainability. Development teams will typically go to great lengths to preserve and/or create green space and enhance sustainability wherever possible especially important to the harmony of the naturally occur- ring topography. The Standard at Boulder, for example, in- corporates nearly six acres of active and passive green spac- es fronting Boulder Creek while improving the portion of the Boulder Creek Path that runs through the property. The revitalized green space will include grass lawns, a creek- edge trail and a variety of seating areas for public use. Another important consideration for many municipali- ties is the need for housing that is walkable to retail, din- ing and entertainment options. The development of a rent- Andrew Costas Managing Director, Landmark Properties An off-campus housing community gives students an attractive lifestyle option to support their studies and provides a strong social network.