RENO, Nev. (KRNV & MyNews4.com) -- University of Nevada, Reno says the ground lease has been approved for a public-private partnership that will result in 120 new living units on the UNR campus next year to meet the needs of graduate students and students with families attending the University.
The lease agreement between the University and a private developer, Balfour Beatty Campus Solutions, was approved March 1 by the Nevada System of Higher Education Board of Regents.
The lease agreement enables the University to remain in control of the rules and regulations governing operations of the project, and also allows the University’s Residential Life, Housing and Food Services to manage the complex. Particularly beneficial to the University and its students, under this lease agreement, the University incurs no debt for the project, nor is its bonding capacity negatively affected.
In requesting approval of the ground lease, University Vice President for Student Services Shannon Ellis explained that the current facility, built in 1960 for graduate students, has only 40, one-bedroom units, is out-of-date and does not meet the current needs of this student population.
The new three-story “Graduate Family Student Apartment” complex will replace the current facility, University Village, at 1775 Evans St., just east of the Lombardi Recreation Building. The old building, which closes May 31, will be torn down, and the new complex will be constructed on the same site by July 2014. Current University Village residents interesting in returning as a resident in the new facility will be given priority.
The 120 units will provide 212 beds. Some units will be one-bedroom, one-bath, and others will be two-bedroom, two-bath. Each unit will have modern appliances, efficient cooling and heating systems, and washers and dryers – features that were absent in the old building. In addition, there will be a gated, secure courtyard for children’s activities.
Balfour Beatty conducted a market study that showed that the one-bedroom units will likely rent for $825 per month and the two-bedroom units will rent for $1,126.