Harrison Street and Radnor Property Group form PPP with App State to build on campus housing
Harrison Street and Radnor Property Group have formed a public-private partnership (PPP) with Appalachian State University (App State).
Under the joint venture partnership, Harrison Street and Radnor will finance the university’s first on-campus employee housing project, comprised of five multistory buildings with 156 purpose-built housing units that are expected to be completed in the fall of 2025. Financing will be delivered under a unique 501c3 ownership structure to enhance affordability.
Located within App State’s new Innovation District, the development project will support the university’s continued growth and help meet university employees’ housing needs amid housing scarcity and cost inflation in the region. The project is part of a larger first phase of the university’s Innovation District, which is anticipated to be carbon and net zero, which will create at least as much energy as it consumes through renewable sources, and which will begin to transition the campus away from steam power.
The university enrolls more than 21,000 students, has a low student-to-faculty ratio and offers more than 150 undergraduate and 80 graduate majors at its Boone and Hickory campuses in the mountains and foothills of western North Carolina and online.
“Providing attainable employee housing on university campuses while implementing net-zero guidelines is an exciting and forward-thinking strategy,” said David Yeager, managing partner of Radnor Property Group. “This housing development is one component of Radnor’s master developer role to implement App State’s vision of the university’s Innovation District in Boone, making a tremendous impact for the university and surrounding community.”