News Summary
The University of North Carolina at Asheville has announced a transformative $250 million mixed-use development. This project will include new student housing, a soccer stadium, and retail space to address the housing shortage affecting students and the broader community while creating around 300 local jobs. Chancellor Kimberly van Noort confirmed the university will incur no debt, utilizing revenue from a private developer. The initiative responds to rising housing demands, particularly post-Hurricane Helene, and promises to enhance community vibrancy with additional amenities.
Asheville, NC – The University of North Carolina at Asheville has announced plans for a $250 million mixed-use development, which will include new student housing, a soccer stadium, and retail space. This initiative aims to alleviate the current housing shortage facing students and the broader community while creating approximately 300 jobs in the area.
Chancellor Kimberly van Noort confirmed that the university will incur no debt or financial costs related to the project. Instead, revenue will be generated through ground leases with a private developer selected to undertake the development. This strategy allows the university to benefit financially while safeguarding its existing budget.
Currently, UNC Asheville’s off-campus housing market is under significant pressure, evidenced by a 94% occupancy rate within a 15-minute drive of the campus. The average monthly rent for a two-bedroom apartment in Asheville has surged to $1,557, marking an increase of 24% over the past five years. Moreover, the university has been operating at 106% capacity in student housing this academic year, resulting in an extensive waiting list for those seeking accommodation.
The proposed development directly responds to this need for market-rate housing targeted at students looking for off-campus living alternatives. It not only addresses the immediate housing shortage but also aims to create a more vibrant community space suitable for faculty, staff, students, and local residents alike.
One of the notable features of this project is the construction of a 5,000-seat soccer stadium, designed in partnership with the city’s amateur soccer club. This facility will serve as a venue for university soccer matches and is expected to require around $29 million in public grants for its establishment. The timeline for completion anticipates that the stadium could open by 2028, while the housing and retail components are projected to be finished by 2029.
The planned stadium will be located on the 45-acre South Campus’ Broadway Property, which is bordered by Zillicoa Street and the Reed Creek Greenway. The proposed development is not merely focused on housing but also includes a childcare center and additional amenities intended to enhance community life.
The initiative comes at a critical time, particularly given the recent impact of Hurricane Helene, which caused significant damage and contributed to ongoing housing challenges in the area. Chancellor van Noort underscored the urgency of addressing housing crises in light of this natural disaster; this development is envisioned as a vital component in meeting increasing housing demands as the university grows its student population, particularly amid rising local housing costs.
Furthermore, the university plans to hold public sessions to solicit community input regarding the development project. This engagement is designed to ensure the project aligns with the needs and expectations of local residents, reflecting a commitment to fostering good relationships with the community.
Once fully operational, this mixed-use development is expected to enhance local sales tax revenue, further supporting the city’s economic growth. The initiative exemplifies a significant investment not only in university infrastructure but also in the broader Asheville community, promising to deliver a range of benefits for years to come.
Deeper Dive: News & Info About This Topic
HERE Resources
UNC Asheville Announces $250 Million Development Project
LGBTQ+ Youth Services Under 988 Lifeline to End Soon
Escalating Tensions: Israel and Iran Take Military Action
Tensions Rise as Federal Agents Target Elected Officials
UNC Asheville Appoints Interim Head Baseball Coach
UNCA Announces Plans for New 5,000-Seat Stadium and Housing
Tensions Rise as Military Action Against Iran Looms
Renew NC Homebuilding Program Applications Now Open
Harvard University Challenges Trump Administration Over International Students
Zander Baptiste Commits to Temple University Football
Additional Resources
- WYFF4 News
- Charlotte Observer
- MSN News
- Mountain X News
- The Center Square
- Wikipedia: University of North Carolina at Asheville
- Google Search: Asheville housing crisis
- Google Scholar: UNC Asheville development
- Google News: UNC Asheville housing
