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UNC Asheville Announces $250 Million Development Project

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Conceptual image of the UNC Asheville development project showing a stadium and housing

News Summary

UNC Asheville is set to begin a $250 million development project that includes a new 5,000-seat stadium and mixed-use facilities to address housing shortages and boost local employment. The project also aims to integrate community amenities and enhance campus life, while a private developer will manage construction and avoid financial risks for the university.

Asheville – UNC Asheville has announced a major development project projected to cost $250 million, which will feature a new 5,000-seat stadium and a mixed-use development on the South Campus’ Broadway Property. This initiative aims to address critical housing shortages for students, faculty, and community members, while also boosting local employment and generating new tax revenue.

The first phase of the development will begin with the construction of the stadium, strategically located between Zillicoa Street and the Reed Creek Greenway. The stadium is intended to host various events, including matches for the university’s soccer teams. In addition to the stadium, UNC Asheville plans to include mixed-use housing, a childcare center, and amenities catering to both the local community and university population, further enhancing the campus environment.

UNC Asheville’s current housing situation has highlighted the need for this development. The university is operating at 106% capacity for student housing and has a growing waiting list, exacerbated by the recent impacts of Hurricane Helene, which affected approximately 7% of the local housing market. The average market monthly rate for a two-bedroom apartment has reached $1,557, reflecting a 24% increase over the past five years. The proposed housing will help alleviate pressure in this tight off-campus housing market.

Details for the second phase of the project remain under discussion, but Chancellor Kimberly van Noort outlined that this development is part of a larger Millennial Campus initiative aimed at fostering hope and prosperity in the aftermath of Hurricane Helene. With the new project, the university aims to create hundreds of jobs, which will significantly increase new sales tax revenue once fully operational.

Importantly, the project has been structured to not impose any financial burden on the university. Instead, a private developer will lease the land, taking on all financial risks associated with construction and operation. Public grants of approximately $29 million will be required for the stadium’s construction, but the university will not incur debt or outlay cash for the development.

As UNC Asheville moves forward with these ambitious plans, it is seeking input from current students, alumni, and community members, with feedback sessions to be announced in the coming weeks. The project is anticipated to launch in phases, with the stadium projected to open in 2028, while housing and retail developments are expected to be completed by 2029. The university is also collaborating with the city’s amateur soccer club, which is an integral part of the stadium use.

The informational meeting held by the Board of Governors recently served as an update on the project, without seeking approvals at that time. As the initiative unfolds, it has the potential to significantly reshape the local landscape, combining athletic facilities with community services, addressing housing needs, and ultimately enhancing the university’s role and impact within Asheville.

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Additional Resources

HERE Asheville
Author: HERE Asheville

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