With rents rising around its Midtown campus, the Houston Community College District is considering a public-private partnership to build a mixed-use dormitory modeled after a similar project in San Antonio, officials said.
The district last year acquired a 4.5-acre tract of land for $12.5 million as a site for the project.
Under the public-private partnership arrangement, a contractor would build the complex and receive revenue from its rental units until the business makes a predetermined return on its investment. After about seven years, the complex would revert to HCC to own and manage.
Rental rates are expected to range from $525 to $900 a month, officials said. Financing for the project has not been determined.
When complete, the complex would include first-floor retail space and a parking garage, officials said. The design is expected to blend with current residential structures in the revived Midtown area, which was designated as a cultural arts district by the state in 2012.
The college is seeking approval of a $40,000 feasibility study to determine specifics about the project.
"The idea of having students within walking distance of the campus would be beneficial to many international students, and even to faculty and staff tired of commuting to the college from the suburbs," said William Harmon, president of Houston Community College Central.
Thomas Estes, vice chancellor of finance and planning and Diana Pino, vice chancellor of student services are part of the planning process.
HCCD officials this month are surveying San Antonio College's Tobin Lofts that provides a template for the Houston project.
Nearly 100 community colleges across the United States provide housing for students, and many are considering adding dorms to their campuses as a means of attracting and keeping students.
Tobin Lofts is a public-private partnership between San Antonio College and private developers. The complex includes student housing, apartments, a 1,000-space parking garage, and retail space. Student housing became available for the fall semester 2013. A second phase is under construction.
Voters in the Houston Community College District approved $425 million of additional bond authority in 2012. The tax-supported debt earned ratings of Aa1 from Moody's Investors Service, and AA-plus from Standard & Poor's and Fitch Ratings.
