Today’s students have obligations beyond the classroom. Many are no longer content to live in dorms that offer little in the way of creative design or privacy. Consider these benefits of redeveloping area buildings for student housing.
Renovating underutilized existing buildings in a new way can help meet the need for affordable and attractive student housing options. Experienced real estate developers, like LA-based Steven Taylor, understand how adequate housing can attract other businesses that work to create a true sense of community. These benefits transcend the need for student housing as the entire population is served by increased local services.
Abandoned and boarded-up buildings have long been considered a safety hazard. They are at increased risk of fire and vandalism thanks to their vacant and untended state. Transforming them into vibrant and modern housing for young people increases the safety of the surrounding neighborhood and creates a welcome gathering place for residents. At the same time, having a responsible landlord to oversee maintenance and repairs helps ensure the building remains safe and attractive.
Better Integration of Students
Student housing that allows young learners to become part of the surrounding neighborhood fosters integration and acceptance. It helps to create a sense of community between students and area businesses and residents, and it may encourage some students to remain in the area after graduation.
Preservation of Tax Dollars
Local governments often entice developers with attractive, and many times substantial, tax incentive packages. This is because housing construction will generate jobs, bring new residents (and taxpayers), and stimulate the local economy. Yet, redevelopment utilizes existing buildings, so the costs are often significantly lower than those for new construction. That means lower dollar amounts on incentive packages and the preservation of local tax dollars for other community projects.
For college towns that need to add housing, redevelopment offers an attractive option. It not only provides safe and modern housing for students, but it can also benefit the surrounding community.