News Summary
CCI Real Estate has secured a $67 million loan to redevelop the Baptist Collegiate Ministries building at the University of Georgia. The project, known as ‘290 Lumpkin’, aims to enhance campus life by providing multifamily housing and community spaces for students. With partnerships involving the Georgia Baptist Mission Board and significant amenities, the initiative addresses the growing housing demand at UGA, aiming for completion by June 2027.
CCI Real Estate Secures $67 Million Loan for Redevelopment of University of Georgia’s Baptist Collegiate Ministries Building
CCI Real Estate has successfully procured a substantial $67 million construction loan aimed at revamping the Baptist Collegiate Ministries (BCM) building at the University of Georgia (UGA). This transformative redevelopment, dubbed “290 Lumpkin,” is set in Athens, Georgia, and strives to create a vibrant community space tailored to meet the needs of UGA’s ever-growing student population.
Working in partnership with the Georgia Baptist Mission Board (GBMB), this ambitious project seeks to combine multifamily housing, retail, and communal gathering spaces in a prime location within UGA’s campus. The overarching goal is to not only offer students secure housing options but also to foster a sense of community with an emphasis on faith-based initiatives.
Key Features of the 290 Lumpkin Development
The 290 Lumpkin redevelopment will introduce a new eight-story structure designed to house 243 one- and two-bedroom apartments, which will collectively provide a total of 353 beds. Additionally, a multi-story parking deck will be constructed, accommodating 356 vehicles. This combination stands to enhance campus life significantly.
In addition to residential options, the new building will feature an array of amenities, including:
- A rooftop amenity deck
- A dedicated student lounge
- Office spaces for staff members
- Ministry spaces that can host over 500 individuals
A selection of street-level facilities is also planned, which will house a coffee house, a fitness center, and various retail options, ensuring that students have everything they need right at their doorstep.
Construction Timeline and Additional Partnerships
Construction on the 290 Lumpkin project is already underway, with completion anticipated by June 2027. Known for their expertise in handling significant developmental projects, New South Construction has been appointed as the general contractor responsible for bringing this vision to life.
To ensure the project’s financing structure is solid, CCI has enlisted the help of Lance Thurman from Summerhill CRE for capital advisory services. In addition, Affinius Capital has come onboard to provide the construction financing. Affinius Capital has established itself as a key player in financing high-quality student housing projects across America’s major university campuses.
Addressing Housing Demand at UGA
The need for the 290 Lumpkin redevelopment arises primarily from the increasing housing demand at UGA. Over the past three decades, the university has experienced an impressive growth, adding approximately 500 students annually. The launch of this project represents CCI’s proactive approach to addressing these evolving needs through innovative housing solutions.
Broader Impact on University Campuses
CCI Real Estate is not only invested in the UGA redevelopment but also has commitments in similar projects at other institutions, including Georgia Tech in Atlanta and Georgia Southern University in Statesboro. These endeavors are focused on revitalizing important on-campus locations into multifaceted residential units, combining retail and community gathering areas. Such initiatives promise to transform the landscape of collegiate living and contribute to the holistic development of students.
The 290 Lumpkin project stands as a testament to CCI Real Estate’s commitment to enhancing student life through well-planned and executed development. By offering modern accommodations and spaces for community engagement, the project not only aims to meet immediate housing needs but also fosters a sense of belonging among students.
Deeper Dive: News & Info About This Topic
Additional Resources
- The Red & Black: UGA BCM Redevelopment
- Wikipedia: University of Georgia
- Online Athens: UGA Leases Land for Student Housing
- Google Search: University of Georgia housing projects
- Commercial Observer: Georgia Luxury Student Housing
- Encyclopedia Britannica: Student Housing
- Flagpole: Why Housing Costs So Much
- Google News: Student Housing UGA
