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 for UGA’s Redevelopment Project
CCI Real Estate has successfully obtained a $67 million loan designated for the redevelopment of the Baptist Collegiate Ministries (BCM) building at the University of Georgia (UGA) in Athens, Georgia. This significant financial backing marks the beginning of a project named “290 Lumpkin”, which aims to transform a notable site within the university’s campus.
The project is a collaboration with the Georgia Baptist Mission Board, emphasizing the importance of community support for students. The redevelopment is intended to deliver multifamily housing along with retail and communal gathering spaces that resonate with the university’s values and student needs.
Objectives and Benefits of the 290 Lumpkin Project
As part of the project goals, CCI Real Estate is dedicated to fostering a holistic environment for students. The newly developed space will not only provide housing, but also aim to cultivate a sense of community, infused with a faith-based focus. The developers are conscious of the rising demand for student housing as UGA has been witnessing an influx of students, adding approximately 500 students each year for the past three decades.
The redevelopment will introduce an eight-story building featuring 243 one- and two-bedroom apartments, accommodating a total of 353 beds. Furthermore, the project will include a dedicated parking deck with 356 spaces to support both residents and visitors.
Enhancements and Amenities
Aside from residential accommodations, the 290 Lumpkin redevelopment will offer a range of appealing amenities designed to enhance the living experience for students. A rooftop amenity deck will allow for social gatherings, while a student lounge and multiple office spaces dedicated to ministry will create a supportive environment for spiritual growth and connection.
The ground floor will also hold various facilities, including a coffee house and a fitness center, alongside additional retail options to cater to the lifestyle needs of students. These features are aimed at ensuring convenient access to essential services and community engagement.
Construction Timeline and Workforce
Construction for the 290 Lumpkin project has commenced with completion anticipated by June 2027. New South Construction has been appointed as the general contractor, signaling a commitment to high-quality building practices and an efficient construction timeline.
CCI Real Estate is also extending its focus on student living by embarking on similar redevelopment efforts at other institutions, such as Georgia Tech in Atlanta and Georgia Southern University in Statesboro. Each of these projects shares the goal of converting landmark campus locations into vibrant multi-story residential spaces that incorporate retail and community interaction points.
Conclusion
The 290 Lumpkin project represents a pivotal enhancement for the University of Georgia’s campus, addressing the immediate housing demands while promoting a sense of community and holistic support for students. As construction progresses, the collaboration between CCI Real Estate, the Georgia Baptist Mission Board, and other stakeholders underscores a shared vision of cultivating a welcoming and engaging environment for current and future 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
