Colleges and universities are growing, and they need new facilities to accommodate this growth. Whether it's space for new academic classrooms, laboratories, dormitories, research centers, business incubators, or space for retail and services necessary for a campus to thrive, college and university business officers are involved in decision-making related to how and where this growth occurs. This paper makes the case that growth and development of new facilities that support the functions of a college or university--whether on or off campus--is an opportunity to add to and enhance the physical identity of an institution, use limited resources more efficiently and maximize investments, improve relations across the campus boundary and with local communities, and demonstrate that an institution is and can be a good steward of the environment. The publication begins with an overview of smart growth strategies and the better outcomes that these strategies have yielded when adopted by colleges and universities and communities across the country. It then makes a four-part argument for adopting these strategies: (1) Creating thriving, vibrant places helps to attract and keep the best students, faculty, and staff; (2) Smart growth development patterns are a more efficient use of scarce resources and are better investments; (3) Colleges and universities and the surrounding communities can work together across the traditional boundary of the campus to solve challenges in mutually beneficial ways; and (4) Better development patterns allow colleges and universities to improve their environmental performance. The publication concludes with eight profiles showing how some colleges and universities have adopted these strategies and are addressing the challenges and opportunities presented by growth. Structuring Public-Private Partnership (P3) Transactions is appended. (Contains 44 endnotes.) [Funding for this paper was provided by Ayers/Saint/Gross.]