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ERIC Number: EJ777727
Record Type: Journal
Publication Date: 2007-Aug-17
Pages: 1
Abstractor: ERIC
Reference Count: N/A
ISBN: N/A
ISSN: ISSN-0009-5982
A Calculated Gamble Pays Off: Villa Julie College's Leasing of Off-Campus Apartments
June, Audrey Williams
Chronicle of Higher Education, v53 n50 pA23 Aug 2007
Officials at Villa Julie College marvel at how quickly the institution's transformation took place, from serving commuters to becoming a much more residential campus. As recently as the 2003-2004 academic year, Villa Julie, located in an affluent suburb of Baltimore, was leasing off-campus apartments to house more than 300 students because zoning laws and neighborhood opposition made it impossible for the college to build student housing on campus. But without its own housing, the college would have trouble fulfilling its new strategic plan that called for it to serve a much broader slice of the region's population. Villa Julie, which had been leasing housing for a decade, had to build its own dormitories, and it needed lots of money to do it. The college started by borrowing $30-million to build seven apartment buildings for 558 students on a pile of dirt six miles from campus. The apartments, finished in just over a year, opened in the fall of 2004. Three years and a total of $101-million in debt later, those apartments and three more residence halls with room for another 606 students now sit on Villa Julie's second campus. Known as Villa Julie College-Owings Mills, the 80-acre site also features a community center, a dining hall, a two-story academic building that houses the School of Graduate and Professional Studies and several administrative offices, and a sports-and-wellness center fashioned from what used to be a practice facility for the NFL's Baltimore Ravens. This article describes how carefully calculated debt can leverage quick institutional change and enrollment growth.
Chronicle of Higher Education. 1255 23rd Street NW Suite 700, Washington, DC 20037. Tel: 800-728-2803; e-mail: circulation@chronicle.com; Web site: http://chronicle.com/
Publication Type: Journal Articles; Reports - Descriptive
Education Level: Higher Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Identifiers - Location: Maryland