The University of North Georgia Real Estate Foundation has reached an agreement to sell about 18 acres near the school's Gainesville Campus for the development of off-campus student apartments.
The property is on Tumbling Creek Road and is being old to Scottdale, Georgia-based Mallory & Evans Development LLC.
After a proposal and bid process in which UNG faculty members and administrators listened to proposals and asked questions of potential developers, the UNG REF approved a proposal from Mallory & Evans to purchase the land for the development of student apartments with some 550 beds.
The terms of the agreement include a closing date no later than June 30, 2020, subject to purchaser's inspection, approvals for zoning, utilities, University System of Georgia approval of a roadway plan, and other property due diligence, according to a news release from the university.
"UNG has been committed to providing our students with a campus environment that promotes academic excellence and also a holistic college experience," said Dr. Richard Oates, vice president of UNG's Gainesville Campus. "This agreement is quite a good fit with the growth of our academic programs on this campus and the growth of our student services here."
The remaining 55 acres of the REF-owned parcel, a mostly wooded and natural tract along Tumbling Creek, will be leased by the foundation to UNG for educational purposes, including instruction, research, and recreation.
"Mallory & Evans is very excited to have the opportunity to serve the students at UNG's Gainesville Campus. Our current student housing asset, The Bellamy, that serves UNG students in Dahlonega, has been a tremendous success, and we look forward to continuing our relationship with UNG students to foster a safe, comfortable, conveniently located, and educationally enhancing housing option," said Johnny Dixon, vice chairman of Mallory & Evans. "We also look forward to working with the UNG faculty panel on environmental design elements and site development in order to potentially minimize any environmental concerns or disruptions."
This year enrollment at the Gainesville Campus neared 8,000 students and marked the highest enrollment of UNG's five campuses.
The REF began evaluating proposals for the development of an approximately 18-acre section of the property for student apartments last year.
The REF is a nonprofit entity, separate from the university, that manages real property for the charitable purposes and needs of UNG. All profits from this sale will go back into the Real Estate Foundation's funds that pay for various campus facility needs.