Shopping Center Business

MAY 2016

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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Page 344 of 358

USC VILLAGE 340 • SHOPPING CENTER BUSINESS • May 2016 T he University of Southern Califor- nia is seeking to serve its student population as well as the sur- rounding community with a massive new mixed-use project that the university is building. Under construction on 15 acres that sits between McClintock Avenue, Hoover Street and Jefferson Boulevard in the heart of its campus near down- town Los Angeles, the 1.2 million-square- foot USC Village project contains about 150,000 square feet of retail, restaurant and recreation space and 2,700 beds of student housing. A 30,000-square-foot fitness center is also being built by the university as its commitment to the stu- dent experience. USC Village is the largest development project that USC has under- taken to-date, representing a nearly $700 million investment. The project, which consists of sev- eral five-story buildings in a Collegiate Gothic style, has four levels of residen- tial over ground level retail space and a small amount of office space. A central plaza — over one acre in size — will pro- vide outdoor community space that will be a focal gathering point for students and neighbors alike. A new parking structure will sit below grade, creating 461 new parking spaces for the retail. "This project will allow us to increase our housing capacity by 40 percent. It's also the first major project undertaken by the university that incorporates urban retail into the plan," says Brian Wilson, the university's executive director of real estate and leasing. "USC is a top research university, and our president has made great strides in recruiting the best faculty and students," added Wilson. "Facilities such as these help us provide our community with a great experience." USC currently has about 7,000 student housing beds; USC Village will add 2,700 beds that will be used for undergraduate housing. Some of the existing undergrad- uate housing stock will be converted to graduate housing, which should reduce pressure on the local neighborhood rent- al market — a benefit to the surrounding community. USC has a higher ratio of grad- uate students to undergraduate — 24,000 graduates versus 19,000 undergraduates. While it first opened in 1880, the Uni- versity of Southern California was for many years predominantly a commuter university. Over the past 40 years, the uni- versity has steadily added housing stock. Creating A New Entrance To USC The University of Southern California — and its surrounding neighborhood — have a need for more retail and housing. A new large-scale mixed-use project will provide the solution for both. Randall Shearin Open-air space, dining, housing and retail are all a part of the massive USC Village project.

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