The full $575 million in project costs will come from the proceeds of a tax-exempt bond sale, the largest bond sale ever in the U.S. for a student housing project. The Michaels Organization, a national leader in residential real estate, is working with global design, architecture, and engineering firm Stantec, which is providing lead architectural, interiors, buildings engineering, and landscape architecture services for the project. CBG Building Company is the general contractor.
Once completed, the project will be comprised of nine four-story apartment buildings along with indoor and outdoor community space and recreational fields across 34 acres. A 10,000-square-foot community building will house a fitness center, multipurpose room, and support services. With its expansive solar electric arrays, The Green contributes to the overall neighborhood goal of zero net energy, which means the project is designed to generate as much energy as it uses within a year.
During Phase I, the project team delivered the first three residential buildings, a utility building (including workspace for operations and maintenance staff), as well as outdoor courtyards between the residential buildings for students to gather. Each apartment building includes furnished bedroom and living spaces, a full kitchen and common space, as well as social and study areas on each floor.
“This student housing community demonstrates what is possible when the public sector and private sector form partnerships, leveraging the strengths of both," said Joe Coyle, President of Michaels Student Living. “We are thankful for the leadership of our university partners and honored to deliver this first phase of our affordable, sustainable living environment for the students of UC Davis."
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“We’re excited to hit this critical milestone — on schedule,” said Richey Madison, Stantec Principal, West Coast Education. “This year has presented unprecedented obstacles with the ongoing impacts of the pandemic, and to see the first wave of students move into The Green is humbling for our entire public-private partnership team. This is a truly transformative project for the UC Davis student body, and one we are proud to help deliver.”
The apartment community will be operated by Michaels Student Living Management. Collegiate Housing Foundation will hold the ground lease with the University of California. UC Davis Student Housing and Dining Services will be responsible for marketing, leasing, and on-site residence life support services.
The Michaels Organization offers full-service capabilities in development, property management, construction, and finance and crafts housing solutions that jump start education, civic engagement, and neighborhood prosperity.
Stantec has 22,000 employees working in over 400 locations across six continents. The company's work includes engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, construction services, project management, and project economics.
