Economic Development Now

A number of smaller colleges are investing significant sums to revitalize their host communities in an effort to aid recruitment of students and faculty.

“A lot of universities, especially in tertiary cities, are finding that creating a more revitalized downtown is just as important as making sure everything is tight within the four walls of the campus,” Michael Cady, vice president of marketing for Charlestowne Hotels, a firm that specializes in managing university hotels, told the New York Times.

Colgate University has invested about $30 million in the downtown of Hamilton, N.Y., since 2000, including for a historic inn with a tavern, bookstore and movie theater. The school now is funding construction of affordably priced housing for university staff and other local workers, and is seeking approval for a mixed-use development that would include co-working and incubator space.

“Having a vibrant village center is important for the local community, but also for visitors to the university, prospective students, current students and their families, and alumni,” said Daniel DeVries, Colgate’s media relations director.

Colby College in Waterville, Maine, is relying on a fundraising campaign, cash reserves and debt financing to inject $82 million into the redevelopment of five major projects on Main Street, located two miles from its campus. In 2018, the school opened a 200-bed residential hall for students and faculty. Another project is the renovation of a long-vacant bank building. Colby also is building a 53-room hotel and restaurant, a visual and performing arts center, and an arts collaborative with studio spaces. All of the buildings will remain on the city’s tax rolls, reports the Times.

The school’s redevelopment initiative, the fruit of a close working relationship with local stakeholders, has spurred further investment. From 2010 to 2017 Waterville’s population grew 6 percent, while the statewide population remained flat. Previous revitalization efforts were “false starts,” said a local real estate investor, but Colby’s plan is “taking it to a whole new level.”