Case Studies

 

Transaction Details

Client
California State University - Channel Islands

Property
Channel Island Campus
Ventura County, CA

Transaction Type
Consulting

Industry

Savills Studley Advises University On Purchase and Re-Devlopment of 600-Acre Property  

 

Client Situation

Studley (now Savills Studley) has served as the University’s advisor and owner’s representative since the conception of the campus, to purchase and re-develop the 600-acre state-owned hospital (formally know as the Camarillo State Mental Institution) in Camarillo, California. The site now serves as the system's 23rd campus.

Result

Studley initially assisted in negotiating terms with the state of California to donate the property and award the university improvement and operating funds to rehab and operate the facilities.  We established a Site Authority to own the site as a stand-alone government entity, thus shielding the University from proffers and other jurisdictional obligations as well as providing a taxing authority.  Design, engineering, construction and financial advisory services were competed, hired and managed.  Tax-exempt bond financing was secured.  Lastly, Studley and its partner UniDev oversaw the development of the infrastructure and Phase I and II housing that is now complete and delivered.  The sale and leasing of 100% of all units were accomplished upon construction completion.  We are now managing the development of Phase III, the Town Center including retail, office and residential development.

The existence of newly-developed faculty housing is being used as a recruitment and bonus tool by the CSU system, which anticipates losing 40% of its faculty over the next 8 years.  Moreover, the site will also include 1.3 million square feet of university buildings, planned urban development, recreation facilities, retail, and R&D.  Proceeds from Phase I-V residential, retail and R&D development will help fund the rehab and development of academic, administrative, arts and recreational campus facilities.
 

 

Meet the Team

Timothy E. Foley
Corporate Managing Director

Since joining Savills Studley in September 2000, Tim has provided feasibility planning, financial structuring, transactional, development and program/project management services for universities, corporations, law firms, and not-for-profit organizations. Tim specializes in managing the development of revenue-generating facilities for universities and non-profit institutions and has successfully completed several development projects totaling hundreds of millions of dollars in project costs. His university experience includes work at California State University, Channel Islands, University of Maryland, George Mason University, Georgetown University, The George Washington University, Roosevelt University, University of California Santa Barbara, and California State University, Monterey Bay.

+1 202 624 8543

 

William P. Quinby
Vice Chairman, Co-Regional Manager

Since joining the firm in 1987, Bill has completed commercial real estate projects totaling in excess of 25 million square feet. As an executive vice president and branch manager of the Suburban Washington office, he brings more than 32 years of experience in the commercial real estate industry, representing clients throughout the DC metropolitan region and nationwide. Bill's background in architecture, development and project financing for tax exempt and taxable developments has led to his success advising public and private sector clients on over 20 build-to-suits to date.

+1 202 624 8551

 

Find a Professional