Rowan Selects Developer for Sports/Retail/Housing Complex
Glassboro, NJ?Rowan University's plan to develop a sports/retail/housing complex is moving forward with the University's announcement on Tuesday that it has selected The Milestone Group as the master
Glassboro, NJ?Rowan University's plan to develop a sports/retail/housing complex is moving forward with the University's announcement on Tuesday that it has selected The Milestone Group as the master developer.
A leading real estate private-equity firm with offices in New York and Dallas, Milestone has more than $1 billion of assets under management in various real estate projects throughout the United States. It will assemble a consortium of architectural, engineering and consulting firms to provide services to the partnership in the development of the Rowan West project. The group will include such companies as Brailsford & Dunlavey, EDAW, HLW, Rossetti Associates, Taylor Wiseman & Taylor and Wells Associates. Combined, the team has completed or been part of projects for Rutgers University, University of Rhode Island, St. John's University as well as for the NCAA, NFL, NBA, NHL, MLS, MLB and USTA.
"This is an extremely complex project, one that requires the master developer to have expertise in developing retail and housing as well as sports and entertainment facilities," said Donald Farish, president of Rowan University. "We were very impressed with the proposals we received, but the Milestone team had the right combination of talent and experience that we believe will best suit our needs as a university."
Rowan will sign a memorandum of understanding with Milestone that guarantees the developer exclusive rights to the project if the two parties are able to negotiate details of a contract by July 1. Rowan signed a similar agreement with Major League Soccer, one that guarantees that Rowan's West Campus be the site of a Major League Soccer franchise if finances are in place by July 1.
"This is an opportunity to help transform Rowan University, which in turn will help transform the region," said Jeffrey Goldberg, managing partner of The Milestone Group. "This project will be an important economic cornerstone for the entire South Jersey region. We are excited to create a sporting and entertainment venue which will bring new job opportunities and business to the area."
Major League Soccer announced in March that it had selected Rowan's West Campus as the site for a soccer franchise, but that the University has until July 1 to present preliminary plans and financing for the construction of a Major League Soccer stadium. The University, in turn, unveiled plans for a much larger initiative, one that would include the soccer stadium, as well as a variety of playing and practice venues for football, basketball, baseball, softball, lacrosse, swimming, tennis, and track and field. The complex also would include a retail corridor and housing for as many as 3,000 students.
The University received project proposals from Milestone University Investments, an affiliate of the Milestone Group; Fairmount Properties, of Cleveland, Ohio; and Opus East, of Plymouth Meeting, Pa., by its April 21 deadline.
Rowan officials have explained that the goal of the project is to move the athletic facilities off the University's main campus to make room for additional academic buildings, allowing it to increase enrollment and academic offerings. The project will allow the University to move the sports facilities at a dramatically reduced expense.
For more information about Rowan's expansion plans, visit www.rowan.edu/rowanwest.