COSTA MESA, CALIF. — Servitas and Orange Coast College (OCC) are set to break ground on an 814-bed residence hall at the college’s campus in Costa Mesa.
The project site is structured around a ground lease on campus land by a public-private partnership with National Campus and Community Development Corp. This structure allows for tax-exempt debt financing with no recourse to the college, district or taxpayers. The apartment-style community is set to open in August 2020.
“We are very pleased with this partnership between Servitas and OCC,” says Angel Rivera, vice president of real estate development at Servitas. “It offers students a cost-efficient and convenient housing community that integrates seamlessly with the campus.”
The design-build team includes HPI Architecture, MVE Architects and construction firm Moss. George K. Baum & Co. provided the bond underwriting, and The Scion Group will manage the project in close collaboration with the college.