Ohlone College Finalizes Lease Agreement of Frontage Property with Local Developer - Article, Office of College Advancement
Tuesday, June 27, 2017.
By Ohlone College.
College plans to utilize lease payments to support college’s educational programs
Ohlone College recently announced a lease agreement with Foster City, California, developer SteelWave LLC to develop mixed-use retail space and apartments on 15 acres of surplus property along Mission Boulevard in front of the college’s Fremont campus location.
The college estimates that proceeds from leased land will total over $1 million per year – a stable revenue stream that will be used to benefit the college’s educational programs.
The proposed development consists of 18 apartment buildings that house approximately 275 units and 18,000 sq. ft. of commercial/office space in a premier residential community constructed in the mission architectural style, creating a vibrant connection between the College and the community. The historic olive trees on the site will be preserved.
“Since community college funding is determined by the state, the college and its programs are vulnerable to sometimes drastic cutbacks during tight budget years which negatively affect the quality and depth of education we are able to offer students,” said Dr. Gari Browning, President of Ohlone College. “The funds from the land lease give Ohlone an unrestricted source of income that will enable us to bring stability – in good years and in lean years – to the educational programs our students depend on us to provide.”
SteelWave LLC will begin the process of gaining approval from the City of Fremont for the project in June of this year.