Concordia's Cruising

Concordia seals the deal on their new campus

Not that it's a surprise in the least, considering the ink we've spilled over the campus redevelopment, but today Concordia University officially inked the deal letting them move to the old Schlumberger campus in Northwest Austin, close to the Balcones Canyonlands Preserve. The cash for the move was dependent on the redevelopment plans for Concordia's 1-35 campus, which was finalized this Monday by City Council.

The Christian press release below:

"It has been a long and tedious process, but Concordia completed closing the sale of its current campus and acquisition of the new campus on Friday, March 30.

"Relocation formally started nearly two years ago when the Board of Regents decided on May 13, 2005, to move its main campus. Last summer the Regents selected the Austin Hill Country Reserve in northwest Austin for Concordia’s new home. The current campus was subsequently contracted for sale and redevelopment to East Avenue IG, LP, a Delaware limited partnership.

"Over the past eight months an extraordinary effort has been made by Concordia and the developer buying the existing campus to complete due diligence and secure zoning changes or the respective properties. The Austin City Council approved the rezoning of the Austin Hill Country Reserve on Feb. 15.

"A Planned Unit Development (PUD) was approved by the City Council for the existing 23-acre campus during a special meeting called by the Council on March 26."

Funding the Vision

As Concordia takes possession of its new 385-acre site, efforts continue to raise the funds necessary to complete the first phase of construction. Funding for relocation is coming through three sources:

* Proceeds from the sale of the existing campus
* Additional long-term debt
* A major capital campaign

Proceeds from the sale of the current campus on March 30 paid for the purchase of the Austin Hill Country Reserve and will partially fund renovations of the existing six buildings on the new site. Construction of a field house, student housing, athletic fields, site work, and the actual physical move of the campus must come out of a combination of additional long-term debt and an aggressive capital campaign. The Advancement department plans to launch a campaign this spring to raise at least $20 million. Gifts to this campaign will enable Concordia to complete first phase construction by summer 2008.

Relocation will take approximately 14 to 15 more months to complete (May 2008). Monthly updates are provided on the Concordia University Web site at www.concordia.edu/relocation.

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KEYWORDS FOR THIS POST

Growth & Development, Concordia, East Avenue, Schlumberger

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