$700M University of Southern California Village largest development in institution's history
- The $700 million mixed-use USC Village, completed in August, is the largest project in University of Southern California history, according to Building Design + Construction.
- The six-building complex, which includes 2,300 additional beds for student housing, 100,000 square feet of retail space, restaurants and a new dining hall, is expected to pump $5.2 billion into the local economy and provide 800 permanent jobs. According to USC News, the project created 5,600 construction jobs.
- Also included in the new USC Village are group and individual study rooms, multipurpose and media rooms, outdoor spaces and a gym. The project increased the USC's campus footprint by a third, adding 1.25 million square feet and 15 acres.
While a university's first obligation is to the education of its students, institutions often have a significant impact on their surrounding communities, economic and otherwise.
The USC News reported in March 2017 that USC has an annual impact of around $8 billion on the Los Angeles region and the state of California. Included in that amount is $514 million on capital projects, which boosts business for local construction companies and suppliers and adds to the number of available construction jobs.
Meanwhile, the University of California, Merced, announced last year a $1.34 billion expansion to be carried out via a public-private partnership (P3) with Plenary Properties Merced. The project, which will be completed in 2020, is expected to inject $2.4 billion into the state economy and generate more than 12,000 jobs, 10,000 of those directly related to construction.
Brandywine Realty Trust and Drexel University have started work on the $3.5 billion, 14-acre Schuylkill Yards mixed-use project, which will take about 20 years to complete, creating plenty of temporary construction jobs along the way. The first phase of the development is the 1.3-acre Drexel Square community park and five acres of residential, office, research and retail space.
Universities with medical schools and associated research programs most often also participate in community health through hospitals and clinics. Just last month, McLaren Greater Lansing, a subsidiary of Michigan-based McLaren Health Care, said it would combine two of its facilities into one $450 million hospital near Michigan State University (MSU) and added that it would collaborate with MSU on the facility and its programs. Ohio State University is also in the planning stages for a new 840-bed hospital tower to supplement its existing Wexner Medical Center.
- Building Design + Construction USC Village is the largest development in the history of the University of Southern California
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