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A mock-up shows features of a typical Eagle Landing unit. |
The University of Mary Washington announced this week that its new Eagle Landing apartments will be fully occupied in the fall.
The news comes less than three weeks after UMW's board of visitors approved a "one-time rate reduction" at the complex that amounts to about a 14 percent price decrease.
The university reduced the rates because the 156 two-bedroom apartments--now under construction in the former Park & Shop retail center on U.S. 1 in Fredericksburg--were only half full as of late last month.
The lack of interest also prompted UMW to open up the apartments to sophomores, who booked the rest of the rooms in the last full week of March.
They will make up about half of the complex's 624 tenants. Thirty percent will be juniors, and 21 percent will be seniors.
Thirteen sophomores are currently on a waiting list, said Director of Residence Life Chris Porter.
"The sophomore excitement about living in Eagle Landing became what we had anticipated from our juniors and seniors," said Rick Hurley, who became UMW's acting president today.
He added: "What a nice difference for them--to come into our dated dorms and then think about going across the street to something brand new. I just think they got excited about that possibility."
Hurley said he thinks the price reduction "enabled the students to go home and lobby their parents."
The university's nonprofit foundation is building the five-story, 206,000-square-foot complex at Eagle Village.
It will now cost a student $5,950 to live at Eagle Landing for nine months and $6,950 for 12 months. Those rates assume two people per bedroom.
The price of a double room at UMW's William Street apartments will be $5,340. That complex, which is open to juniors and seniors only, is full for next year.
Hurley said he's not sure how much money the university will lose because of the rate reductions. He noted that the cost of the entire Eagle Village project will be about $500,000 less than expected because of favorable interest rates. "That helps us in terms of any shortfall."
Hurley said he thinks many juniors and seniors chose other living arrangements because "they looked across the street and wondered if the whole project was actually going to be finished."
And it probably didn't help that few tenants have been announced for the 30,000 square feet of ground-floor retail next to the apartments in Eagle Village.
Still, Hurley said he's "very confident" the university will be able to fill the apartments for the 2011-12 academic year, even with the higher rates.
"We think this is a one-year issue for us," he said. "The buzz will be like it is for our university apartments on William Street."
Jeff Branscome: 540/374-5402
Email: jbranscome@freelancestar.com
