The Growing Importance of Student Apartments
As many have likely noticed, the construction of student apartments on Hillsborough Street has been nearly non-stop. In the last five years alone, eight new student apartment buildings have been completed, coming in at an estimated $189.9M investment & spearheaded by various developers, such as CA Ventures, FMW Real Estate, and Landmark properties. With early plans for two more student apartment buildings and development, the large investments in student apartments have increased their importance to the local economy.
The recent development has pushed student housing to become the most valuable asset in the district. Six of the top 10 highest-valued assets in the Hillsborough St. MSD, including the top three, are student apartments. This evidence shows that student apartments are a vital tax revenue source for the district and are essential to local businesses.
These new apartments have brought in a total of 1,957 new beds to Hillsborough Street. Student apartments that are a walkable distance from campus increase pedestrian traffic and make nearby Hillsborough St. businesses a likely after-class destination. Pedestrian traffic is significant on Hillsborough, as parking is at a premium and a frequently discussed issue.
Hillsborough St. and North Carolina State University have always shared a closed bond. The increasing importance of student apartments will only strengthen this bond as businesses increasingly rely on nearby NC State students. Increasing development on Hillsborough St. and growing enrollment at NCSU indicate that the two will continue to grow alongside each other.
**All information and findings in this article are presented to the best of our ability at the time of the posting. Information may expire as circumstances inevitably change over time. Views and opinions expressed are individual and are not official statements made on behalf of Live It Up! Hillsborough Street (HSCSC).**