STUDENT HOUSING FEASIBILITY STUDY · Whatcom Community College Student Housing Feasibility Study 5 of 50 Spectrum identified the target market for student housing as full time students

STUDENT HOUSING FEASIBILITY STUDY

Final Document

September 8, 2016

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Whatcom Community College Student Housing Feasibility Study

TABLE OF CONTENTS

SECTIONS

Executive Summary

Financial Analysis

Market Summary

Demand Analysis

Site Analysis

EXHIBITS

A - Unit Examples

B - Student Survey and Results

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EXECUTIVE SUMMARY

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OVERVIEW

In May 2016, Spectrum Development Solutions was engaged by Whatcom Community College (hereafter also

referred to as WCC or the College) to conduct a student housing feasibility study, including sites both on and

near the existing campus. The College currently has no on-campus housing and recognizes that WCC-controlled

housing on or near the campus would allow for increased enrollment of both domestic and international

students, enhanced student services to support academic success and a greater sense of community and

institutional identity. Spectrum was asked to evaluate the feasibility of student housing, including addressing

site options for the location of new student housing, analyzing market conditions and potential demand for

student housing and performing a financial analysis to determine if a student housing development could be

financially supported by revenue generated from rents. Spectrum was also asked to evaluate the relative merits

of purpose-built student housing developed on campus by the College or in collaboration with a non-profit

versus housing near campus master-leased from a private developer/owner.

MARKET ANALYSIS

Spectrum evaluated the rates within the Bellingham market as a whole, at private development projects in the

sub-market around WCC, student housing and homestay options to determine the achievable housing rents for

the College’s on campus housing. The Bellingham market has a very low vacancy rate, approximately 1% as of

Spring 2016 and below 4% since 2009, and relatively high average rental rates, between $875 and $950 per

month not including utilities, internet or parking. These factors, combined with the limited number of apartment

options close to the College indicate strong potential demand for student housing.

DEMAND ANALYSIS

In May, 2016 the College and Spectrum conducted a comprehensive, 41 question student survey to understand

the demographic, housing and commuting characteristics of Whatcom Community College’s current student

body, and identify demand, price sensitivity, and selection criteria for new on-campus housing. A total of 1,038

responses were received from students, representing approximately 19% of the College’s 2014-15 “degree and

certificate seeking” headcount, a very high response rate in both Spectrum and the College’s experience with

student surveys. In aggregate, over 60% of respondents expressed interest in student housing on or within a 15-

minute walk of campus. When other factors correlated with student housing demand such as age (25 and

under), full time status and single without children were factored in, 57% of international respondents and 22%

of domestic respondents expressed interest. Additionally, survey respondents were asked to provide

information on their current living situation and preferences regarding housing.

In June, 2016 the College and Spectrum conducted a three question survey of 16 active international student

recruiters from a variety of countries including China, Vietnam, Japan, Indonesia, and Thailand to get their

perspectives on the importance of student housing and the factors that are most important to students and

their families. Recruiters scored factors on a 1-4 scale and the top two most important factors were: (1) safety

and security and (2) a student housing environment that creates community and friendships. The two least

important factors were: (1) as low a cost of student housing as possible, and (2) student independence and

interaction with non-students.

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Spectrum identified the target market for student housing as full time students who are single with no children,

and under age 25. Spectrum utilized the results of this survey along with the current student demographics and

growth estimates to calculate potential demand. Based on this analysis, Spectrum concluded that a range of

between 186 and 246 beds would be readily absorbed and position WCC for success with its first phase of

student housing.

FINANCING ANALYSIS

Spectrum prepared an initial high level analysis comparing two identically sized projects financed with the

proceeds of a Washington State COP issuance, which requires that the project be amortized over a 20-year

period and underwritten using a 1.25 debt service coverage ratio (DSCR), versus a project financed with the

proceeds of the sale of 501(c)(3) bonds, which can be amortized over a 30-year period and underwritten using a

1.0 DSCR (though for analytical purposes, we recommend an internal debt service reserve account equal to the

difference between 1.25 and 1.0 DSCR in the first year of operation). The objective of this analysis was to fully

inform WCC about the debt capacity, debt service and cash equity that would be required under the different

financing alternatives. Spectrum’s analysis included an evaluation of the pros and cons of the alternatives, with

the following findings:

A 225 bed student apartment building financed with a COP would require a substantial equity

contribution, on the order of $8 - $8.5 million. The same building financed using 501(c)(3) non-profit

housing bonds could be financed with 100% debt and require no equity from the College, other than a

recommended internal debt service coverage reserve. Given this reality, 501(c)(3) non-profit housing

bonds would allow WCC, working with a non-profit partner, to realize the key strategic objective of

providing student housing without compromising the College’s flexibility to address other financial

demands over time.

Because COP financing has a 20-year term and amortization (compared to a 30-year term and

amortization for 501(c)(3) financing), COP financing would result in less total debt service paid over the

full term.

SITE ANALYSIS

Spectrum’s review of the site included factors such as topography, zoning, proximity, safety, adjacent land uses,

and future expansion capabilities. Sites were examined in the context of the campus master plan with

consideration of the overall planning and development of the campus. As further explained in the site analysis

section, the vacant undeveloped lot at the southeast corner of Cordata Parkway and West Kellogg Road was

selected as the preferred site for a variety of reasons, including:

Easy walking access to the WCC campus academic buildings

Cafés, meeting rooms, bookstore, a fully-equipped athletic facility and other student amenities at the

Syre Student Center and the Pavilion and Student Recreation Center

A variety of restaurants and stores selling items of convenience for students at the Cordata Center

Safe and easy access to public transportation at the Cordata Station transit center

Topography that is very conducive to cost-effective four story wood frame construction

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A visible location near the entry to campus

No loss of parking

PROPOSED HOUSING

Based on an evaluation of the enrollment projections and findings of the demand study, Spectrum recommends

225 beds for this initial phase of student housing. The proposed building size provides flexibility for increased

occupancy over time by converting studio and two-bedroom units to shared bedrooms to allow for the future

accommodation of another 41 students, for a total of up to 266 beds. The proposed 225 bed housing facility is

estimated to be 88,700 sf in size and 4 stories in height. Spectrum recommends offering apartment style

campus housing with kitchens, shared bedrooms and baths. Rents for the student housing are projected at $851

per month (on a weighted average basis and in 2016 dollars) inclusive of furniture, utilities, cable television and

high speed internet service.

PROCESS

In completing this feasibility study, Spectrum conducted the following tasks:

Reviewed prior plans, studies, and (as yet unapproved) campus master plan

Toured the campus to review sites under consideration

Compiled information on WCC’s enrollment trends and evaluated demographic trends

Conducted an off-campus market analysis

Completed an electronic survey of current WCC students to quantify overall demand

Completed an electronic survey of international student recruiters to understand the factors related to

housing that potential students and parents consider

Evaluated 501(c)(3) bond and Washington state Certificate of Participation (COP) financing options

Completed an analysis comparing a master lease of a privately owned apartment community near

campus with a project constructed on campus financed using 501(c)(3) bond proceeds

Developed a project pro forma based on expected demand, current construction and location

Spoke with key City of Bellingham staff

Identified project milestones and overall project schedule

RECOMMENDATIONS AND NEXT STEPS

Spectrum recommends a two-step approach:

First, WCC should continue to develop its student residential life program. Currently WCC master leases 77

apartment units across three privately owned properties which are sub-leased on a per bed basis to

approximately 163 WCC students. This demonstrates substantial student demand for housing and can provide

WCC with a wealth of information on student preferences and activities that foster student success through a

living learning community, all of which will be invaluable to WCC if the college builds housing of its own.

Second, because a long term master lease of privately owned apartments is not optimal for WCC from a financial

or operational standpoint (see Financial Analysis Section), and financing student housing development using

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COP would require a very substantial equity contribution that could be put to better use on other College

priorities, WCC should begin the process of constructing on-campus student housing in partnership with a

qualified non-profit and financed with 501(c)(3) non-profit housing bonds. This financial structure would allow

WCC to benefit from on campus student housing financed 100% by bond proceeds (i.e. no equity), with fixed

debt service costs, control of the housing during the 30-year term of the bonds and, at the end of 30 years,

outright ownership of the housing.

Following are the next steps Spectrum suggests given the above recommendations:

In late, 2016, select non-profit to enter into ground lease and long term facility use agreement (lease-

back) and issue tax exempt bonds. Having a non-profit partner that is well-qualified in 501(c)(3) non-

profit housing bonds and experienced with student housing will be critical to the success of the bond

issuance. College foundations are typically not considered ideal non-profits to use for 501(c)(3) non-

profit bond issuance, as they lack expertise in real estate development and student housing, are

governed by a board that has various objectives beyond, and potentially in conflict with, student

housing development and ownership. Consequently, bond underwriters and buyers prefer independent

501(c)(3) non-profits with appropriate expertise and qualifications.

Complete a memorandum of understanding between Whatcom Community College and non-profit,

allowing non-profit to engage an attorney to begin drafting Pre-Development Agreement.

Complete a Pre-Development Agreement outlining the project objectives and responsibilities of the non-

profit and the College prior to bond issuance. Under the Pre-Development Agreement, the non-profit

will engage an experienced and qualified development management company such as Spectrum to

oversee the complex pre-design, design, entitlement, permitting, pre-construction, construction and

delivery of the student housing. Having a development manager such as Spectrum that has deep

experience with student housing delivery and is well-qualified in 501(c)(3) non-profit housing bonds will

be critical to the success of the bond issuance as bond underwriters and buyers require a team with the

demonstrated ability to deliver the project.

Draft the ground lease and lease-back between the College and a newly created 501(c)(3) non-profit.

The long term lease/lease-back structure will require approval of the State Board for Community and

Technical Colleges (SBCTC) and the Office of Financial Management (OFM).

Continue due diligence through survey, environmental, wetlands and geotechnical studies for site.

Conduct pre-development activities including issuing an RFP for a project architect, general contractor

and key sub-contractors as necessary to work collaboratively with WCC to design and fully price a new

student housing facility.

Commence entitlement, program development and conceptual design, including varying types of

housing options to serve all students.

Meet with City of Bellingham to review WCC Master Plan, wetlands, traffic and other issues.

Complete full design documents and obtain Guaranteed Maximum Price (GMP) bid for construction.

Issue 501(c)(3) bonds through WSHFC and commence construction, with anticipated construction

completion in Summer 2020 and student occupancy as of Fall Quarter 2020.

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FINANCIAL ANALYSIS

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FINANCING

Spectrum prepared an initial high level analysis comparing two financing alternatives for the development of a

225-bed four-story, wood frame construction apartment style student housing facility with a mix of quad, double

and single units. Specifically, the analysis compared:

A project financed with the proceeds of a Washington State COP issuance, which would be amortized over

the maximum 20-year period and underwritten with a 1.25 debt service coverage ratio for the sizing of the

debt.

A project financed with the proceeds of the sale of 501(c)(3) non-profit housing bonds issued by the

Washington State Housing Finance Commission (WSHFC) to a qualified 501(c)(3) non-profit organization

acting as the borrower and owner of the project. This alternative uses a ground lease structure in which the

college (through SBCTC) leases the land on which the housing is built to the qualified non-profit and then

enters into a long term facility lease back, the payment of which serves as the source of repayment for the

501(c)(3) bonds. 501(c)(3) non-profit housing bonds are issued by the Washington State Housing Finance

Commission (WSHFC) when full architectural plans, land use entitlements, building permits and a guaranteed

maximum price (GMP) construction contract are complete. The bonds are backed by a long term lease to WCC

and would be underwritten with a debt service coverage ratio of 1.0 and be amortized over a 30-year period.

To accommodate SBCTC’s recommendation of a 1.25 debt service coverage ratio, Spectrum suggests that

Whatcom fund and maintain an internal reserve sufficient of approximately $400,000 to meet a year one 1.25

debt service coverage ratio, while still benefitting from the advantageous 501(c)(3) non-profit housing bond

terms.

The objective of this analysis was to inform Whatcom Community College about the range of debt capacity of the

project and corresponding cash equity that would be required under the different financing alternatives and to

help inform a decision about the appropriate financing approach. Spectrum presented this analysis via a telephone

conference with WCC staff on June 28, 2016, with the following conclusions:

A 225 bed student apartment building financed using COP financing would require a substantial equity

requirement from WCC, on the order of $9 million. The same building financed using 501(c)(3) non-profit

housing bonds could be financed with 100% debt and require no equity, although WCC would advance (via

the qualified non-profit) the estimated $1.5 - $2 million in pre-development funding necessary to achieve full

architectural plans, land use entitlements, building permits and a guaranteed maximum price (GMP)

construction contract, 100% of which could, at WCC’s election, be reimbursed by the bond proceeds

approximately 14-16 months later. The estimated $1.5 - $2 million in pre-development funding is included

within the “soft costs” line on the table below.

Because COP financing has a 20-year term versus a 30-year term for 501(c)(3) financing, COP financing

would result in substantially less total debt service paid over the full term.

A number of non-financial benefits of 501(c)(3) financing were also considered, including:

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Less development risk through experience, stronger budget controls and scope discipline as a

separate 501(c)(3) non-profit would be the developer

More flexible timing

Less staff intensive for Whatcom Community College (which would participate in all major

decisions but not day-to-day oversight of entitlement, development or property management)

`

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MASTER LEASE VERSUS 501(c)(3) DEVELOPMENT COMPARISON

Among the alternatives that WCC has considered to address its need for student housing is consolidating its

current master leased residential units into one property in close proximity to the campus. Whatcom would

master lease such a property, in part or in whole, on a long term basis from the owner/developer. Spectrum

compared this option to a project developed using 501(c)(3) non-profit housing bonds. In order to equalize the

analysis, Spectrum looked at both options over a 40-year period and assumed that the projects would be of the

same size, same unit count, have the same vacancy rate, and that the rents charged to students would be

identical. Additionally, it was assumed that WCC would be able to negotiate a master lease at 90% of market

rate rents, because it would rent the entire project and the owner/developer would significantly mitigate its

market risk. Rent increases of 11.4% were assumed to occur every five years (equal to 2.3% per year, the

average annual CPI increase for Puget Sound since 2005). The assumptions used in the comparative analysis are

as shown in the following table.

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The analysis concluded that the net cash flow to WCC under the two scenarios would be comparable for the first

five years but would diverge significantly thereafter, as shown on the graph below. Over the course of 40 years,

the difference in total net cash flow (the area between the blue and green lines) is almost $47 million (nominal

dollars), or over one and a half times the total cost of developing student housing. In short, the positive cash

flow differential to WCC over the 40-year period well exceeds the total up front cost of development. A large

part of this differential occurs as a result of development allowing WCC to fix the debt service component of its

expenses for 30 years. Additionally, after year 30 when the bonds used to finance the student housing

development would be paid off, WCC would own the housing free and clear. In contrast, under a master lease

scenario the College would never own the housing and would have master lease payments indefinitely, which

would grow with inflation.

PRELIMINARY PROJECT BUDGET

Based upon feedback received through bi-weekly conference calls and meetings with representatives of Whatcom

Community College, findings from the student demand analysis, international recruiter survey, the local market

analysis and Spectrum’s experience in developing student housing projects at a variety of other higher education

institutions, the following assumptions were made regarding the financing for a new Whatcom Community

College student housing project. These assumptions are used in the project pro forma summaries that follow for

the recommended 225 student apartment building located on the currently vacant lot at the southeast corner of

Cordata Parkway and West Kellogg Road.

-$500,000

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

$4,500,000

$5,000,000

$5,500,000

1 2 3 4 5 6 7 8 9 10111213141516171819202122232425262728293031323334353637383940

Year

Estimated Net Cash Flow of Master Lease vs Development - 40 Years

Net Cash Flow - Master Lease Net Cash Flow - Development

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ASSUMPTIONS:

3.75% fixed interest rate on 30-year fully amortizing 501(c)(3) bonds.

225 beds in 74 apartment style units, with the following mix:

o Six single studio Resident Advisor (RA) units, sized at 400 square feet each, at a rental rate of $0

per month. This results in a ratio of one RA unit per 38 beds, a ratio that in Spectrum’s experience

is within an acceptable range.

o Seven beds in seven single studio units, sized at 400 square feet each, at a rental rate of $1,150

(2016 dollars, which are assumed to escalate at 3% per year until the opening of the project) per

month. These units are sized such that, for future growth purposes, they could accommodate two

beds each.

o 32 beds in 16 two-bedroom one-bathroom units, sized at 800 square feet each, at a rental rate of

$950 (2016 dollars, which are assumed to escalate at 3% per year until the opening of the project)

per month. These units are sized such that, for future growth purposes, they could accommodate

two beds in each bedroom (a total of four beds per unit).

o 180 beds in 45 four-bedroom two-bathroom units, sized at 1,150 square feet each, at a rental rate

of $850 (2016 dollars, which are assumed to escalate at 3% per year until the opening of the

project) per month. We do not recommend more than four students per unit.

Weighted average rents of $851 per month (2016 dollars) per bed including utilities, parking, internet and

cable.

$3,000 per bed for furnishings and lounge spaces (2016 dollars). Given that WCC currently operates

approximately 163 beds of furnished student housing across three leased properties, it may be able to re-

use some of its owned furniture and save money on this budget line item.

Rent and operating cost escalation of 3% per year. As WCC proceeds with the next steps towards creating

student housing, it should consider the trade-offs between below market rent escalation (a benefit to

students and potential recruiting advantage) and (i) the ability of the project to obtain bond financing, (ii)

maintain adequate non-subsidized operations and reserves, and (iii) the desire for income.

10% annualized vacancy rate assumes a 5% vacancy for fall, winter and spring quarters and 25% vacancy

for summer quarter.

A 5% contingency for both hard and soft costs

8.7% sales tax on all construction costs

A project management fee to cover time and overhead throughout the duration of the three-year project,

plus an incentive fee of 1% of the development cost paid only upon successful on-time and on-budget

completion of the project.

2.3% of the total bond amount for financing costs, which includes a 1% placement fee paid to the non-

profit at bond closing, approximately 0.50% for Washington State Housing Finance Commission (WSHFC)

issuance fees, legal and due diligence costs, bond legal counsel for the non-profit, and a contingency of

0.50% for other bond placement costs.

6.5% of the total development costs for design and 1% for specialty consultants (acoustical, building

envelope, etc.)

Additionally, the budget includes the following off-site costs:

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127 surface parking stalls, calculated according to the ratios outlined in the campus master plan, budgeted

at $25/sf or approximately $8,250 per stall (2016 dollars).

Approximately $240,000 for storm water detention (2016 dollars).

$150,000 (2016 dollars) for wetland mitigation. The cost for paying into the Lummi Nation Wetland and

Habitat Mitigation Bank is $300,000 an acre. There exists a total of five documented wetlands on the

subject parcel totaling 0.48 acres. Category IV wetlands have a credit to acreage ratio of 0.85:1 and

Category III wetlands have a ratio of 1:1. The total includes the approximated cost of the credits at

$135,000 plus anticipated costs for environmental reporting.

Development Proforma

Whatcom Community College

225 Bed Apartment Style Residence Hall

Project Summary

Design & Market Assumptions

Housing

Number of Beds 225

Average Unit Size (Sq.Ft.) 943

Weighted Average Rent per Bed All Units $851

Average Rent per Bed Studio (Not Incl. RA units) $1,150

Average Rent per Bed 2BR $950

Average Rent per Bed 4BR $850

Land Cost per Unit $0

Program Area

Residential support and community (SF) 2,945

Gross Building Area (SF) 88,701

Parking

Total Number of Spaces 127

Housing Parking Rent per Month $0

Finance - 501(c)(3) Non-profit Housing Bonds

Interest Rate 3.75%

Amortization period 30

Debt Service Coverage Ratio 1.00

Sources & Uses of Funds

Land Value $0

Project Costs

Hard Costs $21,198,756

Soft Costs $6,305,172

Total Uses $27,503,928

Cost per bed $122,240

Cost per SF $310

Sources of Funds

Construction Loan $27,503,928

Cash Equity $0

Total Sources $27,503,928

Annual Debt Service ($1,528,500)

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MARKET SUMMARY

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DEMOGRAPHICS

ENROLLMENT

As of the 2014-15 academic year, the College reported a total headcount of 10,966 students, a decline of 8%

from 11,997 during 2007-08, the last recession. However, over the same time period the total headcount of

“one-hundred + level” students (i.e. taking at least one 100-level credit course) and the total headcount of

“degree and certificate seeking” students (i.e. enrolled in at least one credit course and previously completed

two or more credit courses) increased 10% and 7%. Significantly, the number of students age 19 and under

increased 13%, the number of students enrolled full time increased 18%, and most strikingly, the international

student population increased 83% over the same time period.

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These enrollment trends are positive from the standpoint of supporting on-campus student housing. Based on

experience from other institutions, younger, full time, degree seeking and international students are the most

likely to want to live on-campus, which is further supported by the WCC housing survey results.

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MARKET

OVERVIEW

Spectrum compiled and analyzed data on the Bellingham market and off-campus housing options that are

proximate to the Whatcom Community College campus and available to students. The rental market in

Bellingham provides students with housing options that include single family homes, duplexes, studio units and

one to four bedroom apartments. International students at Whatcom Community College are encouraged to

begin their experience in the United States by doing a "homestay," living with a local, American family.

According to discussions with WCC staff, the homestay option for international students is limited by the

number of hosts willing to house a student. The maximum capacity of the Bellingham market is considered by

WCC staff to be 150 hosts. Our market analysis focused on the cost of market rate apartments as they represent

the most comparable housing type to the proposed on-campus student housing.

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CITY OF BELLINGHAM AVAILABILITY

According to a twice-yearly apartment survey conducted by the Washington Center for Real Estate Research

(WCRER) at the Runstad Center for Real Estate Studies at the University of Washington, the vacancy rate for

apartment units in Whatcom County has declined to 0.8% as of Spring 2016, and to 0.6% in Bellingham, well

below the state average of 3% (which is at an all-time low). The WCRER survey included 1,246 units in 13

apartment complexes in Bellingham. According to WCRER, rates below 3% are indicative of a shortage of rental

units. The average rent for the Bellingham apartment units surveyed was $862 a month and the average size

was approximately 730 square feet. The vacancy rates, average rents and rent per square foot in Bellingham for

Spring 2016 is shown on the table below.

Viewed over time, the drop in vacancy is pronounced and a corresponding increase in rents can be observed, as

shown on the graph below.

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Typically, a healthy vacancy rate for landlords and tenants (i.e. a market generally considered to be in

equilibrium) is approximately 5%, while a rate below 2% usually means potential tenants have few choices and

rents increase. To put the Bellingham area vacancy rate in perspective, it is useful to look at the Washington

State and US average vacancy rates over time, as shown on the table below.

Additionally, Spectrum analyzed data from Zillow on the Bellingham apartment market, which revealed a similar

trend: rent levels rising from approximately $800 per month in April 2011 to approximately $950 per month in

April of 2016. Because the Zillow data is collected monthly, there is significant volatility (blue line), however the

trendline (green) indicates approximately 19% growth over five years, or approximately 3.8% per year.

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After a number of years of modest growth, Bellingham’s apartment inventory is projected to grow somewhat

more significantly in 2016 and 2017, with new apartment completions expected above 4% of total inventory

each year. Despite the recent inventory growth, the vacancy rate has remained under 1%, indicating an

extremely tight market. This is largely because Bellingham continues to grow steadily, resulting in growing

demand for apartments. For context, if Bellingham only grows at a modest 1% per year through 2017 (shown in

blue below), the total inventory (if all projected apartments are delivered) as a percentage of population will

increase from 18% in 2015 to 19.4% in 2017. Also for context, even in the highly unlikely event that none of the

755 units forecast to be delivered in 2017 are rented (i.e. 100% remain vacant), it would add just over 4% to the

current vacancy rate, bringing it to approximately 5%, considered to be the upper end of a tight rental market.

COMPARABLES

Bellingham Apartment Completions and Inventory 2010 - 2017

Year 2010 2011 2012 2013 2014 2015 2016 2017

Completions 0 10 111 101 285 424 680 755

Rolling 3-year Completions 121 222 497 810 1,389 1,859

Inventory 14,145 14,155 14,266 14,367 14,652 15,076 15,756 16,511

Population 80,885 81,070 81,360 82,310 82,810 83,580 84,416 85,260

Completions/Total Inventory 0.1% 0.8% 0.7% 2.0% 2.9% 4.5% 4.8%

Inventory/Population 17.5% 17.5% 17.5% 17.5% 17.7% 18.0% 18.7% 19.4%

Rolling 3-year Completions/Total Inventory 0.0% 0.9% 1.6% 3.5% 5.5% 9.2% 11.8%

Vacancy Rate 3.5% 2.4% 2.2% 1.8% 2.0% 0.6% 0.8%

Data sources: Ashworth Partners; Washington Center for Real Estate Research (WCRER), City of Bellingham

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Spectrum also reviewed rent levels at a number of private

apartment projects in the area surrounding the WCC campus

(shown on the map to the left) and found that the average rent

per unit was $941 per month, in line with the WCRER and Zillow

data referenced previously. Because students often rent

apartments together and pay by the bedroom, we divided the

total rent per unit by the number of bedrooms to derive a 2016

rent per bedroom, which was $590 per month, not including

utilities, internet, cable or parking (which can add approximately

$100 more per month). To calculate the 2020 rent per bedroom,

the 2016 rent was increased by an annual rate of 3%.

Rental Rate Comparison

Private Apartment Projects

Project Name Unit Type Size (SF)

2016

Rent/Unit

2016

Rent/SF

2016

Rent/BR

2020

Rent/BR

Regency Park 3BR/2B 1,088 1,119 1.03 373 420

Spring Creek Apartments 3BR/2B 1,108 1,295 1.17 432 486

The Vintage at Bellingham 2BR/1B 747 865 1.16 433 487


Belleau Woods Apartments 2BR/1B small 962 875 0.91 438 492

Belleau Woods Apartments 2BR/1B large 976 910 0.93 455 512

Regency Park 2BR/1B 894 925 1.03 463 521

Belleau Woods Apartments 2BR/1.5B 730 940 1.29 470 529

Spring Creek Apartments 2BR/1B 860 950 1.10 475 535

Tullwood Apartments 3BR/2B 1,095 1,450 1.32 483 544

Belleau Woods Apartments 2BR/2B 780 980 1.26 490 551


Belleau Woods Apartments 2BR/2B 845 1,010 1.20 505 568

Tullwood Apartments 2BR/2B 875 1,100 1.26 550 619

Harbor Side Apartments 2BR/2B 1,240 1,250 1.01 625 703

Belleau Woods Apartments Studio 525 715 1.36 715 805


The Vintage at Bellingham 1BR/1B w/Den 594 720 1.21 720 810

Harbor Side Apartments 1BR/1B 680 750 1.10 750 844

Belleau Woods Apartments 1BR/1B A 746 780 1.05 780 878

Regency Park 1BR/1B 732 806 1.10 806 907

Tullwood Apartments 1BR/1B 600 825 1.38 825 929

Belleau Woods Apartments 1BR/1B B 762 845 1.11 845 951


Average 828 941 1.14 590 664

Source: www.apartments.com

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Additionally, as part of the market analysis Spectrum looked at student housing rents at other community

colleges in the Puget Sound area, which are shown on the table below. It should be noted for comparison

purposes that Rainier Place at Edmonds Community College will be over 10 years old by the time on campus

apartments could be constructed at WCC. Relative to Shoreline Community College’s projected on-campus

housing rents, those at WCC will be priced 15%-18% lower. The student housing at Everett Community College is

in a low priced sub-market, is not located on-campus and will not have college programming or associated living-

learning community spaces, and is being designed as an “aPodment” or micro-unit style facility and will

therefore have lower rents than the type of on-campus housing that Spectrum recommends WCC construct.

Providing a variety of unit types within the student housing offering will allow for variety in price points and

living arrangements. While the majority of survey responders indicated that cost was a major factor in deciding

where to live, of the students responding to the survey, 42% indicated that they would be willing to pay an

increase of $100 or more to have their own bedroom and bathroom. While providing separate en suite

bathrooms for each bedroom would be prohibitively expensive, the unit mix and rents below assume single

bedroom occupancy and bathrooms shared by no more than two people. Based on the housing comparables

reviewed, Spectrum has identified the following rents as achievable:

Comparable Higher Education Housing Rents

2016

Rent/Bed

2020

Rent/Bed

Edmonds Community College (Rainier Place)

Studio Single (1 person/BR) 1,125$ 1,266$

Studio Shared(2 people/BR) 695$ 782$

2 BR Single (1 person/BR) 965$ 1,086$

4 BR (1 person/BR) 840$ 945$

Everett Community College

120 bed aPodment style (200 sf rooms) under construction,

with kitchens on every other floor, rented fully furnished. 895$ 1,007$

Shoreline Community College (Project in planning)


2 BR / 1 BA Single (1 person/BR) 1,162$ 1,308$

4 BR (1 person/BR) 1,011$ 1,138$

Projected Whatcom Community College Student Housing Rents

2016

Rent/Bed

2020

Rent/Bed


2 BR / 1 BA Single (1 person/BR) 950$ 1,069$

4 BR (1 person/BR) 850$ 957$

Projected Whatcom Community College Student Housing Rents

2016

Rent/Bed

2020

Rent/Bed


2 BR / 1 BA Single (1 person/BR) 950$ 1,069$

4 BR / 2 BA (1 person/BR) 850$ 957$

Weighted Average (including non-revenue RA units) 851$ 958$

Weighted Average (not including non-revenue RA units) 874$ 984$

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DEMAND ANALYSIS

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METHODOLOGY

Spectrum reviewed Whatcom Community College’s existing conditions with respect to enrollment trends,

projected growth, student demographics, and off-campus market conditions, and used these analyses to inform

the estimated demand for housing. Building upon that data analysis and working closely with WCC staff,

Spectrum developed a survey to evaluate student demand for new on-campus housing. Survey questions were

designed to assess current and future habits and preferences related to housing. Responses were sorted by

various demographic characteristics to further analyze trends that will impact demand. Data collected through

the survey formed the basis for Spectrum’s recommendations of the number of student beds and unit types to

satisfy current and future student demands.

In May 2016, the survey was administered electronically to the Whatcom Community College student

population. The survey was distributed via email to 7,151 students, representing all students who took credit-

bearing courses in the 2015-2016 academic year. 1,038 students completed the survey which represented a

survey participation rate of 14.5%. A copy of the student survey instrument and summary response data is

included in this document as Exhibit B.

The student characteristics most associated with demand for on-campus housing are full time student status,

under 25, single and without children. This should not be interpreted to mean that students who do not fit

these characteristics will not be interested, simply that those students who are over 25, not full time and or

have children are considered for analytical purposes to be less likely to want to live in a student housing

environment.

Of the 1,038 respondents 745, or 72%, were under the age of 25. Of those, 454 were also full time students,

representing 44% of all respondents, and of those (i.e. under 25 and full time), 412 or 40% of all respondents

were also single and without children (i.e. under 25 and full time and single without children). These

respondents, 40% of the total survey population, are considered to have met the base indicative criteria for

student housing demand.

The responses were then categorized by domestic and international student status and the same criteria as

above were applied. Among international students, 75% met the base indicative criteria (i.e. under 25 and full

time and single without children) however among domestic students only 36% did. Among the international

students that met the base indicative criteria, 57% indicated that they would be very interested (30%) or

interested (27%) in student housing. In contrast, among the domestic students that met the base indicative

criteria, 23% indicated they would be very interested (10%) or interested (13%). In short, international students

meeting base indicative criteria expressed three times the level “very interested” than domestic students and

two times the level of “interested”. These ratios are reflected in the demand analysis.

The demand for student housing, expressed as a recommended range of beds (i.e. a high demand scenario and a

low demand scenario), was determined using results from the student survey and current demographics.

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Step 1:

The analysis first determined the number and percentages of respondents are considered to have met the base

indicative criteria (defined above) for student housing demand (i.e. under 25 and full time and single without

children). This was done for all respondents and then broken out into international and domestic students.

Step 2:

To quantify demand, the percent of interested students meeting the base indicative criteria was then multiplied

by the number of students projected to be enrolled full time in 2020 to produce the gross potential demand for

on-campus housing.

Step 3:

Finally, a projected capture rate was applied to the gross potential demand to reflect that 100% of students that

met the base indicative criteria and indicated they were very interested or interested will not choose to live in

student housing. This reduction factor also takes into consideration that many students responding to the

survey are interested in the subject matter, which may have an influence on the responses and findings. The

capture rate is less for domestic students as it is assumed that these students have a greater propensity to

choose alternative housing options.

Step 4:

Both high demand and low demand scenarios were run, with aggressive and conservative student population

growth assumptions and capture rates, to determine a probable demand range.

PROJECTED DEMAND

Between now and 2020, Spectrum assumed under the high demand scenario that the international student

population at Whatcom Community College will grow by 10% annually, in line with recent growth. Under the

low demand scenario, the annual international student population growth was assumed to be 5%. In both the

high and low demand scenarios, the domestic student population was assumed to grow at 3% annually.

Under the high demand scenario, capture rates of 75% for international students and 30% for domestic students

were applied to the projected population meeting the base indicative criteria and indicating that they are “very

interested.” The capture rates applied were 35% and 20% respectively for the projected population meeting the

base indicative criteria and indicating that they are “interested.” This resulted in projected high demand of 246

beds.

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Under the low demand scenario, capture rates of 65% for international students and 25% for domestic students

were applied to the projected population meeting the base indicative criteria and indicating that they are “very

interested.” The capture rates applied were 30% and 15% respectively for the projected population meeting the

base indicative criteria and indicating that they are “interested.” This resulted in projected low demand of 186

beds.

High Demand Scenario

Current Year 2016

Year Student Housing Occupied 2020

Survey Response All Students Number Percent International Students

Total Respondents 1038 100.0% Current International Full Time Students 336

Age Under 18-25 745 71.8% Assumed Annual Growth Rate 10%

and Full Time 454 43.7% Projected International Full Time Students - 2020 492

and Single w/o Children 412 39.7% Percent Meeting Basic Criteria and "Very Interested" 30%

and Very Interested 123 11.8% Gross Potential Demand 148

and Interested 148 14.3% Capture Rate for "Very Interested" 75%

Total Meeting Criteria 271 26.1% Projected Demand for "Very Interested" (A) 111

Survey Response International Students Number Percent Percent Meeting Basic Criteria and "Interested" 27%

Total International Respondents 110 100.0% Gross Potential Demand 134

Age Under 18-25 102 92.7% Capture Rate for "Interested" 35%

and Full Time 94 85.5% Projected Demand for Interested" (B) 47

and Single w/o Children 82 74.5%

and Very Interested 33 30.0% Projected International Student Demand for College Housing (A + B) 158

and Interested 30 27.3% Assumed International Students in Homestay 150

Total Meeting Criteria 63 57.3% Remaining International Students (not in College Housing or Homestay) 184

Survey Response Domestic Students Number Percent Domestic Students

Total Domestic Respondents 925 100.0% Current Domestic Full-time/One-hundred+ Level Students (Total less International) 2,620

Age Under 18-25 643 69.5% Assumed Online Student Percent 5%

and Full Time 360 38.9% Less Online Only Domestic Students (131)

and Single w/o Children 330 35.7% Current Domestic Full Time Students 2,489

and Very Interested 90 9.7% Assumed Annual Growth Rate 3%

and Interested 118 12.8% Projected International Full Time Students - 2020 2,801

Total Meeting Criteria 208 22.5%

Percent Meeting Basic Criteria and "Very Interested" 10%

Projected Student Percentages Gross Potential Demand 273

International Students 64.0% Capture Rate for "Very Interested" 30%

Domestic Students 36.0% Projected Demand for "Very Interested" (C) 82

Total 1 100.0%

Percent Meeting Basic Criteria and "Interested" 13%

Meet Criteria and Very Interested 78.1% Gross Potential Demand 35

Meet Criteria and Somewhat Interested 21.9% Capture Rate for "Interested" 20%

Total 100.0% Projected Demand for "Interested" (D) 7

Projected Demand/Projected Full Time Students 7.5% Projected Domestic Student Demand for College Housing (C + D) 89

Sample Size/Current Full Time Students 36.7%

Projected Demand (A+B+C+D) 246

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Based on the range indicated by the high and low demand scenarios, Spectrum concluded that 225 beds of

student housing would be an appropriate scale for WCC’s first student housing development, particularly if the

project is designed in such a way as to be able to accommodate future growth in the number of residents by

doubling up bedroom occupancy in certain unit types.

The projected demand was then compared to other Washington community colleges offering on-campus

housing to confirm that the findings were in line with ratios, as shown in the table below. The number of beds

proposed for WCC (i.e. 225) is slightly higher than the average of 4% beds to FTE ratio and the average of 15.5%

beds to contract funded FTE ratio and is in line with Whatcom’s peer institutions. FTE and contract funded FTE

numbers (which include running start students) are based on SBCTC data and were used for this analysis

because (1) it is critical to compare across the same metric, and (2) unfortunately SBCTC does not collect full

time student numbers by age category or international student enrollment numbers for each college. These

ratios are included as one of many metrics that Spectrum uses to assess the feasibility of and demand for

student housing and are not deterministic on their own.

Low Demand Scenario

Current Year 2016

Year Student Housing Occupied 2020

Survey Response All Students Number Percent International Students

Total Respondents 1038 100% Current International Full Time Students 336

Age Under 18-25 745 72% Assumed Annual Growth Rate 5%

and Full Time 454 44% Projected International Full Time Students - 2019/20 Academic Year 408

and Single w/o Children 412 40% Percent Meeting Basic Criteria and "Very Interested" 30%

and Very Interested 123 12% Gross Potential Demand 123

and Interested 148 14% Capture Rate for "Very Interested" 65%

Total Meeting Criteria 271 26% Projected Demand for "Very Interested" (A) 80

Survey Response International Students Number Percent Percent Meeting Basic Criteria and "Interested" 27%

Total International Respondents 110 100% Gross Potential Demand 111

Age Under 18-25 102 93% Capture Rate for "Interested" 30%

and Full Time 94 85% Projected Demand for Interested" (B) 33

and Single w/o Children 82 75%

and Very Interested 33 30% Projected International Student Demand for College Housing (A + B) 113

and Interested 30 27% Assumed International Students in Homestay 150

Total Meeting Criteria 63 57% Remaining International Students (not in College Housing or Homestay) 145

Survey Response Domestic Students Number Percent Domestic Students

Total Domestic Respondents 925 100% Current Domestic Full-time/One-hundred+ Level Students (Total less International) 2,620

Age Under 18-25 643 70% Assumed Online Student Percent 5%

and Full Time 360 39% Less Online Only Domestic Students (131)

and Single 330 36% Current Domestic Full Time Students 2,489

and Very Interested 90 10% Assumed Annual Growth Rate 3%

and Interested 118 13% Projected International Full Time Students - 2019/20 Academic Year 2,801

Total Meeting Criteria 208 22%

Percent Meeting Basic Criteria and "Very Interested" 10%

Projected Student Percentages Gross Potential Demand 273

International Students 61% Capture Rate for "Very Interested" 25%

Domestic Students 39% Projected Demand for "Very Interested" (C) 68

Total 1 100%

Percent Meeting Basic Criteria and "Interested" 13%

Meet Criteria and Very Interested 79% Gross Potential Demand 35

Meet Criteria and Somewhat Interested 21% Capture Rate for "Interested" 15%

Total 100% Projected Demand for "Interested" (D) 5

Projected Demand/Projected Full Time Students 5.8% Projected Domestic Student Demand for College Housing (C + D) 73

Sample Size/Current Full Time Students 36.7%

Projected Demand (A+B+C+D) 186

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ADDITIONAL FINDINGS:

Approximately 88% of respondents currently either rent housing or live with their parents or another

relative.

5% of student responders currently live with a homestay family.

Housing costs paid by students varied widely with 35% of respondents indicating that they currently pay

no rent and 19% indicating that they pay less than $499 per month, not including utilities, internet or

parking (typically equivalent to approximately $100 per month). At the other end of the Spectrum, 10%

of respondents pay over $900 per month not including utilities, internet or parking, equivalent to over

$1,000 per month for total housing costs.

67% of students responding indicated they would need to park a car on campus if they were to live in

student housing. The pro forma analysis included herein includes costs for 127 new surface parking

stalls, per the guidelines included in the campus master plan.

89% of survey responders currently live with 2 or more other people.

Among students that currently live at Village at Baker Creek, Belleau Woods, or Cascade Meadows

(WCC’s master-leased housing that it sub-leases to students), 83% indicated that they would be very

interested or interested in on-campus student housing, while 66% indicated the same for near-campus

housing (within a 15-minute walk).

Beds/FTEs 1

College Beds FTEs Ratio Notes

Wenatchee Valley College 75 3,111 2.4%

Bellevue College 354 11,654 3.0% Currently out to bid for GC, not yet completed

Edmonds Community College 234 7,296 3.2% Rainier Place, Sophie Court and Spencer Court

Skagit Valley College 140 4,115 3.4% Campus View Village; seven apartment buildings

Everett Community College 254 6,434 3.9% 120 bed aPodment under construction, 134 bed in planning, both off campus adjacent

Green River Community College 340 8,145 4.2% Campus Corner Apartments

Shoreline Community College 225 4,993 4.5% In planning for 2019 delivery

Yakima Valley Community College 234 4,045 5.8%

Big Bend Community College 200 2,021 9.9% Viking Hall and Philips Hall; two three-story buildings

Totals and Weighted Average 2,056 51,814 4.0%

Whatcom Community College (Low) 186 3,969 4.7%

Whatcom Community College (Recommended) 225 3,969 5.7%

Whatcom Community College (High) 246 3,969 6.2%

1 FTEs All Funding Sources, SBCTC Fall 2015 Report

Beds/Contract Funded FTEs

College Beds FTEs Ratio Notes

Edmonds Community College 234 2,692 8.7% Rainier Place, Sophie Court and Spencer Court

Green River Community College 340 3,493 9.7% Campus Corner Apartments

Bellevue College 354 3,443 10.3% Currently out to bid for GC, not yet completed

Wenatchee Valley College 75 567 13.2%

Everett Community College 254 1,135 22.4% 120 bed aPodment under construction, 134 bed in planning, both off campus adjacent

Skagit Valley College 140 512 27.3% Campus View Village; seven apartment buildings

Shoreline Community College 225 512 43.9% In planning for 2019 delivery

Yakima Valley Community College 234 513 45.6%

Big Bend Community College 200 379 52.8% Viking Hall and Philips Hall; two three-story buildings

Totals and Weighted Average 2,056 13,246 15.5%

Whatcom Community College (Low) 186 1,035 18.0%

Whatcom Community College (Recommended) 225 1,035 21.7%

Whatcom Community College (High) 246 1,035 23.8%

1 Contract Funded FTEs includes Running Start and Contract International students, SBCTC Fall 2015 Report

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Respondents were asked the importance of proximity to campus in their search for housing and 65% of

respondents believed it was very important / important in making their decision on where to live.

56% of students currently share a bathroom but only 14% share a bedroom.

80% of students were willing to share an apartment with other students in on-campus student housing.

RESIDENCY

85% of the survey respondents lived in the state of Washington prior to attending Whatcom Community College,

4% lived in the US but outside of Washington and 11% lived outside of the United States. Among students that

lived in Whatcom County prior to attending WCC, just over 50% indicated they would be very interested or

interested in either on-campus or near-campus housing.

PREFERENCES

Survey respondents were asked to rate how important various factors were in making their decision where to

live this year. Costs associated with housing ranked highest, followed by safety and security and a location close

to the WCC campus. Students ranked all the factors as follows:

INTERNATIONAL STUDENT RECRUITER SURVEY

In addition to the student survey, an email based survey of 16 active international student recruiters from China,

Japan, Vietnam, Indonesia and Thailand was conducted in June 2016. The recruiters were asked about the

importance of student housing, and those features and factors that are most important when students and their

families make a decision about what college to attend. The factor considered most important (significantly, with

a score two standard deviations above the mean) was safety and security. Safety and security was followed by a

student housing environment that creates community and friendships, and the third ranked factor was a

location within a short walk of campus. The factor considered least important was housing with as low a cost as

possible. The responses are summarized below.

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SITE ANALYSIS

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BUILDING SITE

The project site includes seven parcels totaling 7.91 acres and is located south of W. Kellogg Road and east of

Cordata Parkway. It exists now as an undeveloped field. The current zoning of the WCC-owned parcels Cordata

subarea 15 are classified as Commercial and the IMP proposes that these be changed to Institutional. Multi-unit

housing is allowed outright by the underlying zoning and the site is sufficiently large enough to accommodate

both the proposed building, parking and future development. The proposed site is located across Cordata

Parkway from the campus core.

UTILITIES

The site is well served by public utilities with gas, power, and water service at the north west and south of the

site. A 12” water main exists to the north and a 16” water main to the west and south as identified in the

following image. Fire hydrants and street lights occur in the north and south right of ways along Cordata

Parkway and W Kellogg Rd. The city storm system runs in W Kellogg RD and Cordata Parkway with private

storm mains at the east of the site. For the construction of the student housing, the exsiting utilities would be

extended to serve the new facility. Major infrastructure work beyond site limits is not anticipated.

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ENVIRONMENTAL

In 2015, Miller Environmental prepared a Critical Areas Report which included a wetland delineation and

evalutaion of the project site. The highest elevation on the property is approximately 170-feet above mean sea

level (MSL) in the northeast corner of the property. The lowest point is approximately 155-feet MSL within the

depression in Wetland B, in the northeast corner of the property. Five wetlands were identified on site, three

of which are not regulated by the City of Bellingham and are not required to have buffers. Setback requirements

from the wetlands or required buffers are 15’ around the perimeter per the Bellingham Municipal Code (BMC)

Chapter 16.55.340. No buildings, structures, paving or other hard surfacing may occur in the area of required

buffers and setbacks.

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Wetland C which is identified as a Category IV and requires a 50’ setback buffer is most centrally located on the

site with the most potential to restrict the development of the proposed student housing. Wetland D and A also

will limit the buildable area. Because Wetland B and the required buffer and setbacks take up approximately

one third of the total site, it is recommended that developing a Wetland Mitigation Bank Use plan to offset

project impacts be further evaluated by the College. It should be noted that development of the site for the

student housing and parking can occur without infill of the buffers, but the site plan will be more distributed and

future use of the site will be impacted.

An application to infill the wetlands and participate in mitigation banking, or replacement, will require approval

by the Army Corps of Engineers, the Department of Ecology and the City of Bellingham. The reporting

procedures are similar but the review durations can vary with the Army Corps and DOE taking three to four

months for approval. The City of Bellingham review process can take longer and is best pursued with an

understanding of what the proposed development will be.

Per further discussion with Ed Miller of Miller Environmental, it is understood that the five wetlands can be

infilled over time or all at once depending on the development needs. It should be noted that if future site

development is anticipated, it may be beneficial to infill and mitigate all wetlands to reduce the costs and

inefficiencies of seeking approval on multiple occasions. The regulations around wetland mitigation and BMC

continue to evolve and are likely to change in the foreseeable future and may become more stringent.

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For mitigation, the College has the option to replace (reconstruct) the wetlands on campus with a 2:1 ratio. This

option is likely less costly than paying into an offsite mitigation bank, but will require bonding by the College and

monitoring for a 10 year period. An alternative option, included in the project costs, is to buy credits and pay

into an offsite mitigation back.

DESIGN ASSUMPTIONS

Based on the findings of the demand study, Spectrum recommends an initial phase of student housing

development that will house 225 beds with future growth capacity to add 39 additonal beds thorugh shared

rooms. The proposed units are apartment style with kitchens and baths and are sized based on examples seen

on other campuses. The following design assumptions were made for use in developing a project pro forma

and preminary budget:

• Four levels maximum

• Four levels of wood frame (Type V) with a slab on grade

• Approximately 225 beds for students with growth capability up to 264 beds

• Unit mix consisting of 4BR/2BA, 2BR/1BA & studio/private bath

• Seven studio units for Resident Advisors (this could be lower depending upon WCC residential life

programming)

• RA work areas and storage on main level

• One shared laundry room on the main level (designed appropriately, this can be a safe and

attractive space for students to socialize)

• Community kitchen on the ground level adjacent to the main student lounge, which when designed

and programmed properly, can serve as important gathering place (47% of survey respondents

ranked this as an important or very important amenity, comparted to 16% that ranked it as

unimportant or very unimportant)

• Building lounge on the ground level

• 127 parking stalls adjacent to building

• Vinyl exterior windows of apartments

• Residential units located at ground level and upper floors

• Designed to meet minimum of LEED Silver

• The proposed student housing project does not include a fitness or dining facility

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A review of existing student housing projects influenced the unit sizes and ratio of unit types. The units are fully

furnished, have small bedrooms and shared common spaces. Additional unit examples are found in the Exhibit

A to this document.

BUILDING SIZE

A preliminary building program was developed based on the design assumptions identified above in an effort to

appropriately size the project. Approximately 79% of the total building is attributable to apartments. The

remaining square footage is assignable to circulation, building support and residential support spaces including

residential staff offices and work areas. The resulting estimate of 394 square feet per bed is in line with the

median of apartment style student housing projects in the western United States (374 square feet) as identified

by the College Housing Report.

As part of the potential development, dedicated parking will need to be provided for residents. As housing is

assumed to be a mix of apartment-style units, the current code parking requirement is 1 space for each studio

unit, 1.5 spaces for each one-or two-bedroom unit, and 2 spaces for each three-bedroom unit. The project

assumes four-bedroom units for which parking will need to be discussed with the College and the City. For the

purposes of this study, it has been assumed that two stalls for each four-bedroom unit would suffice, resulting in

a total stall count of approximately 120 – 127 stalls.

The following diagrams illustrate an appropriately sized building footprint in a scale relative to the overall site.

The footprint dimensions are based on a module that works for student apartment housing on either side of a

double loaded corridor. It is assumed that there would be future development on this site to include an

expansion of housing or other campus facilities. The parking shown is intended to support the student housing,

and future development may require additional parking facilities. The exact layout and building footprint would

be determined by an architect during the schematic design phase of the project.

Pedestrian crossing will require improvements in the right of way to include striped or raised cross walks to

ensure student safety. More than one crossing are recommend to provide connections across Cordata Way to

other College facilities. Careful design and positioning of the building in the NW corner of the site may still

allow for preservation of the Mt Baker view corridor, but this would require further study and a massing

analysis.

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Location A: Student Housing Proposed Building Siting Footprint: 22,175 SF Total SF: 88,700 SF (without basement) Height: 45’, four levels Construction: Four levels of wood frame (Type V) on a slab on grade foundation Beds: 225 to 260 sf per bed, some residential on the ground floor

Notes:

Housing located closer to existing campus buildings across Cordata

Option to preserve wetland B

Height of building may obstruct views from HNR building if not sited carefully

Development plan proposes building future development along Cordata to keep

buildings proximate to the rest of the existing campus

Defines campus corner and provides anchor at intersection of W Kellogg and

Cordata

Curb cuts for parking lots located off south access road to maintain traffic flow

on arterials

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Location B: Student Housing Proposed Building Siting

Footprint: 22,175 SF Total SF: 88,700 SF (without basement) Height: 45’, four levels Construction: Four levels of wood frame (Type V) on a slab on grade foundation Beds: 225 to 260 sf per bed, some residential on the ground floor

Notes:

Housing located farther from existing campus buildings across Cordata requiring

greater pedestrian travel distance

Sited directly across from existing campus parking lot which could be beneficial if

there is excess parking there

Proposed to infill all wetlands to allow for future development of buildings and

parking (possible in both scenarios)

Building siting does not obstruct view of Mt. Baker from HNR building

Future development may consist of smaller footprints, or lower overall heights to

maintain view corridor

Loading can occur off of secondary street to the south

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EXHIBIT A – UNIT EXAMPLES

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Rainier Place Studio unit 400 sf

Rainier Place 2 bedroom unit 820 sf

Rainier Place 4 bedroom unit 1,350 sf

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Mission Bay 2 bedroom unit 692 sf

Mission Bay 2 bedroom unit 680 sf

Mission Bay 4 bedroom unit 1,082 sf

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EXHIBIT B – STUDENT SURVEY AND RESULTS

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Documents

STUDENT HOUSING FEASIBILITY STUDY · Whatcom Community College Student Housing Feasibility Study 5 of 50 Spectrum identified the target market for student housing as full time students