Newswise — "Super seniors" has long-been a term reserved for college students that stay on for an extra year or two of study. Until now. A new breed of super seniors is storming college town communities—loyal alums returning ten, twenty, thirty, even forty years or more after graduation to the first place they called home away from home.
A growing trend finds more and more retirement communities located on or near college and university campuses. Indeed, over one hundred university-based retirement facilities are currently open or in development around campuses as diverse as Stanford, Notre Dame, and Pennsylvania State University. Apart from fond memories and feelings of school loyalty, among the reasons for the late-in-life popularity of college towns: these communities boast a wealth of educated residents, lively cultural offerings, sports events, and transportation accessibility.
"College is such a special time of community and fellowship; we're finding that people want to return to those feelings as they begin thinking about retirement or even looking for a second home, vacation home, or weekend getaway," says Mark D. Kinser, President and CEO of Unlimited Construction, Inc., a Virginia corporation that has been serving the New River Valley since 1987. The company has recently begun on the Colosseum, a 241-unit luxury sports condominium hotel coming soon to Blacksburg, VA, the heart of Virginia Tech, affectionately known as "Hokie Nation."
A condominium hotel operates just like a hotel while adding the legal and financial structure of a condominium, including expert building property management, rental flexibility, and transferable ownership rights. This type of property may be an ideal investment for alumni, families, vacation goers, and college sports fans. Equally important, owners can generate revenue from their units year-round when the property is not in use.
For small college towns with a large population of sports fans, a condominium hotel can answer a profound need. In Blacksburg, for example, the population more than doubles on Hokie game days with 65,000 spectators, yet there is just 640 hotel rooms available in the entire New River Valley. " The sports fan no longer needs to compete for a room and then pay astronomical prices. Furthermore, many condominium hotels, like the Colosseum, are replete with five star quality amenities including full housekeeping, valet, and personalized concierge and shopping services; full-service bar and lounge; health and wellness center; indoor pool; valet parking; and 24/7 room service," says Mr. Kinser.
With more active adults moving back to college towns, especially during recessionary times, real estate development also provides an important economic boost to these communities. For example, apart from the number of construction and service jobs the property will create, the completed Colosseum will feature a full-service restaurant and conference hall (the area currently has no mid-size conference spaces available for business travelers).
In addition to being a generous sponsor of Virginia Tech Athletics, a portion of the sale of each unit will be donated to Virginia Tech towards the construction of the new basketball practice facility. The Colosseum has also pledged to endow a permanent scholarship in the amount of $100,000.00 for a student athlete pursuing a degree in Property Management or Hospitality and Tourism Management.
"Condominium hotels are a retirement, travel and leisure model that's a win-win for everyone," says Mr. Kinser.
For those covering real estate and home owner trends, the Colosseum makes available President and CEO Mark D. Kinser.
Topics for discussion include:"¢ What is a condominium hotel? How does it work? What are some advantages over traditional vacation homes or condominiums?"¢ Why do condominium hotel model makes sense for college town communities with strong athletic programs?"¢ What positive impact do condominium hotels have on local college town economies?"¢ How might the condominium hotel model also make sense for corporations eager to be close to college town area corporate parks, labs, and academic research facilities?"¢ What are some of the challenges and rewards involved in undertaking large-scale construction projects during a recession?"¢ Describe how the Colosseum model might be applied to other college town communities. For what communities, if any, would this model be poorly matched?"¢ Why does the Colosseum's size, amenities, and the role it will play in the Blacksburg, VA community make it unique?"¢ What initiatives are in place for the Colosseum to give back to the Virginia Tech community?"¢ What is the U.S. Green Building Council LEED program?
Mark D. Kinser, President and CEO of The Colosseum Mark D. Kinser has extensive experience in real estate development, custom residential construction, and light commercial construction. A graduate of Virginia Tech, Mr. Kinser is the President & CEO of Unlimited Construction, Inc., a Virginia corporation that has been proudly serving the New River Valley since 1987.
Mr. Kinser was appointed by two different Governors to serve consecutive four-year terms on the Commonwealth of Virginia Board for Contractors in 2001and has served as Chairman of the Board since 2003. Mr. Kinser formerly served as the representative of the Board on the State Corporation Commission Committee for Underground Utilities. Mr. Kinser is widely recognized among construction professionals for his dedication to excellence and his extraordinary knowledge of the industry.
About The ColosseumThe Colosseum is the first luxury sports condominium hotel in Virginia. Featuring classical Roman architecture and modern design, this 200,000 sq. ft. development will have 241 rooms, all with balconies on 3.5 acres. The Colosseum will be constructed with materials utilizing renewable resources, including steel-reinforced insulated concrete, to create an energy-efficient, environmentally friendly "green" building. For more information, visit http://www.thecolosseumblacksburg.com/home.html.
RSS