Wright Properties has available over 715 bedroom of student housing located in several walk-to-campus locations. We also, have land available for mixed-use, student/residential housing, fast food, and retail/office space.
Boone, North Carolina is home to Appalachian State University; which has current enrollment of 16,500 and scheduled to increase to 20,800 by 2018. The University is challenged in two ways with their on-campus housing. One, they do not own land for future development, and two the State of North Carolina does not have any money for University housing. The University guarantees housing only for their Freshman class; although, they do house some their Sophomore class on campus. To further exacerbate this is the lack of buildable land, being that Boone is located on a mountain, with a base elevation of 3,333 feet above sea level.
Boone, is a challenge for development due to the fact that there is a water shortage number one, and number two that for many years one could not permit more than 12 units at a time. To further exacerbate the challenge, one could only develop total finished square footage on any project of only .429 of the land area; therefore, one could have square footage of only 18,556 square feet total on an acre of land. Land prices are in the $30 to $40 a square foot on the main corridors; which is where most of these properties are located.
The good news is that the Town of Boone has relaxed many of the requirement and continues to currently relax them even further; making now the best time in over twenty years for student housing development.
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