Release Date: Feb. 26, 2010
Mixed-Use Development Planned for ASU Land along Knickerbocker Road
Angelo State University has received authorization from the Texas Tech University System (TTUS) Board of Regents to explore the mixed-use development of approximately 17 acres of university land bordering Knickerbocker Road in San Angelo.
The board, meeting Friday, Feb. 26, in Amarillo, approved an agreement with Midway Companies Inc., for pre-development services to determine the feasibility of a public-private development on that site, the design of the development and the type of commercial, entertainment, residential and governmental tenants which might be willing to locate at the site.
The three phases of the services start with the conceptual development strategy to determine design and development principles, including land use, circulation, phasing, physical constraints and open space. The second phase will develop the strategic plan for the site while the final phase will produce a concept design.
ASU President Joseph C. Rallo said, “We want to explore how this public-private partnership can enhance both the campus and the community through the mixed-use development of currently vacant university land. This will help ASU address the need for married and graduate student housing while at the same time opening up possibilities for new dining and entertainment venues adjacent to campus as well as for retail, office, medical and even governmental tenants.”
The pre-development services will be provided by Midway at no cost to the university. If the economic feasibility is proven and the concept design approved by the university and the TTUS Board of Regents, Midway would then develop the site and lease out the facilities. Midway would pay the university a monthly fee for the use of the property.
“This approach,” Rallo said, “will allow Angelo State to receive revenue for currently vacant land at no cost to the university. Additionally, development of the property would benefit not only the university but also the community with a new commercial development.”
The pre-development services are projected to take up to 18 months at which time a decision will be made on whether to proceed with the plans.