High housing prices have prompted George Mason University to look at building below-market housing to attract new faculty.
“When [prospective faculty members] look at the housing situation here, we tend to lose a lot of them,” said Senior Vice President Maurice W. Scherrens.
The university plans to build 400 units on about 30 acres of its Fairfax campus. The homes, most likely to be built on the northeast side of the campus, would be priced at 65 percent to 75 percent of the market range, he said, and would be split between sales and rentals.
While approvals are necessary from the GMU board of directors and the state of Virginia, Scherrens said some of the homes could open as early as summer of 2008.
The median market value of a single-family home in Fairfax County was $424,945 — and $263,340 for a town house — in 2004, the latest year the data was published by the county.
One potential problem, Scherrens said, would be ensuring the homes don’t become permanent residences for some faculty. He said the university aims to have a stock of the homes available for new hires each year.
“You can make it so attractive, because of the pricing and because of the community atmosphere, that you can’t get people out,” he said.
GMU is also looking into bringing the lower-priced homes to its other campuses, though those plans are less firm, Scherrens said.
More projects planned
George Mason University also has an number of other large-scale projects planned or under way, including major renovations to the Aquatic and Fitness Center, an addition and renovation to the Patriot Center, and the construction of a hotel conference center.
Source: GMU Senior Vice President Maurice Scherrens
