Georgia Tech Housing Changed because of the Atlanta 1996 Olympic Games

[CROWD CHEERING] Well, the pros are
quite obvious, I believe. All of a sudden we’ve had a
mecca of brand-new residence halls for our students,
something that we didn’t have. We had older halls, some of them
were just post-World War II, and that needed some work. Now all of a sudden we got
4000 new beds and everybody’s excited. I think this is a
very beautiful campus. I would like to study here. It’s quite pretty, it’s
got a lot of character. Georgia Tech [INAUDIBLE]. Bye. With the apartments from the
Olympics, they were apartments. Two people sharing
one bathroom, you have your own private bedroom,
private living room, et cetera. That was different. Our inventory is 80%
apartments, 20% traditional. Most college campuses,
it’s a complete reversal. They have 20% apartments and 80%
[INAUDIBLE] traditional halls. When this part of the Village
was built, the North Avenue apartments, the first year
we had Georgia Tech students in there. And at the time, the
Director of Housing thought, we’ll never fill
this, we should give this to Georgia State. Georgia State at the time was
a very big, large commuter school, and wanted
student housing, but they were
downtown in Atlanta and there was no place for
them to build anything. So they were happy
to take this on, and they were in it from 1996 to
2007 and we purchased from them and put it back
into our inventory. Cons are, they’re all aging
now at the same time. [LAUGHS] So you have to make sure you
have a good maintenance plan and a good capital plan
to be able to stay up with the maintenance and
upkeep of those same buildings. We’ve got these beautiful
buildings and everybody says, oh, you’re so lucky. But we also inherited the
debt that went with that. So Georgia Tech has been paying
the debt for those buildings. Yes, we’ve got
nice, new buildings, but we’ve got also a pretty
hefty mortgage to pay. We’re still a model
for a Village. Every Olympics since the
Atlanta 1996 Olympics, every Olympic committee
has come to Georgia Tech, has looked at what we
did for the Village, and it’s taken some
of our implications of what we did
here back to them. I know Salt Lake, when they
had the Winter Olympics, they spent several weeks out
here looking at what we did and collaborating with us and
went back and did pretty much a lot of the same
things that we did here. So the Olympics that are
happening right now this summer down in Brazil, they had a
contingency come up and met with us for weeks again and
look at how we did the Olympic Village, they want to
know why we thought it was important to
have it connected to a college or a
university setting. And that was quite easy,
because then you’ve got people you can put
into them afterwards. If you build the
Olympic Village away from the college
or university, you hope that the masses
will move there. If you build it on
a university campus, you’ve already got
a built-in audience that will come and probably want
to live there if you maintain the price and property. You know they’re
going to be used

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