EDITOR'S NOTE: The full Board of Trustees approved the proposal at its meeting on Nov. 8.

UNIVERSITY PARK, Pa. — The Penn State Board of Trustees Committee on Finance and Investment voted today (Nov. 7) to move forward with a recommendation to the full board to select a developer to build a 1,500-bed affordable housing development to meet the needs of students attending the University Park campus. 

The University plans to enter into a long-term ground lease with Greystar Development East, LLC, allowing it to lease land at University Drive and College Avenue, on the north side of campus. The ground lease arrangement allows the University to maintain ownership of the land and stay focused on using housing revenues and reserves to renovate University-owned buildings. Greystar will deliver an affordable housing option for students that includes approximately 775 beds by fall 2027 with the balance by fall 2028.  

The Board of Trustees will formally vote Nov. 8 on the proposal.