Community Colleges Benefiting From The Depressed Real Estate Market
Community Colleges are taking advantage of the real estate market and buying vacant properties instead of building new ones.
The current real estate market crisis has left a glut of vacant properties across the United States. Taking advantage of this situation, community colleges aiming to expand have started looking favorably at such properties. Instead of constructing new buildings, they plan to acquire and simply renovate these facilities and save substantial money.
The St. Louis Community College in Missouri is doing exactly that. With an increased intake of students this year, and hence need for expansion, they have bought a vacant Circuit City beside one of their campuses. The total cost of acquisition and renovation in contrast to building new facilities will save them over $6 million.