Prior to undertaking their first university development in 2001, Fairmount Properties principals, Randy Ruttenberg and Adam Fishman, had been independently researching a university-anchored niche development sector for two years. The new concept focused on colleges and universities looking to build strong campus gateways and exciting mixed-use districts. This would be done with a strong contextual link to the campus environment through the creation of new housing, retail, entertainment and hospitality options not currently available in the marketplace.
Applying our Experience
Fairmount Properties is driven by its broad experience in mixed-use development and the desire to move into markets with a college or university presence. These developments are stimulated by our deep-rooted relationships with the nation’s most sought-after retailers and our proprietary national strategic partnerships. Fairmount Properties has the experience and eagerness to work collaboratively within the context of any public or private relationship.
Building College Towns
Our belief in this market segment emanates from the university as an anchor for catalytic growth. Oftentimes, high-quality mixed-use developments, which are typically “unanchored” by most traditional industry definitions, strongly benefit from nearby adjacent uses that regularly create significant visits for reasons other than shopping or dining. These “non-retail demand generators” drive continuous traffic throughout the day and increase the vitality and long-term viability of these areas. Examples of these “new anchors” may include a city hall, health and wellness center, post office, cultural arts center or regional library. A college or university is the quintessential example of a non-retail demand generator, serving as an anchor by attracting students, faculty, administrative staff, visitors, researchers and their respective families on a regular basis. These institutions have a long-term presence within the marketplace, are resilient, and drive a highly coveted “creative class” consumer base.