Stockton

Stockton to Partner with ACDevco on Student Housing in AC

Stockton University will move forward with a plan for additional student housing in Atlantic City, but only if the university receives additional state funding to help cover operating costs at Stockton University Atlantic City.

At a special meeting on May 29, the university Board of Trustees authorized the administration to negotiate a public/private partnership with the Atlantic City Development Corp (ACDevco) for the development and financing plan for the Phase II housing project.

However, the trustees’ approval is contingent on the state of New Jersey appropriating at least an additional $5 million in annual state aid to the university to support the ongoing academic and operating costs associated with the Phase II project and Atlantic City operations.

This funding for the Phase II project would be in addition to any funding the State deems appropriate to promote funding equity among the 4-year public comprehensive and research universities.

Kesselman noted that Stockton, along with Montclair State University, currently receive the lowest funding from the state per full-time student among the 4-year public comprehensive and research universities.

Stockton University Atlantic City opened in fall 2018. It includes a 56,000 square foot Academic Center, a Residential Complex with 535 beds, and a parking garage. The project developer, ACDevco, is proposing to build a new 405-bed residential complex on property adjacent to the campus on Atlantic Avenue.

Currently the university has housing for 3,484 students at both the Galloway and Atlantic City campus. In fall 2018 the occupancy rate was 98 percent. The Residential Complex in Atlantic City is projected to be at capacity for fall 2019. Based on current and projected enrollment, the university will need additional housing in the 2021-22 academic year.

In testimony before the Assembly Budget Committee in May, Stockton President Harvey Kesselman requested a $5 million increase in its annual appropriation in recognition of the university’s substantial investment in Atlantic City and New Jersey’s students.

“We are hopeful that the State will continue its investment in Atlantic City towards establishing an Eds & Meds corridor critical for the city’s future, while stemming the outmigration of New Jersey students,” Kesselman said. “We are proud to play a role in this initiative but cannot proceed without corresponding state funding.”

“The Legislature’s and the Governor’s support are critical for this project to proceed,” he said.

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