By ANYSSA BOHANAN
CENTRAL OREGON DAILY
Half a million dollars for a house on Bend’s Westside, and you don’t even own the land it sits on.
“That homeowner will pay a monthly ground lease to the college of $800-1,000 a month,” said Peter McCaffrey, director of leasing and development for William Smith Properties.
Central Oregon Community College broke ground Wednesday afternoon on what is set to become the college’s new Outcrop subdivision.
The initial phase of the property will contain 16 single family homes on around five acres. Eventually, the college plans to have around 50 homes across 12 acres of land.
COCC will continue to own the land, charging new homeowners a lease.
“It provides a long term revenue source for the college will help us keep tuition as low and as manageable as possible,” said COCC President Laurie Chesley.
The college is also looking to develop another 40 acres of land near the Culinary Institute which is zoned for a mixture of facilities.
“Those will be a mix of uses, retail, office, apartments,” McCaffrey said. “There’s nothing currently planned for that location but we are exploring all those options.”
The model home for the subdivision will be completed before this summer’s Tour of Homes with the rest completed by next year.
But back to those houses. You don’t own the land – so what if the college wants it back?
Don’t hold your breath, the leases are good for a minimum of 70 years.
“This public/private partnership allows us to meet a number of goals that are good for the college and good for the community,” Chesley said.