The site of new developement project titled “Merced Station” near the intersection of East Yosemite Avenue and Lake Road in Merced Calif., on Monday, Jan. 13, 2020. The site is expected to include 15 residential buildings with 270 units. The housing development is expected to be off-campus housing aimed at University of California, Merced students.
Andrew Kuhn
akuhn@mercedsun-star.com
A new housing development aimed at UC Merced students is expected to be the closest off-campus housing alternative for the ever-expanding university.
Called “Merced Station,” the development at the corner of Yosemite Avenue and Lake Road is set to include 15 residential buildings with 270 units and 885 beds — plus retail and dining spaces.
Site preparation and underground utility work are underway.
Expected to open by fall next year, Merced Station is expected to cost over $80 million to build, according to Matthew Duffiel, principal owner of Michigan-based real estate investment and development firm Shamrock Acquisitions. The firm invests in real estate nationwide.
Merced Station is being supported by a $68.75 million dollar loan to Shamrock Acquisitions by Mosaic Real Estate Credit.
The development team also includes EB-5 Equity Development Partners, which manages foreign investments. EB-5 is a U.S. immigration program that stimulates job creation and benefits immigrant investors seeking permanent U.S. residence. The company plans to deliver $20.4 million to the project, said Chief Executive Officer Bobby Laughlin.
The developers behind Merced Station hope it will help address UC Merced’s growing student population, which is outpacing available housing, according to a news release.
“This is definitely a needed project in the community,” said Scott McBride, Merced’s director of development services. “I think they’ve designed a nice product.”
With rising prices and limited availability, Merced has experienced a housing crisis for years. “We have such a low vacancy rate that there’s just not enough units for people who are looking in the market,” McBride said.
But McBride believes the situation is improving. He said a record number of building applications were approved in 2019, resulting in more than 5,000 permits. The previous high was only about 3,600, he said.
“I don’t know that we’ve met the need, but we’re definitely catching up,” McBride said.
Individuals seeking to rent rather than buy face the stiffest competition from an increasing Merced population, including students. Developments like Merced Station that specifically target renters may help ease that strain.
“There’s definitely a huge need for housing, especially for the students,” said Chief Project Manager John Heintz. The site at 2980 E. Yosemite Ave. was identified as ideal for off-campus student housing, he said.
“The opportunity to go to Merced was directly related to the UC Merced expansion plan,” Shamrock Acquisitions’ Principal Owner Matthew Duffield said. “We feel UC Merced is following a normal trajectory and they need student housing,” he added.
Merced Station units, which may look like this, will have sizable balconies about eight feet deep. Merced Station units, which may look like this, will have sizable balconies about eight feet deep. Courtesy City of Merced
The site of new developement project titled “Merced Station” near the intersection of East Yosemite Avenue and Lake Road in Merced Calif., on Monday, Jan. 13, 2020. The site is expected to include 15 residential buildings with 270 units. The housing development is expected to be off-campus housing aimed at University of California, Merced students. Andrew Kuhn akuhn@mercedsun-star.com
Merced Station features
Focus groups identified amenities appealing to college students, said Duffield. The development’s features include abundant study rooms, high speed internet, workout rooms, a clubhouse, a basketball court and a swimming pool. It seeks to foster an indoor-outdoor lifestyle, Duffield said.
Prospective residents will be interested to know the units are pet friendly — a sought after, yet difficult to find feature for many renters. The development will also include a pet park, Heintz said.
A shuttle to key locations like UC Merced, Merced College and downtown Merced will be offered. Secure bike spots and enough parking spaces for nearly every resident will also be available.
The price is expected to be comparable to UC Merced dormitory costs, Duffield said. On-campus housing ranges from $10,405 for a quad to $13,630 for a single per academic year. Merced Station includes utilities and internet in the price. Units come furnished.
Merced Station will be built at the corner of Yosemite Avenue and Lake Road. Merced Station will be built at the corner of Yosemite Avenue and Lake Road. Courtesy City of Merced
Job creation
Merced Station will also offer retail and dining spaces, although specific businesses haven’t been identified. Project leads say they are pushing for local, independent vendors.
“Ideally, we anticipate having a coffee shop with a drive through, a convenience market and a casual dining option,” Duffield said.
The retail spaces and facilities are expected to open up permanent jobs once Merced Station is completed. At least 500 additional jobs, including but not limited to construction, are expected to be created during development.
A turning lane and traffic signal will be added at the Yosemite Avenue and Lake Road intersection. Traffic is not expected to increase significantly, according to the Site Plan Review.
“I think the community will be proud of this project,” Heintz said.
This story was originally published January 14, 2020 at 6:00 AM.
Abbie Lauten-Scrivner is a reporter for the Merced Sun-Star. She covers the City of Atwater and Merced County. Abbie has a Bachelor of Science in Journalism and Public Relations from California Polytechnic State University, San Luis Obispo.
