UW-Madison turns to real estate development as new potential revenue source | Higher education

Kris Olds, a UW Madison geography professor and planner who studies universities and cities, was an undergraduate at the University of British Columbia in the 1980s when that transformation began. The development of residential neighborhoods not only brought in revenue for the university, but also made the area safer, livelier, and more aesthetically pleasing, he said.

The foundation’s assets have grown to $ 1.5 billion in Canadian dollars over the past few decades, although Olds and others noted that each institution’s real estate market is unique and will generate very different returns.

“This is absolutely not a quick way to make money,” said Olds, who led the revenue innovation workgroup. “It takes decades” to ensure that a university’s real estate strategy supports its higher-level tasks and is also in line with the goals of the city.

Possible ideas

Concrete projects or parcels have not yet been approved. UW Madison officials could come up with some initial ideas for approval by the regents in December.

Surface parking lots are ripe for refurbishment, said Cramer. Fewer of these may be needed in the future, considering how the COVID-19 pandemic has highlighted the possibility of remote working and the city’s proposed Bus Rapid Transit System will allow more employees to commute without a car.