Underneath monetary stress, Bastyr College plans to promote some or all of its 51-acre campus in Kenmore — a transfer that might carry a brand new tenant to the location for the primary time in a long time or open the door for housing growth on the expansive property.
The non-public college, based in 1978 and recognized for its naturopathic medication packages, might transfer from the property close to Saint Edward State Park to a different location within the Seattle space after a sale takes place. The precise timeline stays unclear, although the college says instructional packages is not going to be disrupted.
“This isn’t a call to shut Bastyr College,” the college wrote in regards to the sale this week. “It’s a strategic motion to reposition the establishment for long-term success, continued accreditation, and the flexibility to spend money on innovation and scholar success.”
Brokers advertising the property didn’t launch an asking worth for the location, which features a fundamental campus constructing and chapel totaling 178,000 sq. toes along with athletic fields, gardens and 132 rooms of scholar housing. As a substitute, they’re inviting curiosity and affords.
The property itemizing guarantees patrons “a number of choices for upside.” A purchaser might buy all the campus and keep its use as a college, purchase and redevelop all the property, or purchase a portion of the location whereas the college stays on the remainder of the property. About 12 acres of buildable land on the location might permit as much as 1,000 flats, in keeping with the itemizing.
Within the occasion of a full sale, the college hopes to lease house from the brand new proprietor for one to a few years to arrange for a transfer.
A sale might happen this yr, Bastyr President Devin Byrd mentioned in an interview Wednesday.
Promoting the campus is “an enormous second for us, but it surely’s additionally a second that we’re making ready ourselves for,” Byrd mentioned.
Bastyr purchased the campus from the Seattle Archdiocese 20 years in the past with plans for growth. However right this moment, the college is struggling.
As enrollment falls, prices soar and on-line packages change into extra well-liked, Bastyr is utilizing lower than half of the constructing house on the campus and has shuttered some in-person packages. The first constructing on the location, constructed within the Nineteen Fifties and beforehand used as a Catholic seminary, wants pricey repairs, in keeping with the college.
“The fact that we have now at this present time, which isn’t not like different establishments, is that it prices a good quantity to function our current campus,” Byrd mentioned.
The location could possibly be engaging for single-family dwelling or residence builders as King County suburbs proceed to increase.
Advertising supplies notice that renters hunt down markets like Kenmore as they’re priced out of different components of the Seattle space, pushing up demand and rental prices in Kenmore. For-sale dwelling costs are excessive, too. The median single-family dwelling in Kenmore bought for almost $1.4 million in February, extra reasonably priced than some areas of the Eastside however increased than the fee in Seattle, in keeping with the newest accessible Redfin knowledge.
Bastyr has already begun in search of planning and zoning modifications from the town of Kenmore to permit market-rate housing growth on the location. These modifications are nonetheless into consideration, and any growth might face stiff opposition from close by residents.
King County wants a whole bunch of hundreds of recent houses of every type, a lot of them reasonably priced for folks with low incomes, over the following 20 years. These figures embody an estimated 3,000 items wanted in Kenmore.
Bastyr can also be feeling the squeeze from excessive housing prices and different components, Byrd mentioned.
Fewer persons are anticipated to pursue increased schooling in coming years, and housing prices have skyrocketed in lots of metro areas with universities, together with Seattle and San Diego, the place Bastyr operates one other campus. On-line packages permit college students to hunt levels with out shifting to these costly markets.
Monetary challenges have now endangered Bastyr’s standing with a few of its accrediting companies. Promoting the Kenmore property “is meant to positively influence our accreditation standing,” the college wrote.
Within the occasion of a transfer, a brand new location might additionally permit the varsity to entry extra fashionable labs and expertise, Byrd mentioned. Nonetheless, these up to date facilities can be close by, he mentioned.
“Seattle has been our dwelling for many years and we’re dedicated to making sure that we stay within the Seattle space.”
