Site work and new construction of a mixed-use development in Merced, California. Conceptual plans call for the construction of a 20,000-square-foot, 50-unit multi-residential development; and for site work for a retail development.

UC Merced invites qualified developers to partner in creating a vibrant, pedestrian-oriented campus community on a 22.75-acre site at 655 Bellevue Road--the closest shovel-ready parcel to the UC Merced campus. This project envisions a dynamic blend of housing prioritized for university faculty and staff, alongside retail spaces designed to foster a true "college town" experience. The development will emphasize sustainability, connectivity, and community engagement, serving as a model for urban living in Merced. The selected developer will oversee all aspects of planning, design, financing, entitlements, and construction. The transaction is structured around a long-term unsubordinated ground lease, with an option to purchase up to six acres for a potential for-sale residential component. Key milestones include submitting a Project Scope within four months of selection, securing Regents approval of business terms, executing a seven-year Option Agreement, and obtaining entitlements within 18 months. The Option Agreement serves as the master document, outlining all business terms and performance requirements, and includes the forms of ground lease and purchase agreement. The first ground lease closing must occur within three years, and phased development must deliver at least 50 rental apartments and 20,000 square feet of retail within the initial two phases.