Marquette and Johs Hopkins use the same strategy to revitalize their neighbohood. They purchase real estate located around their university campuses. They have acquired 54 acres from surrounding communities for a make-over of businesses and apartment buildings valued at $30 million. At the local level they have procured a $4.17 million low-interest loan from the city. At the federal level they recieved a $650,000 US HUD grant for crime prevention and landlord-tenant relations. Upon completion the university will have developed 152 apartments and 89,000 square feet of commercial space including a new Blockbuster Video store and an athletic center.
Excerpted from the Brookings Institute Center on Urban and Metropolitan Policy’s “”Urban Universities and their Role in Central City Economies”", December 1997
