High-rise plans for CSUB
Bakersfield Californian 1/25/07
Crisp, Cole & Associates received conceptual approval for its mixed-use project from the California State University system's board of trustees Wednesday.
Crisp & Cole University Towers features twin 31-story structures with luxury condominiums, a four-star hotel and conference center, office space, retail center and parking.
"I am absolutely elated," developer Carl Cole said about getting conceptual approval.
Jim George, former provost and vice president for academic affairs at CSUB, helped Crisp & Cole with the project proposal.
"I knew it was going to happen. By the time it had gotten to the board of trustees, I knew it was a slam dunk," George said during a celebration at the Petroleum Club Wednesday evening.
Cole said some trustees were concerned about the project's proposed height.
"We think we need to build up, not out," he said. The towers would be on the southwest side of campus.
The project will be "the flagship of the universities in the Cal State system once we get this going," he said. Cole said he'd like to have the project done by 2010.
It's estimated to cost $350 million to $400 million. Cole said the company is trying to lure a major retailer to anchor that element of the project.
"We're really pushing for Nordstrom," Cole said, adding he was going to ask the retailer to search for 933 ZIP codes and see how much Bakersfield residents spend at the company's Southern California stores. Boutique-type shops and national chain restaurants that aren't already in Bakersfield will be pursued as other tenants.
Hilton has expressed an interest in managing the hotel property.
Condos are available on a first-come, first-served basis, David Crisp said. Price points haven't been established. He recommended people in the community who are interested in living in the towers call 345-9268.
The trustees' action gives the campus the go-ahead to form a development plan for the proposal, according to a university statement.
The company was in a chicken-egg situation with the project, Cole said. Their financial backers "insisted" on conceptual approval from CSU before moving forward. Similarly, the CSU wanted to know the financing was solid before giving its OK. The company is looking outside Bakersfield for money, Cole said.
Information given to the trustees highlighted the university's interest in pursuing this project or one with similar components, including a hotel.
"If negotiations with the current developer do not result in an acceptable development plan, then the campus will continue to pursue development opportunities with other developers for the creation of similar project," according to a presentation Mitchell made to the trustees.
That wording was used so "Cal State has the project they want," Cole said.
University officials weren't available to comment about the wording Wednesday afternoon.
Cole said the company has so far invested $3 million toward the project.
"We have a commitment from (CSUB) and foundation board to go forward with this project. It's up to us to make sure all the other parts go into place," he said.
The project may lead to new majors being offered through the School of Business and Public Administration, according to CSUB.
The towers are the second of three proposed public-private partnerships.
All are designed to generate revenue for CSUB.
In November 2006, trustees gave conceptual approval to Gregory D. Bynum & Associates' four- to six-story office building project.
Bakersfield Adventures for the Mind, an interactive children's museum, is the final proposal.
Trustees will consider it at their March meeting.