Case Studies
Real examples — colleges that found new revenue while staying colleges, and what happens to campuses whose boards waited.
Not turnaround stories. Not closure stories. Colleges that stayed colleges and found money somewhere other than tuition.
Cheyney University
Pennsylvania
Had close to 400,000 square feet of building space sitting unoccupied or underused, and opened it to private tenants. Eight companies are on campus now — agribusiness, cancer research, solar manufacturing, additive manufacturing — alongside stadium and auditorium rentals.
A $7.4M deficit became a $2.1M surplus. First balanced budget in eight years.
Purchase College, SUNY
New York
Ground-leased 40 acres to a life-plan senior living community, financed with public bonds. No college capital at risk at any point.
$2 million a year in rent, directed by statute to student scholarships and new faculty lines.
Warren Wilson College
North Carolina
Sold 191 of its 1,100 acres to a land conservancy — with a cooperative management agreement that keeps the college grazing the pasture and teaching in the forest.
$4.7 million, against a $5.5 million deficit. They sold the asset without losing the use of it.
Goucher College
Maryland
Ground-leased three acres out of 287 to a neighboring senior living operator for 127 independent-living apartments.
Zero construction capital from the college. Three acres is a proposal a president can carry into a room.
D'Youville University
New York
Built a health professions building in which a regional health system staffs and operates a community clinic, alongside student simulation space and workforce retraining.
The health system raised $5.07 million toward the project. It is the tenant and the operator.
Lackawanna College
Pennsylvania
A $10 million technology center in a former factory, funded by state money, the Appalachian Regional Commission, and a private energy company. Separately, employers pay tuition directly for their own staff.
The college built it without spending its own capital.
Dakota Wesleyan University
South Dakota
A regional health system funds nursing students’ junior and senior years in exchange for a three-year work commitment after graduation.
$20,000 per student, employer-funded. The health system asked for it.
Alvernia University
Pennsylvania
Bought and repurposed downtown buildings instead of expanding the campus — a community health center with a local provider, an incubator, a YMCA partnership, ground-floor retail.
$43 million invested, $18.5 million of it in secured redevelopment resources including state capital grants.
These colleges closed. Their campuses found second lives — but the institutions themselves did not survive.
Detroit, MI
Marygrove College closed in 2019. The Marygrove Conservancy, backed by a $50 million Kresge Foundation commitment, turned the 53-acre campus into an early education center (144 children, full capacity), a K-12 school, and a P-20 cradle-to-career continuum.
Source: Kresge Foundation
Plainfield, VT
Goddard College, founded in 1938, closed its Plainfield campus. Developer Ledgeworks purchased it and is planning housing and cultural offerings.
Source: Federal Reserve Bank of Boston
Albany, NY
Albany County Land Authority is managing the campus and running a community input process, focusing on preserving the campus as a community asset rather than selling to the highest bidder.
Source: Bloomberg
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