Owning the land may leave Glassboro on the hook for some risk, but it also provides the borough with some control. The university is in a lease-to-own agreement with Sora Development for the dormitories, bookstore and classrooms. After 30 years, ownership reverts to Rowan. But, because the borough owns the land, it will continue to collect revenue from the tax-exempt college by charging rent for the land lease. Sora will retain ownership of the retailing, hotel and market rate housing.

“The nonprofit university is paying taxes through a private ownership agreement,” said Tim Elliott, a principal at Sora Development, based in Maryland. “That’s a big advantage to the borough. That’s huge.”

Already, the agreement has been filling Glassboro’s coffers. The borough has recouped about half of the $28 million it spent for the land acquisitions, Mr. Brigandi said. Before the redevelopment, the properties in the 26-acre zone generated about $260,000 a year in tax revenue. Now, the borough receives about $1.2 million a year in payments. When the project is complete, Mr. Brigandi estimates, the town will receive as much as $3 million a year in payments.

Rowan Boulevard has had a flurry of construction activity this summer. A 129-room Courtyard by Marriott will open in mid-August, along with a 1,200-car parking deck and a 60,000-square-foot continuing education building. Already, several retail shops have opened, including a novelty store and restaurants. The centerpiece, a 38,000-square-foot Barnes & Noble, which opened in 2010, doubles as the student bookstore.

Some business owners along the struggling Main and High Streets wonder if the 6,000 students who live on campus or in town during the year will generate enough customer traffic for 60 new retail outlets.

“Right now it’s a ghost town here. It’s summer and all the kids leave,” said Adam Szyfman, owner of Ace Screen Printing and Embroidery in Glassboro. “I don’t think they have the clientele to support what’s going on.”