The facility will house 1,400 students, compared with about 830 beds in the two buildings that will be replaced.

Bunce said the partnership with American Campus Communities will allow development to proceed more quickly while saving the university’s debt capacity to finance high-priority academic buildings for health and science programs.

Texas-based American Campus Communities describes itself as the nation’s largest developer, owner and manager of student housing communities. It already owns several projects near the VCU campus, including apartments on West Marshall and Canal streets, and the Lofts at Capital Garage on Broad Street.

Design and site plans are due to the board later this spring, along with the operating agreement.

Board member Michael D. Fraizer said the final agreement must contain adequate “guardrails” to protect the university’s interests over 50 years to ensure maintenance and operating standards.

He also asked that the agreement offer different price points so the new units are affordable to students at different budget levels.

“Sounds like this is a place we’d all liked to have lived when we were students,” Fraizer said.