University of South Florida approves student housing P3
The University of South Florida (USF), in the United States, has plans to develop a student housing project at the Andros site though a public private partnership (P3) model.
University trustees has recently approved a potential agreement with Capstone Development Partners and Harrison Street Real Estate Capital for the project. The agreement also needs the approval of the state university system Board of Governors and the state Department of Environmental Protection.
The project will have 2,165 beds in three buildings and will be located on the site the 50-year-old dorms. The new facilities will include a mixed-use residential complex featuring a health and wellness center, outdoor pool and deck, dining center and small-shop retail space.
Capstone Development Partners and Harrison Street Real Estate Capital will be responsible for financing, building, furnishing and operating the new facilities for a period of 52 years.
The total project investment is estimated at US$134 million. The Capstone-Harrison team will earn money from the student rents and will have to pay USF US$317 million over 52 year for the ground lease.
The project will be carry out in two phases. Phase I is expected to start in May 2016 with the demolition of Delta, Epsilon, Eta and Zeta dorms. Students will move into new facilities for the fall 2017 semester. Phase II is expected to start by 2018 with the demolition of Iota, Kappa, Lambda, Mu and Theta dorms. Student will move to the new facilities by the fall 2019 semester.
USF is the fourth-largest public university in the state of Florida, with a total enrollment of 47,646 as of the 2012-2013 academic year. The USF system comprises three institutions: USF Tampa, USF St. Petersburg and USF Sarasota-Manatee.
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