MegaProject 787: Corvias selected for Wayne State University student housing PPP project
- Corvias Group
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The Wayne State Board of Governors approved a campus housing partnership with Corvias Campus Living that provides the university with approximately US$1.4 billion in total value and compensation during the 40-year term of the agreement. The partnership will allow the university to fulfill the demand for more on-campus housing, while maintaining affordability for students and strengthening the university’s finances.
The agreement calls for Corvias to be responsible for all aspects of property and asset management, including maintenance, janitorial, and repair and replacement services. The university will continue to maintain ownership of the land and all facilities used for campus housing. Additionally, the university will also continue to provide all residence life staffing and programming.
As part of the $1.4 billion value and compensation to Wayne State over the 40-year life of the partnership with Corvias, an initial investment of US$300 million will be used to pay off $102 million of existing housing debt and fund the construction of the new Anthony Wayne Apartments, demolition of the Helen L. DeRoy Apartments and renovations to Chatsworth Apartments. All of these major capital projects are scheduled to be completed by 2021— making an additional 842 beds available to students on campus.
Gary Pollard, chair of the Board of Governors, said:
“The Board of Governors took part in a comprehensive two-year review of the university’s housing needs and determined that there is a strong demand for approximately 800 additional on-campus beds. Creating a campus housing partnership with Corvias is the most fiscally responsible way for Wayne State to meet that demand while offering high-quality, affordable housing options to its students.”
William Decatur, Wayne State’s vice president for finance and business operations, treasurer, and chief financial officer, said:
“The partnership approved by the Board of Governors today significantly strengthens the university’s financial position in the key area of housing and residential life.”
Tim Michael, Wayne State’s associate vice president for business and auxiliary operations and chief housing officer, said
“Our students will begin seeing the benefit of our restructured housing operations soon, as we will start moving residents in to Phase I apartments in fall 2018. Once Phase II of the project is completed in August 2019, the Anthony Wayne Apartments will house 842 students in a mix of studio, one-bedroom, two-bedroom and four-bedroom apartments with upscale finishes and residential grade kitchens. In addition to residential units, the new building will include 18,000 square feet for retail space and 9,000 square feet for a new student health services center.”
“Throughout the design and construction process, Wayne State will provide review, comment and approval on architectural drawings and work performed to ensure that institutional-quality projects are designed and built,” said Michael ".