The Board of Regents (BOR) of the University System of Georgia (USG) has selected Corvias Campus Living (Corvias Group) to develop, construct, manage and maintain student housing through a P3 deal.
After a competitive bid process began in April 2014, the University System selected Corvias Campus Living for a US$517 million agreement to develop 3,683 new beds and manage 6,195 existing beds of on-campus housing for nine institutions with the University System.
The project will be developed on a design, build, finance, operate and maintain basis. The contract period is 65 years.
The participating campuses are:
The new facilities are scheduled to be ready for students in fall 2016.
Each campus approach will be tailored to the needs of the individual institutions, allowing the campus to attract, educate, retain and graduate a growing number of students. The University System will retain oversight of the campus-housing partnership, have a governance process in place and campuses will continue to be responsible for residence life programming for students.Corvias' unique P3 model offers long-term financial, operational, construction and design components, creating significant benefits, including:
Chancellor Hank Huckaby commented:
Quality, safe, affordable housing for students is our priority. We expect our initiative will generate innovation, operating efficiencies and best practices in student housing to improve the quality of the on-campus housing experience for our students.
Kurt Ehlers, Managing Director of Corvias Campus Living added:
The partnership focuses on doing the right thing - providing affordable on-campus housing for USG students while also setting the stage for positive change in student housing. We look forward to working with the BOR to enliven the true meaning of a partnership.
The partnership represents a unique approach in student housing because it is the first time a state system has initiated the privatization of student housing through a portfolio of campuses.