Commercial and financial close for student housing P3 in Indiana, USA

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Purdue University, located in West Lafayette, Indiana, has announced that a project to deliver 1,300-bed student housing facilities has achieved commercial and financial close. The university selected Plenary Properties Purdue LLC as the preferred proposer of the project in July of this year.

The team is composed of Plenary Group USA Concessions Ltd., Corvias, Gilbane Building Co., MSKTD & Associates, Mackey Mitchell Architects, Schneider Corp., MKSK and Applied Engineering. It will two new residence halls currently known as Third Street North and Meredith South.

Purdue’s Physical Facilities team has managed the innovative public-private partnership procurement method, launching the process in March, shortlisting two of the six initial proposers for negotiation of terms in May and reaching final agreement with the Plenary-led team earlier this month. Within the past two weeks the project has also received approval of the State Budget Agency and the governor, in keeping with the university’s land-grant mission and public process.

Construction will begin in late November, with the two residence halls ready for student occupancy in time for the 2020-21 academic year. 

Plenary Group received model audit advice on the financing from DWPF.

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