Board of Regents in Hawaii has approved the pre-closing agreement between Universtiy of Hawaii with Greystar Real Estate Partners for its first major public-private partnership (P3) that will provide on-campus housing for UH Mānoa graduate students and faculty members.

The estimated US$110 million building project will provide 388 affordable rental housing units along with a child-care facility and ground floor retail space.

The university is actively pursuing P3s as a way to monetize UH-owned lands to generate another revenue stream beyond tuition and state funding such as real property development, renewable energy development and facilities maintenance.

“P3s are nationally recognized as a great way for government entities to enhance financing options, shift operating costs, leverage assets and capitalize on private-sector expertise,” said Young. “The Office of Strategic Development and Partnership that was established in June 2019 will lead the coordination of real property administration for the 10 UH campuses, and P3s are a significant part of our strategy moving forward.”

Greystar will design-build, finance, operate and maintain the family-oriented mixed-use rental housing project. The company is considered a global leader in the investment, development and management of high-quality rental housing properties and collegiate facilities.