The University of Hawaii, USA has entered into a pre-development agreement for its first major public-private partnership (P3) that will provide on-campus housing for UH MAnoa 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. It will be located on a 2.2-acre site on Dole Street next to Burns Hall, across the street from Frear Hall.

For the university’s first major P3 project, an affiliate of Greystar Real Estate Partners, LLC, a global leader in the investment, development, and management of high-quality rental housing properties and collegiate facilities, was selected to design, build, finance, operate and maintain a family-oriented mixed-use rental housing project.

In addition to providing affordable, on-campus housing, the project is expected to generate residual free-cash-flow to UH in the form of ground lease rent. The development agreement and long-term ground lease will be negotiated between UH and Greystar

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.