William & Mary and University of Nevada, Reno achieve financial close, while RFQs are issued for projects at University of Texas and Cleveland State
WASHINGTON, DC – The summer of 2023 is proving to be a busy time for P3s within higher education, as four universities recently reached milestones on their initiatives.
The College of William & Mary in Williamsburg, VA, reached financial close on its P3 housing project, while the University of Nevada, Reno did the same for its new college of business building. Furthermore, nonprofit organizations affiliated with the University of Texas – Austin and Cleveland State University issued RFQs for upcoming housing and arena/mixed use projects, respectively.
“It’s exciting to see projects reaching financial close during a challenging environment, as well as other schools getting off the ground in order to identify the right development teams for their exciting initiatives. Post-covid, many schools are considering P3s for the first time,” said Jeffrey Turner, co-leader of the higher education/P3 practice at development advisory firm Brailsford & Dunlavey, which is serving as the advisor on the William & Mary, UT-Austin and Cleveland State projects.
William & Mary’s housing P3, which calls for developing more than 1,200 beds of student housing as a part of the university’s Vision 2026 plan, will be developedby Balfour Beatty Campus Solutions. The project, designed by VDMO Architects alongside CMTA, kicks off with a first phase comprised of housing for 935 students on the west campus followed by housing for nearly 270 students in a new facility along Jamestown Road. While Provident Resources Group (Williamsburg Properties LLC) is the project’s residential facility owner, the housing community is set to be managed by the university upon completion.
At the University of Nevada, Reno, Edgemoor Infrastructure & Real Estate will deliver a 128,000sq ft state-of-the-art facility, including a 300-seat auditorium, advanced technology labs, case-method optimized teaching spaces, a café/social space, team meeting spaces and collaboration zones, faculty and administrative offices, a landscaped courtyard, outdoor plazas, and a mix of student and community outreach programs.
The 2033 Higher Education Development Foundation (2033 Fund), affiliated with the University of Texas, is looking to develop a freshmen-focused residence hall via a P3. The foundation, in issuing its RFQ, is seekinga developer who will design, build, and potentially finance, operate, and/or maintain the accommodation. This new development will replace six buildings on the Whitis Court residence hall site that currently contain 210 beds total. Maximizing the density of the site is a priority, but the developer may also have the opportunity to provide a dining facility in the development.
The Euclid Avenue Development Corporation (EADC), a nonprofit associated with Cleveland State, has issued a request for qualifications (RFQ) for a development team to deliver a new arena, parking garage, and mixed-use entertainment and housing district within the city’s downtown area. The arena is set to host CSU basketball games as well as concerts, sporting events, and more, boasting a capacity of 5,000+. While the RFQ is focused on the qualifications of the lead developer, the eventual partnership terms will include financing, design, construction, operation, and maintenance of the facilities.
For more information on these projects, check out the P3 Bulletin.