The BOG’s approval of the largest public-private partnership (P3) in State University System history will help USF maximize student success.
TAMPA, Fla. (Nov. 5, 2015) – Marking an important step in the University of South Florida’s plans to build a transformational new housing village on campus, the Florida Board of Governors today approved plans to enter into a public-private partnership (P3), with Capstone-Harrison Street, LLC (partnership of Capstone Development Partners, LLC and Harrison Street Real Estate Capital), kicking off the estimated $133 million development that will eventually be home to more than 2,000 students.
The project represents the largest P3 in the history of the State University System and the single largest housing project ever approved by the Board of Governors.
“The Board of Governors’ approval of this project is a reflection of our commitment to enhancing student success through strategic investments and creative, entrepreneurial thinking,” said Mori Hosseini, Chairman of the Board of Governors. “It is also a recognition of all USF has done to support us in this regard. We look forward to watching this project come to fruition.”
This project will support USF’s relentless efforts to enhance student success, cultivating a culture of on-campus engagement. Studies have shown that active on-campus life has a direct impact on improving students’ academic performance, as well as helping them build stronger connections with their peers.
“This new residential village will be transformative for the University of South Florida,” said USF System President Judy Genshaft. “The approval by the Board of Governors today will not only provide much-needed housing opportunities to our students, but it will also bolster our foundation of student success that will help generations of students thrive.”
Located on the north portion of campus, the village will replace the current Andros housing complex, which has served more than 50,000 students since being built in the early 1960’s. It is expected to feature a combination of suite and traditional style residential beds, a health and wellness facility, an outdoor pool, a dining facility and retail spaces.
The housing project will be built in two phases and construction will meet the standards for LEED Silver certification. Phase I of the project is expected to include the demolition of four existing Andros student residential buildings, adjacent support buildings and outdoor pool. This site preparation will be followed by the construction of a new residential village with about 1,250 beds. Phase II of the project will continue with the anticipated demolition of five remaining Andros residential buildings, adjacent support buildings and construction of approximately 900 beds.
Demolition and site preparation for Phase I could begin in May 2016, with construction beginning in summer 2016. Demolition and site preparation for Phase II could begin in May 2017, with Phase II construction beginning in summer 2017. Completion is expected in June 2018. In total, the project will increase USF’s housing levels by about 1,000 beds, raising the on-campus capacity to nearly 6,500.
Based in Birmingham, Ala., Capstone specializes in student housing developments, having delivered on-campus housing for more than 60 college and university partners throughout the United States. Since 1996, Capstone’s principals have developed or operated more than $3.5 billion in on-campus or near-campus housing projects.
Harrison Street is a real estate private equity firm based in Chicago, Ill., with approximately $7.5 billion in assets under management through commingled funds and public securities products. Since inception the Firm, on behalf of its various commingled funds, has acquired or developed over 66,000 student housing beds.
The University of South Florida is a high-impact, global research university dedicated to student success. USF is a Top 50 research university among both public and private institutions nationwide in total research expenditures, according to the National Science Foundation. Serving nearly 48,000 students, the USF System has an annual budget of $1.5 billion and an annual economic impact of $4.4 billion. USF is a member of the American Athletic Conference.