Providence, RI (December 20, 2018) — Corvias has been identified as the preferred development partner, pending Board of Trustees approval, for a student housing public-private partnership (P3) with Lake Superior State University (LSSU) that encompasses all on-campus housing (1,065 total beds). The partnership will allow the university to fulfill the demand for more on-campus housing, while maintaining affordability for students and reinforcing the Affirm * Connect * Succeed initiative underway at LSSU. Financial close is expected to be in late 2019 / early 2020, with development to begin thereafter and be completed by August 2022.
“LSSU’s partnership with Corvias is a perfect example of the innovation that a P3 solution can bring to universities,” said Geoff Eisenacher, Partnership Solutions Provider at Corvias. “This partnership allows LSSU to renovate all of its existing on-campus housing and build two new residence halls, and a student commons addition. The partnership also provides for reinvestments throughout the term so that LSSU receives like-new buildings at the end of the partnership.”
LSSU President, Dr. Rodney Hanley said, “this partnership and project will be one of the most ambitious and consequential in the history of Lake Superior State University. Corvias brings a wealth of experience with P3 projects, and the opportunity to improve our housing for our students will enhance the overall university experience for our students.”
“Corvias presented the most advantageous and appropriate partnership to LSSU. We will retain control of our residential programming and student-facing services, while Corvias will provide facility management and maintenance, and leverage best practices and purchasing power that comes from its portfolio of more than 100,000 beds,” said Morrie Walworth, Vice President for Finance & Operations at LSSU.
The partnership team is a Michigan-based team of industry experts to deliver LSSU Housing Master Plan objectives and world-class living learning communities. The full P3 team includes Corvias (developer and property manager), Cornerstone Architects (architect), and Spence Brothers Construction (construction manager), and Holland and Knight (legal counsel).
The University’s advisory team consists of Rieth Jones Advisors (development advisor), PFM (financial advisor), and Dickinson Wright (legal counsel).
About Lake Superior State University
Lake Superior State University, a liberal and technical studies university, was established in 1946 to address the needs of returning World War II veterans and to provide educational opportunities to the people of the Eastern Upper Peninsula. The 115-acre campus is situated on the site of the former United States Army’s Fort Brady, fourteen of LSSU’s buildings are listed on various historic registers, creating a unique campus environment. The campus overlooks Sault Ste. Marie, Michigan and Sault Ste. Marie, Ontario, the St. Marys River, and the Soo Locks, the busiest locks in the world.
As a privately-owned company headquartered in East Greenwich, RI, Corvias partners with higher education and government institutions nationwide to solve their most essential systemic problems and create long-term, sustainable value through our unique approach to partnership. Corvias pursues the kinds of partnerships that materially and sustainably improve the quality of life for the people who call our communities home, purposefully choosing to partner with organizations who share our values and whose mission is to serve as the foundational blocks, or pillars, of our nation. To learn more, please visit: www.corvias.com.
Media Contact: Kelly Douglas, Corvias