Public Private Partnership to Bring Innovation and Maintain Affordability
Atlanta — November 12, 2014
The Board of Regents selected today a campus-housing partner for the initial phase of the University System’s Public-Private Partnership (P3) initiative for on-campus student housing. The initiative is expected to help maintain the affordability of housing for students and improve the fiscal health of the University System by providing financial tools and resources while reducing student-housing debt by nearly $300 million.
“Quality, safe, affordable housing for students is our priority,” said Chancellor Hank Huckaby. “We expect our initiative will generate innovation, operating efficiencies and best practices in student housing to improve the quality of the on-campus housing experience for our students.”
After a competitive bid process began in April 2014, the University System selected Corvias Campus Living for a $517 million agreement to develop 3,683 new beds and manage 6,195 existing beds of on-campus housing for nine institutions with the University System for the next 65 years. The new beds are scheduled to be ready for students in fall 2016.
“We are always looking at ways to keep costs down and still provide a quality education and student services,” said Huckaby. “The Public-Private Partnership initiative will help keep the cost of student housing provided by our colleges and universities low and affordable.”
The participating campuses are: Abraham Baldwin Agricultural College, Armstrong State University, College of Coastal Georgia, Columbus State University, Dalton State College, East Georgia State College, Georgia Regents University, Georgia State University and the University of North Georgia.
Each campus approach will be tailored to the needs of the individual institutions, allowing the campus to attract, educate, retain and graduate a growing number of students. The University System will retain oversight of the campus-housing partnership, have a governance process in place and campuses will continue to be responsible for residence life programming for students.