Detroit, Mich. — Wayne State University and Corvias have received $307.5 million in private financing for the development of new and renovation of existing housing at the University’s campus in Detroit.
The partnership has entered into a 40-year agreement that will include the delivery of 841 new beds and 368 renovated beds, enhanced green spaces, new retail offerings and management and maintenance of the existing 2,950 beds across campus.
The initial $307.5 million will be used to pay off $102 million in existing housing debt, and fund the continued construction of the new Anthony Wayne Drive Apartments, demolition of the Helen L. DeRoy Apartments and renovations to Chatsworth Apartments. With the financial close, Corvias will begin managing all on-campus housing facilities and maintenance, with 28 full-time employees working on WSU’s campus.
Wayne State will continue to operate all residence life and student-facing services. Gilbane Building Co. is the construction contractor and Hamilton Anderson Associates is the design team for the project. The first phase of the partnership is expected for completion by fall 2018. Minneapolis-based Blue Rose Capital Advisors advised Wayne State throughout the P3 process.