{"id":110477,"date":"2020-05-05T08:00:13","date_gmt":"2020-05-05T18:00:13","guid":{"rendered":"https:\/\/www.hawaii.edu\/news\/?p=110477"},"modified":"2020-05-06T12:31:49","modified_gmt":"2020-05-06T22:31:49","slug":"uh-manoa-housing-project-partner","status":"publish","type":"post","link":"https:\/\/www.hawaii.edu\/news\/2020\/05\/05\/uh-manoa-housing-project-partner\/","title":{"rendered":"UH<\/abbr> selects Greystar for major housing project on M\u0101noa campus"},"content":{"rendered":"Reading time: <\/span> 2<\/span> minutes<\/span><\/span>
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Conceptual rendering that is subject to change<\/figcaption><\/figure>\n

The University of Â鶹´«Ã½<\/span><\/a> has entered into a pre-closing agreement and pre-construction right of entry with Greystar Real Estate Partners<\/a> for its first major public-private partnership (P3<\/abbr>) that will provide on-campus housing for UH<\/abbr> M\u0101noa graduate students and faculty members.<\/p>\n

The estimated $110 million building project will provide 388 affordable rental housing units along with a child-care facility and ground floor retail space. It will be located on the former NOAA<\/abbr> site (approximately 2.2 acres) on Dole Street next to Burns Hall, across the street from Frear Hall. The pre-closing agreement was approved by the Board of Regents<\/a> in March.<\/p>\n

“We are constantly working to find pioneering opportunities to enhance the experience for our students, faculty and staff on campus,” said Kalbert Young<\/strong>, UH<\/abbr> vice president for budget and finance and chief financial officer. “The new housing project helps meet the demand for modern, on-campus housing at a reasonable cost.”<\/p>\n

The university is actively pursuing P3<\/abbr>s as a way to monetize UH<\/abbr>-owned lands to generate another revenue stream beyond tuition and state funding such as real property development, renewable energy development and facilities maintenance. <\/p>\n

P3<\/abbr>s are nationally recognized as a great way for government entities to enhance financing options, shift operating costs, leverage assets and capitalize on private-sector expertise.
—Kalbert Young<\/p><\/blockquote>\n

“P3<\/abbr>s are nationally recognized as a great way for government entities to enhance financing options, shift operating costs, leverage assets and capitalize on private-sector expertise,” said Young. “The Office of Strategic Development and Partnership<\/a> that was established in June 2019 will lead the coordination of real property administration for the 10 UH<\/abbr> campuses, and P3<\/abbr>s are a significant part of our strategy moving forward.”<\/p>\n

Greystar will design-build, finance, operate and maintain the family-oriented mixed-use rental housing project. The company is considered a global leader in the investment, development and management of high-quality rental housing properties and collegiate facilities.<\/p>\n

“We are thrilled and grateful for the opportunity to partner with a company of Greystar\u2019s caliber,” said UH<\/abbr> Vice President for Administration Jan Gouveia<\/strong>. “They are national leaders in the university housing industry and we look forward to bringing their expertise to our campus.”<\/p>\n

In addition to providing affordable, on-campus housing, the project is expected to generate residual free-cash flow to UH<\/abbr> in the form of ground lease rent. <\/p>\n