{"id":183861,"date":"2023-09-21T09:48:42","date_gmt":"2023-09-21T19:48:42","guid":{"rendered":"https:\/\/www.hawaii.edu\/news\/?p=183861"},"modified":"2023-09-26T08:52:43","modified_gmt":"2023-09-26T18:52:43","slug":"residences-for-graduate-students-funding","status":"publish","type":"post","link":"https:\/\/www.hawaii.edu\/news\/2023\/09\/21\/residences-for-graduate-students-funding\/","title":{"rendered":"New graduate student resident facility at UH<\/abbr> M\u0101noa to begin construction"},"content":{"rendered":"
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The funding for a $170-million housing facility for graduate students at the University of Â鶹´«Ã½<\/span> at M\u0101noa has been secured from investors paving the way for construction to begin in October. The project is UH<\/abbr>\u2019s second public-private partnership (P3) to build modern student housing facilities on the M\u0101noa campus using minimal public funds. The Residences for Graduate Students at UH<\/abbr> M\u0101noa is scheduled to be completed in fall 2025.<\/p>\n

The facility will consist of two buildings (18 stories and 12 stories) with 316 units (studios, two-, three- and four-bedroom units), 558 beds, a childcare facility, retail space, bike storage, study rooms, laundry facility, mail and package room, outdoor amenity decks and on-site management. It will be located on Dole Street between the East-West Center and the M\u0101noa stream, across the street from Frear Hall. As a P3 project, the facility is being constructed by private partners with external financing and will be privately operated for UH<\/abbr> students.<\/p>\n

UH<\/abbr> participated in its first P3 student housing project, the Residences for Innovative Student Entrepreneurs<\/a> (RISE<\/abbr>) at UH<\/abbr> M\u0101noa, which opened in August 2023. For this second P3 project, Collegiate Housing Foundation (CHF<\/abbr>), a non-profit tax exempt organization that owns student housing on campuses throughout the country, will be the owner and operator of the Residences for Graduate Students at UH<\/abbr> M\u0101noa.<\/p>\n

“The ability to execute a second P3 on the heels of RISE<\/abbr> is proof of UH<\/abbr>\u2019s commitment to finding alternative ways to modernize facilities with minimal cost to the taxpayer and our students and their families,” said UH<\/abbr> President David Lassner. “This project is also enhancing the student experience for our graduate students who play an important role in making UH<\/abbr> M\u0101noa one of the best universities in the country.”<\/p>\n

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CHF<\/abbr> secured the financing through tax-exempt bonds that will be repaid with the rental income of residing students at the facility. CHF<\/abbr> has arranged for Greystar Real Estate Partners<\/a> to develop and manage the facility. Greystar has contracted Swinerton Builders to construct the facility, completed the project design, and obtained discretionary approvals to begin construction.<\/p>\n

UH<\/abbr> is providing $8 million for pre-development and pre-construction work, $2 million a year towards rent abatement towards keeping rents more affordable, and a 45-year property lease. The State of Â鶹´«Ã½<\/span> School Facilities Authority (SFA<\/abbr>) has contributed $10 million of public funds towards the construction of the childcare center to be located in the facility.<\/p>\n

“The University of Â鶹´«Ã½<\/span> is very proud to demonstrate its capability to develop partnerships and projects that improve services and opportunities for our students, campuses, and our broader community,” said UH<\/abbr> Vice President for Budget and Finance and CFO<\/abbr> Kalbert Young. “This project helps provide quality living spaces and opportunities for students and is a tremendous example of how partnering with other state agencies can address multiple statewide missions. To that end, I am very happy that we were also able to partner with the Â鶹´«Ã½<\/span> State School Facilities Authority and expand access to preschool for families with young children.”<\/p>\n

SFA<\/abbr>\u2019s mission is to fund and construct facilities that expand access to pre-kindergarten in Â鶹´«Ã½<\/span>. The childcare center in the facility will be operated by UH<\/abbr> M\u0101noa Children\u2019s Center, which will relocate from its current home at Castle Memorial Hall. After the move, it will be able to serve more students—from its present 90 children to about 130 children.<\/p>\n

The Residences for Graduate Students at UH<\/abbr> Manoa is being designed to meet Leadership in Energy and Environmental Design (LEED<\/abbr>) Silver Certification to help the 10-campus system reach its goal of net-zero energy by 2035.<\/p>\n