Feb 4 2013
Shippensburg University Student Services, Inc. (SUSSI) and Campus Apartments announce the completion of the first phase of a development project to upgrade all of the University’s on-campus residences. The three-phase project, an estimated $200 million initiative, will continue with the groundbreaking of the second phase to improve the quality of housing and reshape the campus environment.
The $70 million first phase included three new housing residences, involving two facilities on the north side of campus and one on the south side. The residences accommodate 924 students with semi-suite and full-suite floor plans, multipurpose programming areas and generous study and social lounges. One of the north-side buildings also includes a state-of-the-art 13,000 square foot wellness center, while the south-side building includes a new home for the University’s Honors Program.
The second phase of the project, an estimated $65 million, will continue the University’s plan to upgrade on-campus housing with three new residences on the south side of campus. Designed to accommodate 922 students, the living-learning facilities will also include semi-suite and full-suite floor plans with common areas for student interaction and learning opportunities. Slated for completion by Fall 2014, the project will also include a new green space for outdoor recreational activities.
“The completion of the first phase of this project brings the University one step closer to reaching our goal of providing top-quality housing to all of our students,” said Bill Ruud, President of Shippensburg University. “The living, social and study spaces of phase I will foster a living-learning environment for students, and we look forward to expanding these amenities through the second phase of this milestone project.”
The three-phase project is under the direction and ownership of SUSSI, an independent non-profit organization that serves as the voice for the student community. SUSSI partnered with Campus Apartments to design, develop and finance all three phases to improve the quality of the University’s on-campus housing.
To finance the first and second phases of the project, Campus Apartments collaborated with RBC Capital and successfully closed on bond financing totaling $70 million and $65 million for the respective phases. “Partnering with Campus Apartments enabled us to secure a highly favorable financing arrangement for the project’s first two phases,” said Darrell L. Miller, President of SUSSI. “With this partnership, the University is able to modernize its student residences while still preserving capital for other core academic initiatives.”
According to Daniel Bernstein, Executive Vice President and Chief Investment Officer at Campus Apartments, this transformational project will have a lasting positive impact on the entire Shippensburg campus. “The second phase of this initiative is demonstrative of the University’s continued commitment to providing superior on-campus housing for its students,” said Bernstein. “We are proud to be a partner in this project – the largest in the University’s history – and are confident that the new facilities will improve the quality of life for the current student population and help to attract new students for years to come.”
The three-phase project is slated for completion by Fall 2015. Campus Apartments is collaborating with a trusted and experienced development team for all three phases, including architect CUBE 3 Studio, general contractor Fortune-Johnson, Inc., and consulting engineer Greenman-Pedersen, Inc.
Source: http://www.campusapts.com/