Student Housing Business

JUL-AUG 2018

Student Housing Business is the voice of the student housing industry.

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ON-CAMPUS DEVELOPMENT July/August 2018 StudentHousingBusiness.com 72 On-Campus Development The story on-campus continues to be growth in public-private partnership development, and a focus on affordability and amenities that foster academic success. By Katie Sloan D Development on campuses through public- private partnerships is booming. Projects are underway on campuses nationwide that con- tinue to grow in intricacy, creativity and scope. As the relationship between universities and private developers continues to become more amiable, RFPs are growing to include uses that expand further onto university ground, like sports arenas, dining halls and academic buildings. The world of on-campus development is changing, with the shifting needs of today's student at the helm, and private developers are experiencing a world of new opportunities that extend beyond the residence hall. "Big picture, the story for the on-campus space is that it has really grown exponential- ly," says Julie Skolnicki, senior vice president of university partnerships at EdR. "I have been at EdR for five years now, and the tra- jectory of the projects — their size, scale and complexity — has grown in a pretty material way. The average project size used to be about 500 beds, $50 million. The average project size we're seeing now is more along the lines of 1,200 to 2,000 beds and $200 million. The wide acceptance of on-campus projects uti- lizing any range of financing and operating methods is huge — the universities are truly seeing it as an opportunity to take on major transformations." As public-private partnerships become larger and more intricate, so do the transactions that yield them. "Transactions are becoming larger and more complex," says James Wilhelm, exec- utive vice president at American Campus Com- munities. "University public-private projects increasingly include multiple phases and non- revenue generating, mixed-use spaces includ- American Campus Communities is currently developing a residence hall at the University of Chicago, Illinois, set to open in fall 2019.

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