The University of Hawai’i (UH) in Mānoa, US has announced plans to build a $110m on-campus housing project for UH Mānoa graduate students and faculty members.
As part of its plans, the university signed a pre-development agreement with an affiliate of Greystar Real Estate Partners for the public-private partnership (P3).
The university said that the project will help in monetising UH-owned lands. The move is expected to help generate a revenue stream and state funding such as real property development, and renewable energy development.
UH chief financial officer, and budget and finance vice-president Kalbert Young said: “We are constantly working to find pioneering opportunities to enhance the experience for our students, faculty and staff on campus.
“The new housing project helps meet the demand for modern, on-campus housing at a reasonable cost.”
Planned to be built on a 2.2-acre site on Dole Street next to Burns Hall, across the street from Frear Hall, the new mixed-use rental housing project will comprise 388 affordable rental housing units as well as child-care facility and ground-floor retail space.
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Young added: “P3s are nationally recognised as a great way for government entities to enhance financing options, shift operating costs, leverage assets and capitalise on private-sector expertise.
“The Office of Strategic Development and Partnership that was established in June 2019 will lead the coordination of real property administration for the 10 UH campuses, and P3s are a significant part of our strategy moving forward.”
For the proposed mixed-use rental housing project, Greystar’s undisclosed affiliate will be responsible for designing, building, financing, operation and maintenance.
The university will now negotiate for a development agreement and long-term ground lease with Greystar. The move, however, will be subject to review and approval by the university’s Board of Regents.
Recently, Greystar announced plans for Class-A mixed-use development project in Boston, US.
The firm has purchased 212 Stuart Street for the 19-storey mixed-use development, which will feature 126 residential units and ground-floor retail space along with 149,940 gross ft² of prime retail and multifamily residential space.
Rendering of the University of Hawai’i mixed-use rental housing project. (Credit: University of Hawai’i)