By James T. Hammond
Published Jan. 16, 2014
The University of South Carolina board of trustees today voted to enter into an agreement with Holder Properties of Atlanta to build an academic office building and two student housing projects in the Innovista research campus.
It’s estimated the three buildings will cost almost $120 million. The student housing component of the public-private partnership will provide almost 1,000 new student beds.
Today’s announcement did not identify the location of the new buildings, but a December 2012 request for qualifications about the project identified the parcels designated for the student housing portion of the development as two blocks bounded by Greene, Blossom, Park and Lincoln streets, in the Innovista district.
Similarly, the announcement did not identify the location of the academic office building, but it stated that parking spaces for the new building would be allocated in the Horizon garage on Assembly Street. Expectations are for the 110,000- to 130,000-square-foot building to be located on the undeveloped site at Blossom and Assembly streets, beside the Horizon garage. The estimated construction cost for the academic office building is $25 million, and the time frame calls for it to be completed by July 31, 2017.
The announcement did not identify a tenant for the academic office building, but it is expected to attract a major private sector entity that would become a research partner with the university.
The first phase of the student housing project is expected to comprise 268,000 square feet of mixed-use space, including retail and dining on the first floor, plus parking space for 437 cars and 582 student beds. The estimated construction cost for the first phase is $61.35 million. Construction is expected to begin early this year and be completed by fall 2015.
The second phase of the student housing project will comprise 296 beds and 133,000 square feet of space, including retail and dining on the first floor. There will be parking for 252 cars. The estimated construction cost for the second phase is $33.2 million. The completion date is expected to be July 31, 2016.
Holder Properties will design, build, finance, operate and maintain the facilities under a 40-year lease on the land. USC will receive rent on the properties under the financial terms of the lease.
In today’s announcement, the university said that its master plan anticipated the need for additional student housing and that a public-private partnership such as this one is a new trend in higher education nationwide.
The housing master plan identified existing demand for 830 new beds, with additional demand for more than 1,100 new beds should new on-campus options with high-quality amenities at a fair market price were be developed.
Contact James T. Hammond at 803-726-7545.