University of South Florida

New Campus Residential Village Wins Coveted P3 Gold Award

"We are ready to take another landmark step toward our vibrant future at the University of South Florida. Across the street from here, a modern residential complex for our students has begun to rise skyward, a transformational project that mirrors our own ascent as an emerging preeminent institution in the state of Florida."

Former USF President Judy Genshaft

The Challenge/Objective

Develop new student housing in collaboration with the private sector to transform the campus environment, to enrich the student experience, and help them achieve their academic goals.

Plan of Action

As the primary financial advisor to the project, we worked collaboratively with the USF’s senior leadership and the university’s development advisor to craft a public private partnership arrangement that met USF financial objectives and the requirements of the Florida Board of Governors, the oversight authority for public universities in the State

Key activities that led to the project’s success include:

  • Developing a process to align internal stakeholders around a shared vision and purpose for the project
  • Securing the active involvement and strategic guidance of the university President and Governing Board
  • Creating a transparent procurement process to generate excitement about the project resulting in more than 10 responses to a Request for Qualifications
  • Short-listing highly qualified competitive proposers, being fully transparent to all parties, and acting with speed to avoid losing momentum
  • Securing sufficient preliminary design details to make informed decisions without setting unrealistic expectations
  • Requested reports by the major rating agencies detailing the positive financial impact of the project on the university’s credit
  • Delivered a detailed project financial assessment to secure Board of Governors approval
Results

The New USF Campus Village is a Student-Focused Mixed-Use Development That Has Increased the Percentage of Students Living on Campus

  • The $134 million project, that includes 2,171 new beds, a new wellness and recreation center and mixed-use retail opened Phase One in the Fall of 2017 and the Phase Two in 2018.
  • With the opening the new residence halls at The Village the university achieved a major benchmark of at least 25 percent of its undergraduates seeking degrees living in university-managed or affiliated residences, a key criteria to becoming a member of theAssociation of American Universities.
  • The new village includes a first-ever on a university campus 28,000 square foot Publix Grocery Store
  • Expanded food operations including a BurgerFI, Starbucks and a food hall

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