Across the country, colleges and universities are turning to an alternative approach for student housing. The Public Private Partnership, or P3, approach joins a private developer with available funding with a higher education institution in need of additional housing. Typically, the private developer funds, designs, constructs, and often manages, the facility for the college or university, thus enabling college resources to be used elsewhere.
The benefits of this arrangement are far reaching. First of all the college or university can retain their land and enter into a lease arrangement with the developer. The institution is then able to accommodate enrollment growth without self-funding the project. Finally, the project is usually delivered more efficiently and expeditiously by the developer, becoming available in a shorter time frame at less cost.
Success of the project is measured by the strength and creativity of the team assembled for the project. The P3 developer orchestrates the process and assembles the team of professionals which includes architects and engineers, a finance team and a management group. This team must take a number of items into consideration including financing, branding and housing and residence life amenities.
L.R. Kimball has seen this trend take off in Pennsylvania and New Jersey and believes that it will continue to grow in popularity, allowing colleges and universities to fill their housing requirements in the most cost-efficient manner. The firm has recently released a white paper dedicated to the considerations and steps a higher education institution should take when considering a P3 approach. Download it now.
I agree with the new approach on student housing. there are so many students that work a full time job in order to be able to study. cost-efficient accommodation can really benefit those students.
Kudos !
Posted by: hostel jerusalem | January 17, 2012 at 10:00 AM
There are working students out there who strive hard in order to study. Some of 'em usually live in apartments, since they prefer to live far from home. It's actually good news that cost-efficiency may be applied in student housing. They will be glad to hear those considerations. Thanks for sharing!
Posted by: Chad Lewis | August 01, 2011 at 03:56 PM
Interesting. We did timber frame entryways for a local college that was adding to their dormitories. I have to wonder if it was being handled the same way as you mention above. In any event, they were 4 or 5 story stuctures (or maybe 6) that were 100% modular. It seemed another great way to lower the cost of building a dorm.
Posted by: Amy Good | July 19, 2011 at 03:07 PM