University of North Georgia
As a part of the partnership with the University System of Georgia (USG), Corvias is working with UNG to design, build, finance, operate, and maintain new and
existing student housing. The picturesque UNG campus is nestled in the foothills of the Blue Ridge Mountains, and was designed with this in mind, including two
“L”-shaped buildings that step back into the slope, enhancing views to the campus center and the surrounding scenery. The buildings are also positioned to create
a series of outdoor gathering spaces, as Corvias believes that learning not only happens in the classroom, but also outdoors. The new residence hall contains
office, storage, conference space, community kitchens and laundry rooms, large gathering areas, and two-bedroom semi-suites with shared bathrooms.
FINANCING AND ECONOMIC IMPACT
The overall USG portfolio is financed with $548.3 million in taxable bonds, through Goldman Sachs, plus $13.1 million in Corvias equity. In this unique financing
structure, Corvias was able to defease $311.5 million in long-term debt, from USG’s balance sheet. UNG specifically included $24.5 million of initial development
with $69.5 million in total development costs for ongoing repairs and replacement, and operates on $1.3 million annually. These investments are expected to return
$261 million in economic impact over the course of the 40-year partnership, through the student housing development, 41 jobs it supports, and tax revenue. To ensure continuity of these solutions, the program also includes established Capital Repair and Replacement (CR&R) reserves that renovate or replace all housing in the partnership at least five times, following initial development.
A FOCUS ON INTEGRATED LEARNING
Utilizing green spaces as connecting corridors, Corvias was able to minimize the impact of impervious areas on the natural habitat. Corvias also worked with UNG to protect existing forested areas and carefully planned all stormwater Best Management Practices (BMPs) so as not disrupt the existing vegetation behind the site, that are being utilized by the Biology Department. Through sustainable site design and planning, Corvias incorporated an advanced stormwater solution for effective and natural filtration and direction of rainwater. Harvesting natural rainwater for reuse contributes to the strategy of reducing overall water consumption by at least 15%, meeting a mandatory requirement for the Georgia Peach Green Building Rating System. As part of our partnership, the Bachelors of Science program in Environmental Spatial Analysis uses these conservation and sustainability initiatives as learning platforms. Corvias also integrates its programs with the Center for Teaching, Learning, and Leadership to support service learning and make UNG a better learning environment.
A PARTNERSHIP THAT GIVES BACK
Corvias is honored to team up with the UNG’s Office of Residence Life to provide $30,000 in scholarships to 34 students, through the Residence Life Leadership Scholarship Program. The program provides scholarships to UNG juniors and seniors, living in non-cadet housing, who hold leadership positions and maintain a minimum 3.0 GPA. Scholarships in the amount of $500 per semester were awarded to qualifying students involved in the Student Government Association, Residence Hall Association, and/or UNG Ambassadors.
OPERATIONS AND MAINTENANCE
Key elements of our strategy at UNG include a customized Preventive Maintenance program to address the accessibility challenges within the existing resident hall. Also, regular inspections of the roof and façade are completed to identify potential issues, like landscape overgrowth or ponding on roofs, that could negatively impact their useful life. Corvias is also responsible for the housekeeping and room turnover for new residence halls, which are managed according to Corvias’ approved maintenance plan.