Wayne State University and Corvias announced today the completion of the Anthony Wayne Drive Apartments at Wayne State University in Detroit. Through this $307.5 million partnership, 841 new beds have been successfully delivered, the Helen L. DeRoy Apartments were demolished to make way for a green space and an additional 370 renovated beds are coming in the Chatsworth Residence Hall.
Corvias, which partners with higher education and government institutions to solve their most essential systemic problems and create long-term solutions, will manage all 2,654 beds on campus moving forward. Anthony Wayne Drive Apartments will also feature more than 17,000 square feet of new retail space, and the recently opened 9,000-square-foot Campus Health Center.
“We are beyond thrilled that our partnership with Corvias has enabled us to provide quality facilities and resources for our students, while also allowing us to advance financially,” said Wayne State University President M. Roy Wilson. “Wayne State has always aimed to create a positive economic impact on the greater Detroit community. With Corvias’ investment, we continue to increase job growth and support local and small businesses.”
Retail partners on the ground level of Anthony Wayne Drive Apartments include 1000 Degrees Pizza, Uncle Joe’s Chicken Fingers, Beyond Juice, Tubby’s Sub Shop, Just Baked Cupcakes, Leo’s Coney Island, Warriors Pharmacy, and convenience store 7-Eleven with a new concept that doesn’t sell alcohol or tobacco.
Corvias’ partnership structure with Wayne State provides a financing solution totaling more than $907 million in total compensation over the partnership term, including the defeasance of $102 million in existing debt; $151 million in initial development and renovation scope with the establishment of long-term reserve accounts in the first 10 years; and $38.8 million in capital repair and replacement over 40 years to ensure facilities are returned in like-new condition at the end of the program term.
“Our partnership structure provides Wayne State University with an innovative financing solution that meets student housing and related infrastructure needs in the short-term, while simultaneously improving Wayne State’s financial strength and the sustainability of the program over the long-term,” said Michael De La Rosa, principal at Corvias. “The celebratory ribbon cutting on Wayne State’s campus today marks a new chapter for the University that will contribute to student success due to residential, retail, and health facilities that foster academic engagement and provide critical resources.”
Through this partnership structure with Wayne State, Corvias will continue to engage with local and small businesses, creating valuable economic contribution to Detroit. Corvias relies on local businesses to develop and fulfill retail facilities within residential spaces, providing a revenue stream for the university, while also meeting the needs of the student residents. The development of retail space in student housing, in partnership with local and small businesses, is part of a rising trend. Collaborations of this nature positively impact all stakeholders: the students, the college or university, and the community at large. Corvias anticipates 90% of retail partners will be with local and small businesses during the course of this partnership, sustaining job growth and contributing to the economic development in the region.
A Corvias Core Principle is to generously give back to the communities where its employees live, work and serve. Earlier today, Melissa Torres and Kaitlyn Pierce were named as the 2019 recipients of the Corvias Scholar Award. This scholarship is made possible through an endowment created by Corvias in partnership with Wayne State to help students overcome financial obstacles and accomplish their academic goals.
As a privately owned company headquartered in East Greenwich, RI, Corvias partners with higher education and government institutions nationwide to solve their most essential systemic problems and create long-term, sustainable value through our unique approach to partnership. Corvias pursues the kinds of partnerships that materially and sustainably improve the quality of life for the people who call our communities home, purposefully choosing to partner with organizations who share our values and whose mission is to serve as the foundational blocks, or pillars, of our nation. To learn more, please visit: www.corvias.com
About Wayne State University
Wayne State University is a premier urban research institution offering nearly 350 academic programs through 13 schools and colleges to more than 27,000 students. Wayne State University houses nearly 3,500 undergraduate and graduate students in living-learning communities right in the heart of Midtown Detroit. Learn more at housing.wayne.edu
Kelly Douglas, Corvias