The Wayne State Board of Governors approved a campus housing partnership last week with Corvias Campus Living that provides the university with approximately $1.4 billion in total value and compensation during the 40-year term of the agreement. The partnership will allow the university to fulfill the demand for more on-campus housing, while maintaining affordability for students and strengthening the university’s finances.
The agreement calls for Corvias to be responsible for all aspects of property and asset management, including maintenance, janitorial, and repair and replacement services. The university will continue to maintain ownership of the land and all facilities used for campus housing. Additionally, the university will also continue to provide all residence life staffing and programming.
“The Board of Governors took part in a comprehensive two-year review of the university’s housing needs and determined that there is a strong demand for approximately 800 additional on-campus beds,” said Gary Pollard, chair of the Board of Governors. “Creating a campus housing partnership with Corvias is the most fiscally responsible way for Wayne State to meet that demand while offering high-quality, affordable housing options to its students.”
As part of the $1.4 billion value and compensation to Wayne State over the 40-year life of the partnership with Corvias, an initial investment of $300 million will be used to pay off $102 million of existing housing debt and fund the construction of the new Anthony Wayne Apartments, demolition of the Helen L. DeRoy Apartments and renovations to Chatsworth Apartments. All of these major capital projects are scheduled to be completed by 2021— making an additional 842 beds available to students on campus.
“The partnership approved by the Board of Governors today significantly strengthens the university’s financial position in the key area of housing and residential life,” commented William Decatur, Wayne State’s vice president for finance and business operations, treasurer, and chief financial officer.
Throughout the term of the partnership, Corvias will reinvest $803.6 million into renovation projects outlined in the university’s master plan for all of its new and existing housing facilities.
The new partnership will begin transforming the landscape of Wayne State student housing almost immediately, beginning with Phase I of construction on the Anthony Wayne Drive Apartments in spring 2017.
“Our students will begin seeing the benefit of our restructured housing operations soon, as we will start moving residents in to Phase I apartments in fall 2018,” said Tim Michael, Wayne State’s associate vice president for business and auxiliary operations and chief housing officer. “Once Phase II of the project is completed in August 2019, the Anthony Wayne Apartments will house 842 students in a mix of studio, one-bedroom, two-bedroom and four-bedroom apartments with upscale finishes and residential grade kitchens. In addition to residential units, the new building will include 18,000 square feet for retail space and 9,000 square feet for a new student health services center.”
Under the guidelines of the partnership, Corvias will be responsible for the management of new capital projects, with all decisions subject to approval and review by Wayne State University.
“Throughout the design and construction process, Wayne State will provide review, comment and approval on architectural drawings and work performed to ensure that institutional-quality projects are designed and built,” said Michael.