The partnership between Corvias and the University System of Georgia prioritized immediate impacts through quality-of-life improvements on the Georgia Southern University Armstrong Campus in Savannah.
Initial Project Scope
As one of nine universities within the impressive University System of Georgia (USG) Public-Private Partnership (P3), Georgia Southern University and Corvias are working together to improve on-campus housing. Corvias assumed operations of three resident communities, encompassing 1,239 beds. Although Georgia Southern’s student housing was originally designed with modern features and space to meet the students’ needs, the campus’ deferred maintenance was a challenge. So, at the start of the partnership, more than 25 projects were completed, totaling more than $826,856, to address deficiencies, improve security, increase building performance, upgrade technology, and modernize facilities to a consistent standard. Funds were also used to improve HVAC systems, replace failing water heaters, and upgrade countertops and furniture. Numerous aesthetic upgrades included more than $370,000 in exterior stucco repairs and interior/exterior painting. Corvias also renovated the Community Center to encourage on-campus collaboration.
Financing and Reserves
Corvias’ ability to defease $311.5 million in long-term debt from USG’s balance sheet bring significant benefits all institutions in the partnership. Overall, the USG portfolio involved $548.3 million in taxable bonds, through Goldman Sachs, and $13.1 million in Corvias equity. Additionally, the program includes established Capital Repair and Replacement (CR&R) reserves that renovate or replace all housing in the partnership at least five times, following the initial development. Georgia Southern University will benefit from $110 million in total development costs, with annual operating costs of $1.8 million, and $11.6 million in CR&R reserves.
Corvias’ ability to defease $311.5 million in long-term debt from USG’s balance sheet bring significant benefits all institutions in the partnership.
To assist in stormwater management, Corvias added gutters and downspouts to one of the residence halls to create positive drainage away from the building, as well as improved an on-site detention basin area. In addition, Corvias installed photocells on each exterior light, replaced cracked and undulating concrete sidewalks, and implemented a low impact, sustainable solution in laundry facilities at Georgia Southern. Corvias replaced all appliances within the University Crossings residential facility and donated the aging appliances to Habitat for Humanity to be repurposed.
Building a Community
As a result of the strong relationship Corvias has with Georgia Southern, Corvias’ team was added to the Armstrong Housing and Residence Life staff website and now makes up more than half of the staff. Being a part of this community means taking care of those around us. So, when the team noticed a lot of students remaining on campus for the holiday season, the team got together and organized a pot-luck dinner for the students. The first year was so appreciated, it is now a holiday tradition at Georgia Southern.
Operations and Maintenance
Corvias collaborates with the University Housing Director daily to keep all goals aligned and communication open. Once a month a formal meeting is held, with the Corvias operations manager, housing director, facility manager, campus finance liaison, and local police representative, for a full review of the programs status, partnership finances, key campus issues, and campus safety, among many other topics.
- Property management for existing 1,239 beds, including day-to-day maintenance and operations (O&M) and long-term development
- Immediate renovation of all community spaces in residence halls as well as outdoor public spaces for new student gathering areas across campus
- Supporting campus recruitment and retention plan
|DURATION||40 years, 2015-2055|
|FINANCING STRUCTURE||Taxable Bonds|
|O&M / CAPITAL IMPROVEMENTS||$137.7 million in O&M spending including CR&R and capital improvements|
|TOTAL LOCAL ECONOMIC IMPACT||$260.5 million|