Under the $307.5-million partnership, Corvias is developing 841 new beds, renovating 370 beds, and managing all 2,654 existing beds on campus. The new development also includes more than 17,000 square feet of new retail space and 9,000 square feet for a new Campus Health Center. Corvias is responsible for all aspects of property and asset management, including maintenance, janitorial, and repair and replacement services for all housing on campus. The structure of the program allows Wayne State to maintain ownership of the land and assets under the partnership and receive 100% of all residual program cash flow. Using this approach, Corvias is able to meet the University’s 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. In an excerpt from an article on The Bond Buyer, dated 12/05/17, the Wayne State/ Corvias model was referenced as innovative and different.
