20 Nov Shippensburg University Breaks Ground on $200M Project
Citybizlist
http://phillyrealestate.citybizlist.com/2/2011/11/21/Shippensburg-University-Breaks-Ground-on-200M-Project.aspx
November 20, 2011
SHIPPENSBURG, Pa. – Construction has begun on a $200 milliondevelopment project at Shippensburg University, the largest on-campus undertaking in its history. The $70 million first phase will be completed by January 2013 and the balance by summer 2015.
Campus Apartments LLC and Shippensburg University Student Services Inc, a non-profit organization, are partnering on the development. The non-profit is the owner and the Philadelphia-based Campus Apartments is tasked with the design, development and finance.
The first phase will add 924 beds in two buildings on the north side of campus and one on the south side. One of the north side buildings will house a 13,000-square-foot wellness center while the south side addition will host the university’s honors program office. The unit designs are semi suites and full suites, with multipurpose programming areas as well as study and social lounges.
Campus Apartments worked with
RBC Capital to close bond financing for the first phase.
“Through our partnership with Campus Apartments we were able to secure a highly favorable financing arrangement,” saidDarrell L. Miller, president of the student services’ non-profit.
Cube 3 Studio is the project architect, with Fortune-Johnson Inc. as general contractor, and Greenman-Pedersen Inc. as the consulting engineer.
The project is being touted as transformational for the university, founded in 1871. About 8,300 undergraduate and graduate students are enrolled at the regional state-owned university.