UNCW breaks ground for new student housing complex
4/28/2005 12:30:00 PM
E-Mail | Print
Downloadable Photos
WILMINGTON, N.C. – The University of North Carolina Wilmington broke ground for its newest student housing project on Thursday, April 28.
More on-campus housing is a priority for UNCW. Studies have shown that students who live on campus perform better academically, are more involved in university activities and feel a stronger connection to the university. Benchmarking studies initiated by Chancellor Rosemary DePaolo revealed that many of UNCW’s peer and aspirant universities have a higher percentage of students living on campus. UNCW currently houses about 20-25 percent of students, but is aiming for 40 percent as part of the university’s goal to enhance student learning experiences.
This new complex will have six three-story apartment buildings which will provide 524 upperclassmen with housing in a combination of two-, three- and four-bedroom apartments. Every student will have a private bedroom with a double bed. Amenities include a washer and dryer, a full kitchen with a dishwasher and microwave oven, dining area and living room. Rent will be competitive with area rates. The complex will include a 5,000-square-foot clubhouse with small and large group meeting areas, a business center, a kitchenette and a swimming pool.
After ground clearing, construction is scheduled to begin in early July 2005. Phase I of the project completion is scheduled for June 15, 2006. Phase II will begin immediately following Phase I completion and is expected to include a similar number of beds and apartments.
UNCW currently has 2,360 housing spaces on campus, available to 22.8 percent of its undergraduates. This addition will give the university a total of 2,884 housing spaces in 2006-07 for 26.6 percent of undergraduates. When phase two of this project is completed in 2007, UNCW will house 30.5 percent of undergraduates.
The $27 million project is the first joint public/private financing venture for the university. It will be built on state-owned university property adjacent to Wagoner Hall. Typically the university has served as the issuer, issuing bonds, for the construction of residence halls. Housing revenue from receipts is used to pay off the outstanding bonds. In this case, a separate non-profit corporation – UNCW Corporation Housing – was established to serve as the issuer, issuing tax-exempt debt, constructing the improvements and retiring the debt with receipts paid by UNCW Housing and Residence Life. After approximately 30 years, when the debt is retired, the housing corporation has been repaid for construction, title to the housing project reverts to the university.
This procurement technique typically results in construction cost savings, but more importantly, the process significantly expedites the design and construction of capital improvements. This has made it possible for the institution to be more responsive to the housing needs of its current students, as well as the increasing numbers of incoming students.
Downloadable Photos
Rendering
Site Plan
Fact Sheet
|
