Capstone Development Partners and Harrison Street Real Estate Capital Celebrate the Opening of Cornish Commons
The first deal to be developed under the P3+ Capstone and Harrison Street partnership opens on-time and under budget at Cornish College of the Arts.
BIRMINGHAM, AL – Capstone Development Partners and Cornish College of the Arts held a ribbon cutting ceremony on August 27th to celebrate the grand opening of Cornish Commons, a new residence hall which also includes academic and administrative space and a student life center. Cornish Commons financing was achieved through the strategic partnership between Capstone Development Partners and Harrison Street Real Estate Capital. New residents moved in September 2nd.
The successful delivery of Cornish Commons, a high-rise facility in downtown Seattle, is a milestone for the Capstone Development Partners and Harrison Street Real Estate Capital’s partnership and transaction structure called P3+. Cornish Commons is the first development to be delivered and opened utilizing creative and flexible P3+ terms. Capstone and Harrison Street are currently in predevelopment on projects valued at more than $250 million also to be financed under the P3+ transaction structure over the next 2 years. P3+ provides a flexible, long term, low-cost equity-based financing vehicle to offer colleges and university a beneficial private debt and equity model. P3+ provides a college or university an attractive public private partnership transaction alternative to satisfy unique or challenging financial and housing goals and objectives.
“The opening of Cornish Commons is a milestone event for Cornish and their students as well as for Capstone and Harrison Street,” said Bruce McKee, Principal of Capstone Development Partners. “Capstone and Harrison Street are extremely proud of this beautiful new facility and we are honored to be Cornish’s long-term partner as they embark on their second 100 years as a pillar of Seattle and art education.”
Capstone Development Partners and their design and construction team, consisting of Howard S. Wright Construction and Ankrom Moisan Architects, delivered Cornish Commons on time and under budget. Cornish Commons is a 20-story high-rise located at the corner of Terry Street and Lenora Avenue on the Cornish College campus located in downtown Seattle, WA. The $49 million development provides 432 beds of housing for students attending Cornish College of the Arts and City University of Seattle. With 16,854 sq. ft. of academic space, the first and second floors house Cornish administrative offices, studio movement classrooms, and the campus “living room.” The top floor contains resident amenity space, including a fitness center, media room, community kitchen, gaming area, lounge, laundry room, and music practice rooms, as well as a sky deck with panoramic views of downtown and nearby Lake Union. Cornish Commons will be managed through a creative collaboration between CDP, Cornish and Capstone On-Campus Management (COCM) in a shared governance approach.
About Capstone Development Partners
Capstone Development Partners, LLC is a Birmingham, Alabama based student-housing developer with 25 years of experience in the higher education student housing industry specializing in the finance and development of urban, on campus and university-affiliated student housing through Public Private Partnerships.
About Harrison Street Real Estate Capital, LLC
Harrison Street Real Estate Capital LLC (“Harrison Street”) is one of the leading real estate investment management firms that offers innovative investment products across both private and public real estate segments. The firm has created a series of differentiated investment products across multiple risk/return platforms. Our 70+ person team is headquartered in Chicago, Illinois. Currently the firm and its affiliates manage approximately $7.7 billion in assets on behalf of some of the world’s largest institutional investors.
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