Capstone Development Partners Opens First Phase of New On-Campus Mixed-Use Student Housing Village at The University of South Florida
Capstone-Harrison Street Completes Phase 1 of its Public Private Partnership with the University of South Florida on a $134M On-Campus Mixed-Use Student Housing Village
BIRMINGHAM, AL –
Capstone-Harrison Street announced the opening of Phase 1 of the new on-campus housing community, named The Village, at the University of South Florida in Tampa, FL. Phase 1 of The Village provides 885 beds of first and second-year housing for USF students, a new dining center, named the Hub, and a new wellness center named, The Fit. Upon completion of Phase 2 in July 2018, The Village will provide 578,000 total sq. ft. of new facilities on the USF campus including a total of up to 2,171 beds to replace USF’s 1960’s-era Andros housing community. Capstone-Harrison Street financed The Village with Capstone’s P3+ private equity-based financing model, providing preferred and common equity to finance 100% of the $134 million project.
The Village marks the largest student housing public private partnership in the State of Florida, and Capstone’s sixth public private partnership in Florida.
“This is an exciting milestone for USF and to the Capstone-Harrison Street partnership with USF. Our teams have worked tirelessly over the past year to achieve an on-time delivery of Phase 1 of the Village. It was gratifying to see and share in the students’ excitement of moving into a brand new community where they will live for the next year. Phase 1 of the Village creates a community for these students to live together, eat together, study together, and interact with one another 24/7. We look forward to next summer when our team completes Phase 2 and concludes the construction of this Village community, which will transform this quadrant of the USF campus,” said Jeff Jones, Capstone Principal and USF Project Executive.
“This is a transformational project that reinforces the foundation of student success at USF for generations to come,” USF System President Judy Genshaft said. “We have an outstanding partnership with Capstone-Harrison Street because of our shared commitment to helping our students thrive and get the most out of their college experience.”
A dedication ceremony for Phase I of the Village is scheduled for October 5 and will be held at the University of South Florida Tampa campus.
About Capstone Development Partners
Capstone Development Partners, LLC is a leading student housing developer in the on-campus student housing industry. The company is based in Birmingham, Alabama. It’s principals bring 27 years of experience in the higher education student housing industry, specializing in the finance and development of on-campus and university-affiliated student housing through Public Private Partnerships. Capstone Development Partners currently has over $428M in student housing development under construction, which will provide 4,250 beds of on-campus and university affiliated housing for 5 universities, all on-schedule to be delivered between the Fall 2017 and Fall 2018 school semesters.