- Location: Montclair, NJ
- Deliver Year: 2011
- Beds: 1978
- Size: 567,271 sq/ft.
- Transaction Type: NFP / Tax-Exempt
- Construction Duration: 15 months
- Unit Type: Suites - Single and Double Occupancy
- Amenity Spaces:
Dining
Capstone was selected in October 2009 to develop and manage new housing and dining on the Montclair State University campus. At the time, MSU had limited on-campus housing and was at a serious competitive disadvantage due to the inability to guarantee incoming students campus housing. Through the utilization of a PPP, MSU was able to achieve their project goals of increasing their on-campus housing while preserving existing debt capacity all within a greatly accelerated time frame, at substantial savings and still maintaining project quality. The new project, from team selection to opening, was delivered within 21 months, and includes nearly 2,000 beds in a mixture of private and shared bedroom suites targeted primarily to 1st and 2nd year students, a 24,000 square foot dining facility all under more than 560,000 sf of built space. The project transaction utilized non-recourse debt, with an independent nonprofit organization financing 100% of development costs through issuance of tax-exempt bonds. With the opening of The Heights, MSU could now guarantee incoming freshmen on-campus housing – allowing more competitive recruiting and continuing trends of growing enrollment.
