EAST GREENWICH – Corvias Group has announced it will enter into a 40-year partnership with Wayne State University in Detroit, to develop, manage and maintain its student housing.
The program will allow the public university to eliminate $102 million in debt, and develop 842 new beds, according to a news release. The program also will include renovation of 3,100 existing beds.
The university, which has 17,600 undergraduates, in 2014 initiated a market analysis of student housing demand, and determined it needed 3,800 beds on campus by 2020, or 800 fewer than existing stock.
The program it developed as part of a master plan called for $90 million in new construction and $130 million in renovations.
The university selected Corvias as its campus planning partner, according to the news release.
In 2014, Corvias entered into a similar, $548 million arrangement with the University System of Georgia Board of Regents, which oversees nine state universities.
Home Economy Real Estate Corvias selected as campus planning partner for Detroit’s Wayne State University
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