SUSSI, CAMPUS APARTMENTS FINISH PHASE I OF $200M STUDENT HOUSING INITIATIVE
SHIPPENSBURG, PA. — Shippensburg University Student Services, Inc. (SUSSI) and Campus Apartments have completed the first phase of a development project to upgrade all of the university's on-campus residences. The three-phase project, an estimated $200 million initiative, will continue with the groundbreaking of the second phase to improve the quality of housing and reshape the campus environment.
The $70 million first phase included three new housing residences, involving two facilities on the north side of campus and one on the south side. The residences accommodate 924 students with semi-suite and full-suite floor plans, multipurpose programming areas and generous study and social lounges. One of the north-side buildings also includes a state-of-the-art 13,000-square-foot wellness center, while the south-side building includes a new home for an honor's program.
The second phase of the project, which will cost an estimated $65 million, will continue the plan to upgrade on-campus housing with three new residences on the south side of campus. Designed to accommodate 922 students, the living-learning facilities will also include semi-suite and full-suite floor plans with common areas for student interaction and learning opportunities. The project, scheduled for completion by fall 2014, will also include a new green space for outdoor recreational activities.
“The completion of the first phase of this project brings the university one step closer to reaching our goal of providing top-quality housing to all of our students,” says Bill Rudd, president of Shippensburg University. “The living, social and study spaces of Phase I will foster a living-learning environment for students, and we look forward to expanding these amenities through the second phase of this milestone project.”
SUSSI, an independent nonprofit organization and owner of the project, partnered with Campus Apartments to design, develop and finance all three phases. To fund the first and second phase, RBC Capital arranged $70 million and $65 million in bond financing for the respective phases.
“We are proud to be a partner in this project — the largest in the university's history — and are confident that the new facilities will improve the quality of life for the current student population and help to attract new students for years to come,” says Daniel Bernstein, executive vice president and chief investment officer at Campus Apartments.
The three-phase project is slated for completion by fall 2015. The project team also includes architect Cube 3 Studio, general contractor Fortune-Johnson Inc. and consulting engineer Greenman-Pedersen Inc.
The team broke ground on Phase II of the project Feb. 1.
— Liz Burlingame