South Bend, IN. (January 23, 2019) — Corvias has been selected for a public-private partnership (P3) with the University of Notre Dame to design, build, finance, operate and maintain (DBFOM) married and parenting family-focused housing. The partnership will allow the University to offer a cost effective housing option meeting the needs of married and parenting students and their families.
“We know there is a growing need for housing that also addresses the needs of graduate and family students across the nation,” said John Picerne, Corvias Founder. “By providing these new residences, we’re helping Notre Dame address their need by using innovative financing approaches and resources to provide efficiencies and economies to the University which in-turn benefits the students beyond housing.”
The project will be delivered by August 2020, with rental rates and maximum increases negotiated as part of the contract to optimize student affordability. Notre Dame receives operational ownership of the asset in like-new conditions at the end of the 40-year term.
“This partnership allows us to provide an innovative housing option to a vulnerable student population,” says Erin Hoffmann Harding, Vice President for Student Affairs at Notre Dame. “Not only are we solving a need for safe, convenient and affordable housing for our current and prospective students, but this new facility will create natural opportunities for students with families to form community with one another. We are also delighted that the University’s Family Resource Center will be co-located in the Beichner Community Center adjacent to the housing complex.”
The partnership team is an Indiana-based team of industry experts to deliver Notre Dame’s objectives and world-class living learning communities. The full P3 team includes Corvias (Private Partner providing financing, development, and operations services), HighlineUS (Project Consultant), Spalding Design Group (Architect), DJ Construction (General Contractor), and Holland & Knight (Legal Counsel).
About The University of Notre Dame
Founded in 1842, the University of Notre Dame is the nation’s leading Catholic research university, providing a distinctive voice in higher education that is at once rigorously intellectual, unapologetically moral in orientation, and firmly embracing of a service ethos. Rated among the top 20 of all U.S. institutions of higher learning, Notre Dame ranks second nationally in the percentage of students who study abroad and has seen research funding increase from $87 million to $141.5 million in the past decade. The University is organized into four undergraduate colleges — Arts and Letters, Science, Engineering, and the Mendoza College of Business — the School of Architecture, the Keough School of Global Affairs, the Law School and the Graduate School. It is located adjacent to the city of South Bend, Indiana, in a region with a population of more than 300,000, and is widely known for the beauty of its campus, including the Golden Dome of the Main Building, the world’s most recognized university landmark.
As a privately-owned company headquartered in East Greenwich, RI, Corvias partners with higher education and government institutions nationwide to solve their most essential systemic problems and create long-term, sustainable value through our unique approach to partnership. Corvias pursues the kinds of partnerships that materially and sustainably improve the quality of life for the people who call our communities home, purposefully choosing to partner with organizations who share our values and whose mission is to serve as the foundational blocks, or pillars, of our nation. To learn more, please visit: www.corvias.com.