The University of South Carolina (USC) is seeking a developer to replace four residence halls on its south campus with student housing towers containing up to 4,000 beds. The 18-22-acre campus village also would feature dining facilities, recreation and study space and parking.
The selected developer would lease the property from USC and design, build, finance, operate and maintain the buildings — ranging in size from three to six stories — for up to 40 years, according to the request for qualifications the university issued Sept. 23. Construction would be done in at least two phases over 10 years with a building containing the first 1,500 beds available for occupancy by July 2018. Responses to the RFQ were due Oct. 16.
The developer will pay USC a base rental fee each year and share profits. The university will set rental fees during the first year of operation — potentially after negotiating this issue with the developer — and the two would negotiate subsequent annual rent increases during the selection process.
USC is willing to consider several approaches to the delivery of operations and maintenance services during the lease term. Under the first option, the university would maintain and operate the village and be reimbursed for all costs by the developer. Alternatively, the developer would be responsible for operating and maintaining the village in accordance with university standards or could hire a third party to provide these services. A combination of these approaches also could be negotiated.
USC plans to issue a request for proposals to a select group of developers after reviewing the RFQ responses.
NCPPP
By October 21, 2015