University Student Services, Inc. (SUSSI) and Campus
Apartments announce the completion of 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 the University's Honors
The second phase of the project, an estimated $65 million, will continue
the University's 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. Slated for completion by Fall 2014, the project
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," said Bill Ruud, 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
The three-phase project is under the direction and ownership of SUSSI,
an independent non-profit organization that serves as the voice for the
student community. SUSSI partnered
with Campus Apartments to design, develop and finance all three phases
to improve the quality of the University's on-campus housing.
To finance the first and second phases of the project, Campus Apartments
collaborated with RBC Capital and successfully closed on bond financing
totaling $70 million and $65 million for the respective phases.
"Partnering with Campus Apartments enabled us to secure a highly
favorable financing arrangement for the project's first two phases,"
said Darrell L. Miller, President of SUSSI. "With this partnership, the
University is able to modernize its student residences while still
preserving capital for other core academic initiatives."
According to Daniel Bernstein, Executive Vice President and Chief
Investment Officer at Campus Apartments, this transformational project
will have a lasting positive impact on the entire Shippensburg campus.
"The second phase of this initiative is demonstrative of the
University's continued commitment to providing superior on-campus
housing for its students," said Bernstein. "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."
The three-phase project is slated for completion by Fall 2015. Campus
Apartments is collaborating with a trusted and experienced development
team for all three phases, including architect CUBE
3 Studio, general contractor Fortune-Johnson,
Inc., and consulting engineer Greenman-Pedersen,
Editor's Note: Media are invited today at 4:00 p.m. to
attend a ribbon-cutting for phase I and a groundbreaking for phase II,
with brief remarks to follow.
About Shippensburg University
Shippensburg University of Pennsylvania, with approximately 8,000
undergraduate and graduate students, is a regional state-owned
institution and a member of the Pennsylvania State System of Higher
Education of Pennsylvania. Founded in 1871, Shippensburg University
serves the educational, social, and cultural needs of students from
Pennsylvania and the Mid-Atlantic region. The university has 75
undergraduate programs and 17 graduate programs in the colleges of Arts
and Sciences, John L. Grove College of Business, and Education and Human
Services, and the School of Graduate Studies. Shippensburg is accredited
by a number of national organizations including the Middle States
Association of Colleges and Schools, AACSB, International Association
for Management Education, The American Chemical Society, the Council on
Social Work Education, the Council for the Accreditation of Counseling
and Related Educational Programs, the International Association of
Counseling Services, the National Council for the Accreditation of
Teacher Education and the Accreditation Board for Engineering &
About Campus Apartments
Campus Apartments, LLC, the oldest and one of the largest privately held
student housing companies in the nation, is a leader in the development
and management of university-affiliated real estate. The company has
more than $2 billion worth of assets under management with more than
34,500 beds in 25 states. For more information on Campus Apartments,
please visit www.campusapts.com.
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