Capstone Awarded Public Private Partnership with University of Maine System
Capstone Development Partners (“Capstone”), a national student housing real estate developer specializing in on-campus public-private partnerships (“P3”), is pleased to announce it has been selected by the University of Maine System (“UMS”) to develop a new student housing and student center community (“Project”) on the University of Southern Maine’s (“USM”) campus in Portland. Capstone and UMS will immediately enter into negotiation of contractual agreements for the Project as they work through the planning, design and permitting phases towards a financial closing and groundbreaking of construction in Spring/Summer 2020.
The proposed Project contemplates a 577-bed apartment-style residential community ecompassing approximately 209,000 SF of residential and support spaces. Capstone will arrange the financing of the student housing component while the University will provide the financing for the Student Center component. As developer, Capstone will lead the planning, design and construction of both the student housing and student center components.
Capstone’s design-build team for the Project includes: SMRT Architects and Engineers, a full-service architecture and engineering firm headquartered in Portland, ME; Elkus Manfredi Architects, an award-winning architecture firm with extensive student housing design experience, based in Boston, MA; and the Portland office of PC Construction, a Burlington, VT-based contractor with a breadth of experience constructing facilities on college and university campuses throughout Maine and Northern New England. Capstone Management Partners, Capstone’s subsidiary management company, is the proposed maintenance and operations service provider for the residential community.
The Project will be designed and constructed to incorporate Passive House sustainability standards, and meet or exceed LEED Silver standards. The Project is also proposed to utilize cross laminated timber (CLT) components, a sustainable construction material.
“Capstone is thrilled to be selected as the UM System’s and USM’s partner for this exciting student support initiative for the Portland campus. We look forward to collaborating with the University of Maine System and USM in the coming months on this first P3 project for each, and to working diligently to negotiate our Project agreements, refine our design concepts and prepare for the financial closing and construction groundbreaking in 2020.
Upon completion, this new housing and student center community will provide an attractive, safe, and comfortable home for generations of students on the Portland campus, supporting the University’s goals for student recruitment, retention and academic success,” said Jeff Jones, Capstone Principal.