Privatized housing program paying off for University System of Georgia

Source: Dave Williams, Atlanta Business Chronicle, May 10, 2016

A student housing privatization initiative launched this school year by the University System of Georgia is paying early dividends. Four of seven campuses that participated in the program during the 2015-16 term saw increases in occupancy of student housing, with Columbus State University jumping from 90 percent occupancy to 99 percent, Jonathan Lucia, who manages the student housing portfolio for the university system told members of the Board of Regents Tuesday. … The university system signed a $517 million agreement with Corvais Campus Living in November 2014 to develop 3,753 new beds and manage 6,195 existing beds at nine institutions, a privatization initiative expected to save money and, thus, help maintain the affordability of student housing. Lucia said the program is projecting a 3.3 percent reduction in operating costs during its first year, savings made possible by using LED lighting technology, working with Georgia Power Co. to qualify for discounted educational utility rates and through Corvais’ ability to tap into its national purchasing power.

Related:

Developer picked for Georgia higher-ed privatization deal
Source: Jill Nolin, American School & University, November 14, 2014

Corvias beat out Balfour Beatty Campus Solutions LLC and Education Realty Trust Inc. for the job.
The University System of Georgia has selected Corvias Campus Living to develop and manage nine of the system’s campuses under a $517 million deal. A first phase will include 3,683 new beds and 6,195 existing beds, comprising more than 3 million square feet of space, according to a release sent on behalf of Corvias. The agreement is for the next 65 years. Corvias beat out Balfour Beatty Campus Solutions LLC and Education Realty Trust Inc. for the job, the Atlanta Business Chronicle reported. Corvias started its student housing division in 2012 in Cary, N.C. Georgia voters recently approved tax exemptions for private entities that run housing and parking operations for the university system….

Bill would extend college tax exemption to private developers
Source: Janel Davis, Atlanta Journal-Constitution, February 26, 2014
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The state House passed a bill Wednesday that could let developers get a property tax exemption when they take over operations of university system dorms….

Universities seek housing privatization
Source: Janel Davis, Atlanta Journal-Constitution, January 20, 2014
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The University System of Georgia wants to get out of the student housing business, and officials want a tax exemption to help them do it. The plan would involve the University System’s Board of Regents shifting a collection of campus dorms to a private company in a long-term lease deal. The system would retain ownership of the buildings and land, but the company would operate and maintain the facilities. To sweeten the deal, the University System is pushing for an extension to private companies of the property tax exemption that currently exists for the properties on the campuses of the state’s public institutions. Extending that exemption — which is part of the overall plan to privatize student housing — would require a statewide referendum. Legislation is expected to be filed on Tuesday to begin the process of getting the exemption issue on the November ballot….