Campus Apartments, Shippensburg Forge Ahead on $200M Initiative
Work has wrapped up on the first of three phases to develop $200 million of on-campus housing at Shippensburg University, kick-starting the ground breaking of a second phase.
Campus Apartments LLC and Shippensburg University Student Services Inc. partnered on the $70 million first phase, which brought two new residences to the north side of the campus and one to the south side. The first phase will provide housing for 924 students in semi-suite and full-suite floor plans. The residences also include multipurpose programming areas, study and social lounges. The north side buildings also boast a 13,000-square-foot wellness center. The south side building features new space for the university's honors program.
The second phase, estimated at $65 million, will result in three new buildings on the south side of the campus, creating housing for 922 students. The second phase will be ready to occupy in fall 2014.
Under the development contract, Shippensburg University Student Services, an independent non-profit organization, will direct and own the buildings. Campus Apartments' role is design, develop and finance.
The developer collaborated with RBC Capital to finance phase one and two, securing bond financing totaling $70 million and $65 million, respectively. All three phases are slated for completion by fall 2015.
CUBE3 Studio is the project architect; Fortune-Johnson Inc., the general contractor; and Greenman-Pedersen Inc., the consulting engineer.