Many states have cut back funding for higher education in recent years, and securing money for new housing has been tougher than ever for many colleges and universities. A recent residence hall project in Boston involving three colleges provides an inspiring example of how necessity can spawn invention in financing strategies.
Massachusetts College of Art and Design, a state school, partnered with its neighbors Wentworth Institute of Technology and Massachusetts College of Pharmacy and Health Sciences (now MCPHS University, and known locally as Mass Pharma), both private institutions, to construct its Tree House residence hall. Making the deal pencil out required some deft real estate maneuvers.
First, Wentworth transferred a parking lot to MassArt to allow the site to be expanded. Next, Wentworth and MCPHS University contributed $700,000 toward the cost of building out a student health center that all three schools now share. Then MCPHS agreed to sublease a substantial number of the building’s 17 residence floors to house its students, which helped to defray MassArt’s costs. The last step saw Mass-Art secure state funding to complete the financing for the $54 million project.
“The project wouldn’t have happened without the participation of Wentworth and Mass Pharma,” says Kurt Steinberg, who was appointed Acting President of MassArt in August. The 21-story, 145,600-sf structure is located amid pricey real estate near renowned museums and the Longwood Medical District. Boston’s construction costs are among the nation’s highest.
© Chuck Choi
Steinberg says the college didn’t want Tree House to upend the pricing structure of MassArt’s campus housing. “Our goal was to not have the new beds be more expensive than the beds in our other two residence halls,” he says. Mass Pharma leases 260 of the 493 beds; a portion of the rent—$1,000 per bed—goes toward housing scholarships for MassArt students.
The 20-year lease gives MassArt the option to take over the space now occupied by MCPHS University after 10 or 15 years. Should MassArt exercise that option, its on-campus housing would be able to accommodate about 44% of its students, mostly freshmen and sophomores, doubling its total housing capacity.
Designed by ADD, Inc., the Tree House was inspired by Gustav Klimt’s “Tree of Life.” The 280-foot-tall structure stands as proof that three institutions can combine forces to build a facility that fulfills the needs of all parties.
© Lucy Chen
Related Stories
Architects | Sep 13, 2017
Leo A Daly hires hospitality-design veteran to lead its Dallas office
Ken Martin views this sector as an incubator of innovation.
Museums | Sep 8, 2017
CAF announces plans for 20,000-sf Chicago Architecture Center to be built on East Wacker Drive
The Adrian Smith + Gordon Gill-designed space will open in summer 2018.
Architects | Sep 6, 2017
Fake architect caught in ‘Operation Vandelay Industries’ sentenced to 2 1/3 to 7 years in prison
The fake architect must also pay a $115,000 restitution.
Architects | Sep 6, 2017
Top 110 university architecture firms
Perkins+Will, Gensler, and CannonDesign top BD+C’s ranking of the nation’s largest university sector architecture and AE firms, as reported in the 2017 Giants 300 Report.
Contractors | Sep 6, 2017
Following the money: G702 progress payment certifications
There is no single method of calculating progress payments, but the most common formula is the percentage of completion applied to the total contract price, less a retainage which is held by the owner until final acceptance of the project.
Multifamily Housing | Sep 5, 2017
Free WiFi, meeting rooms most popular business services amenities in multifamily developments
Complimentary, building-wide WiFi is more or less a given for marketing purposes in the multifamily arena.
Architects | Sep 1, 2017
5 reasons why AEC firms need to focus on employer branding
Not to be confused with the branding of your firm overall, your employer brand is defined by your reputation as a workplace.
Healthcare Facilities | Sep 1, 2017
Caring for caregivers
Many healthcare organizations are increasingly focused on designing amenities, policies, and workplaces to better support their clinicians, health providers, and administrators.
Architects | Aug 31, 2017
How Instagram is changing the design industry
The digital and physical worlds are colliding. How will social media platforms influence the way we design spaces?
Mixed-Use | Aug 30, 2017
A 50-acre waterfront redevelopment gets under way in Tampa
Nine architects, three interior designers, and nine contractors are involved in this $3 billion project.