flexiblefullpage
billboard
interstitial1
catfish1
Currently Reading

Arts college uses creative financing to build 493-bed student housing

Arts college uses creative financing to build 493-bed student housing

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.


By Peter Fabris, Contributing Editor | November 7, 2014
The exterior design of the 21-story, LEED Silver MassArt Tree House was sugges
The exterior design of the 21-story, LEED Silver MassArt Tree House was suggested by Gustav Klimts Tree of Life. The 145,60

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

| Aug 11, 2014

Will Alsop's funky 'high-rise on stilts' will be built over an apartment building in London

South London's riverfront will soon be graced by one of Will Alsop's eccentric designs: a curved apartment tower on purple stilts.

| Aug 11, 2014

New guide for prevention of thermal bridging in commercial buildings

The guide aims to overcome obstacles with respect to mitigating thermal bridging to reduce energy consumption in buildings.

| Aug 8, 2014

LEGO launches set aimed at professional architects

LEGO Architecture Studio is made up of 76 unique elements and over 1,200 pieces, and is intended to give the builder as much freedom as possible.

| Aug 8, 2014

First look: China's latest office development will take the shape of binary code

The Window of Guangzhou project will consist of three towers forming the number sequence "001."

| Aug 8, 2014

Government Sector Giants: Public-sector construction slow, but stirring [2014 Giants 300 Report]

Improving energy performance of existing properties through targeted upgrades and large-scale reconstruction continues to be a federal priority, according to BD+C's 2014 Giants 300 Report. 

Sponsored | | Aug 8, 2014

Setting guidelines for construction PDF documents across the AEC industry

Sasha Reed interviews two members of the coalition responsible for creating new Guidelines for Construction PDF Documents. SPONSORED CONTENT  

Sponsored | | Aug 8, 2014

Safe and secure: Fire and security glazing solution for Plaquemines Parish Detention Center

When the designers at L. R. Kimball looked for an all-in-one clear, wire-free glazing solution that protects against fire, bullets and forced entry for the new Plaquemines Parish Detention Center, SAFTI FIRST supplied a complete single-source tested and listed assembly that was easy to install and maintenance-free. 

| Aug 7, 2014

Office Sector Giants: ‘Flex’ reigns supreme in hot office construction market [2014 BD+C Giants 300 Report]

The adage “doing more with less” has become a byword for many businesses since the Great Recession, and clients are trying to maximize every precious inch, according to BD+C's 2014 Giants 300 Report.

| Aug 6, 2014

BIG reinvents the zoo with its 'Zootopia' natural habitat concept [slideshow]

Bjarke Ingels’ firm is looking to improve the 1960s-designed Givskund Zoo in Denmark by giving the animals a freer range to roam.

| Aug 6, 2014

The Dead Prize: A new award to recognize poorly designed buildings

If the film industry has its Razzie awards, architecture will have its Dead Prize, created by Architecture for Humanity co-founder Cameron Sinclair to recognize projects that actively harm the planet.

boombox1
boombox2
native1

More In Category




Museums

The Tampa Museum of Art will soon undergo a $110 million expansion

In Tampa, Fla., the Tampa Museum of Art will soon undergo a 77,904-sf Centennial Expansion project. The museum plans to reach its $110 million fundraising goal by late 2024 or early 2025 and then break ground. Designed by Weiss/Manfredi, and with construction manager The Beck Group, the expansion will redefine the museum’s surrounding site.

halfpage1

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021