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

| Jan 3, 2013

8 trends shaping today’s senior housing

The ranks of those age 65 and older are swelling by the thousands every day. Is there an opportunity for your firm in the seniors housing market?

| Jan 2, 2013

Trends Report: New facilities enhance the quality of campus life

Colleges and universities are building state-of-the-art student unions, dining halls, and other non-academic buildings to enrich the campus experience, boost enrollment, and stay competitive.

| Jan 2, 2013

M&A activity at U.S. AEC firms up slightly

Total mergers and acquisitions in the AEC industry hit 171 in 2012, up slight from the 169 deals in 2011.

| Jan 2, 2013

Global data center market to ‘slow’ to 14.3% this year

Total global investment in data centers is expected to slow down somewhat this year but still increase at a respectable 14.3%, according to DCD Intelligence.

| Jan 2, 2013

Construction jobs made gains in 2012, even with a slow Q4, says Gilbane report

The construction sector in the nine states with 50% of construction employment was up 169,000 jobs from February to September 2012, following a lost of 137,000 jobs from September 2011 to January 2012.

| Dec 21, 2012

ABI gains for fourth straight month

Positive business conditions for all building sectors.

| Dec 17, 2012

CSM Group names recipient of the CSM Architect Fellowship Grant

With the money from the grant, Harlow has chosen to use it entirely for the Chapter of American Institute of Architecture Student’s Freedom by Design Program at Andrews University.

boombox1
boombox2
native1

More In Category


Resiliency

Austin area evacuation center will double as events venue

A new 45,000 sf FEMA-operated evacuation shelter in the Greater Austin metropolitan area will begin construction this fall. The center will be available to house people in the event of a disaster such as a major hurricane and double as an events venue when not needed for emergency shelter.



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