The LSU Property Foundation at Louisiana State University has selected RISE Real Estate as preferred developer for the Nicholson Gateway Development Project.
Remson Haley Harpin, Provident Resources Group, The Lemoine Company, Stirling Properties, Niles Bolton, Stantac and RBC Capital Markets comprise the RISE consortium.
The project will be carried out as a public-private partnership (PPP; P3) to design, build, finance, operate and maintain new student halls and related amenities on a 28-acre site of the Nicholson Drive Corridor, a university statement said. According to the project master plan developed in 2012 with help from AECOM, Grace & Herbert Architects, Brailsford & Dunlavey and Walker Parking, projected development costs range between $137 million and $198 million.
LSU issued an RFQ for the project in July last year, after which it shortlisted RISE and American Campus Communities.
The project is aimed at transforming a large undeveloped tract of land into “an exciting new gateway district” by creating 1,260 apartment-style beds and 410 suite-style beds with associated residential support spaces such as lounges, study areas, community gathering places and retail food services, according to a December LSU Property Foundation statement. It is also expected to include 30,000 to 50,000 square feet of new retail space.
Negotiations are ongoing between RISE and the property foundation, the latter of which expects to present a recommendation of the final project scope and terms to the LSU Board of Supervisors in May.
Set to begin before year end, construction is expected to complete by 2018.