LSU Property Foundation Selects Preferred Development Team for Nicholson Gateway Project
February 8, 2016
BATON ROUGE – The LSU Property Foundation has selected leading master developer firm RISE Real Estate as the preferred development team for the Nicholson Gateway Project and possible redevelopment of six existing residence halls at LSU.
The Nicholson Gateway Project will be a public-private partnership to design, build, finance, operate and maintain new student residence halls and other amenities on a 28-acre site of the Nicholson Drive Corridor, between West Chimes Street and Skip Bertman Drive. Negotiations with RISE Real Estate will continue in the coming weeks. The LSU Property Foundation expects to recommend the final project scope and terms, as well as the developer, to the LSU Board of Supervisors in May. Construction currently is anticipated to start by late 2016, with occupancy to occur in fall 2018.
The LSU Property Foundation is facilitating the Nicholson Gateway Development Project and possible redevelopment of six existing residence halls for the benefit of the LSU community. LSU is not expected to assume any financing risk or place any capital into the Nicholson Gateway Development Project, which will be constructed with 100-percent private financing.
Rob Stuart, chair of the Nicholson Gateway Development Project Committee, said, “We were very impressed with the four firms that were interviewed during the process, and especially with RISE Real Estate. We look forward to making this exciting project a reality for the LSU community.”
Subject to ongoing negotiations, the LSU Property Foundation anticipates contracting with RISE Real Estate. RISE Real Estate proposes a project team including Baton Rouge-based Remson Haley Herpin; The Lemoine Company, which has a Baton Rouge office; Niles Bolton Associates; and other team members, to be finalized in the coming weeks. The composition of the project team will be solely determined by the developer.
A request for qualifications, or RFQ, was publicly issued by the LSU Property Foundation on July 24, 2015, with a submission deadline of Aug. 21. The evaluation of the submissions aimed to identify private master developers with the best qualifications, experience, financial capacity and proven track records of executing similar projects. The 10 submissions received, representing nationally recognized firms with experience developing similar projects, were evaluated by the LSU Property Foundation with its development advisor, Brailsford & Dunlavey/CSRS, and narrowed to five developers to be invited to participate in the request for proposals, or RFP, process. The RFP was issued on Sept. 25, with a submission deadline of Nov. 6. The shortlisted developers were each invited to visit campus on Oct. 13 and Nov. 11 to discuss the project; four development teams delivered presentations to the committee. Late last fall, RISE Real Estate was one of two firms invited to enter into parallel, in-depth negotiations for the project.
The Nicholson Gateway Development Project is envisioned to include approximately 1,260 apartment-style beds and 410 suite-style beds with associated residential support spaces, such as lounge spaces, study areas, community gathering places and retail food service. The project also is expected to include 30,000 to 50,000 square feet of new retail space to primarily serve residents of the project, the LSU community and visitors. For the possible redevelopment of existing student housing stock, the scope is still being determined.
The Nicholson Gateway project, focused on the largest underdeveloped tract of university-owned property that is adjacent to the campus core, will turn what has traditionally been the back of the campus into an exciting new gateway district. For more information, visit www.nicholsongateway.com.
Contact Sara Crow
LSU Media Relations