RISE Closes $100 Million Development at University of Louisiana – Lafayette
January 6, 2011
VALDOSTA, Ga. (January 6, 2011) – RISE announced it has achieved financial closing on one of the largest on-campus projects under development in the country. At just over $100 million, the project will transform the University of Louisiana – Lafayette campus to include 1,812 new beds, renovation of multiple existing buildings, a new 1,000 space parking deck with ground floor retail as well as a full campus master plan. Funding for the project was secured utilizing tax exempt revenue bonds.
“We look forward to setting this project in motion; it is the second largest project in RISE’s history,” said Greg Blais, president of RISE. “The achievement of financial closing is a reflection of our team’s hard work and successful strategic planning. We are proud to be able to announce a successful closing against a sea of negative economic conditions. It is a testament to the strength of our talented team and the reputation of our exceptional organization.”
Work is well underway to ensure the on-time and on-budget delivery of 462 beds and the 1,000 space parking deck for August 2011. Spring 2012 will welcome an additional 468 beds with the remaining beds and facilities scheduled for an August 2012 delivery. Subsequent phases will include the addition of approximately 1,700 more beds and another 2,000 structured parking spaces.
The new student housing communities will feature generous amenities including a centralized two-story entry into each building with adjacent reception desk and staff offices as well as a lobby lounge, game room with online gaming, central laundry center and community kitchen. In addition, each floor has been designed to create multiple living communities of 40 residents, each around a centrally located Resident Assistant suite and private common area. Serving as the central hub of the new communities, the historic Randolph Hall residence hall will be fully renovated and repurposed to a student activity and learning center complete with SMART classrooms, computer lab, cardio fitness center, gaming lounge, convenience store and two apartments for visiting faculty and staff. The six-story parking deck will include street-level retail space for the University of Louisiana Credit Union and Parking Services department.
Team members include Architects Southwest as the master planner/design consultant, Niles Bolton Associates as project architect, a joint venture between The Lemoine Company and Juneau Construction Company as the general contractor and RBC Capital Markets and Morgan Keegan as investment bankers.