July 17, 2018
Purdue selects Plenary as preferred proposer for student housing project
WEST LAFAYETTE, Ind. —Purdue University announced Tuesday (July 17) Plenary Properties Purdue LLC as the preferred proposer for the Third Street North and Meredith South housing facilities on the West Lafayette campus. These facilities will add approximately 1,300 new beds to the university’s existing housing stock at a time of rapid growth in undergraduate student enrollment.
The team is comprised of Plenary Group USA Concessions Ltd., Corvias LLC, Gilbane Building Co., MSKTD & Associates, Mackey Mitchell Architects, Schneider Corp., MKSK and Applied Engineering.
Over the last few months, Purdue and its advisers have worked with two short-listed teams, Plenary Properties Purdue LLC, and Third and Meredith Partners, to refine design concepts and negotiate commercial and financial terms to design, build, finance, operate and maintain the two new housing facilities under a public-private partnership agreement.
The university selected the Plenary team because it concluded Plenary is best positioned to meet the project goals, which include the following:
• Establish student affordability and long-term cost predictability by maximizing long-term operations, maintenance and lifecycle value and risk transfer to a private partner, commensurate with agreed university objectives
• Deliver building aesthetics that meet university requirements.
• Establish a strategic, long-term partnership with a qualified private partner
The project term sheet between the university and Plenary Properties Purdue LLC will be presented to the Purdue Board of Trustees for consideration on Aug.3. Construction on the residence halls is expected to begin later this year, and the halls are scheduled to be available for the 2020-2021 academic year.
Contact: Rebecca Terry, communications coordinator, administrative operations, 765-494-6916