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Statesman Student & Faculty Housing, Delta State University


VISION

One of the main objectives of Delta State University’s Master Plan is to replace antiquated student and faculty housing with new modern facilities that will enhance the University’s mission and meet the needs of today’s students. These projects represent the important first phase of the University’s vision for transforming campus housing.

Delta State University set forth several objectives for these new facilities including an aggressive construction and delivery schedule, a privatized financing and ownership structure, and a creative design providing modern housing based upon sustainable design that will lower future operating costs. Site layout was also important to allow for future phases of housing to be developed in the upcoming years.

 

PROJECT OVERVIEW

The projects are located along the south border of campus where two existing residential facilities were demolished to make room for the new projects. The high quality building design complements other on-campus facilities. This new residence hall also enhances the streetscape and complements the residential neighborhoods to the south.

 

DELIVERY

The Delta State University Student Housing project consists of a 3-story, 85,000 SF building with 351 modern student housing units. The Faculty Housing project consists of a two-story, 45,000 SF Building with 61 apartment-style units.

 

FINANCING

Signet was selected from a group of six developers to partner with the university and provide the best approach for achieving the vision and goals established for the project. Signet issued low-cost, private placement bond financing as capital for the project and entered into a lease-leaseback arrangement with the university for the new facility.

 

FEATURES

  • Signet-Harrell Provided all Development, Design, and Construction Services
  • University Foundation Owns the Project as a Not-for-Profit Entity
  • Non-recourse Tax-Exempt Project Financing
  • Foundation Leases the Site from Delta State University
  • Delta State University Maintains Management of Project
  • Ownership Reverts to Delta State upon Debt Maturity

 

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