ISU selects developer for $100 million housing project

Posted on August 23, 2019
Illinois State University
The project will be built on the land formerly occupied by Atkin-Colby and Hamilton Whitten residence halls. (WJBC file photo)

 

By Neil Doyle

NORMAL – Gilbane Development Company has been awarded a $100 million project to build new student housing at Illinois State University.

The Rhode Island-based company was awarded the project, according to a procurement document released Friday.  ISU said in a release “at this time, the project has not been fully developed and an accurate estimate of cost is not available.”

The university said the project will be built on the southwest corner of campus, the land formerly occupied by the Atkin-Colby and Hamilton-Whitten dorms.  The development would house approximately 1,200 students and is expected to open in fall 2021.

Gilbane is one of the largest privately held family-owned construction and real estate development firms in the industry.  The company will work with investors to fund the project and the university will lease the land to the investor(s) for a long-term period up to 30 years. In time, ISU will have the option to buy out the lease.

A similar process was used to construct the Cardinal Court Apartments, which opened in 2012.  ISU utilized the buy-out option six years into the agreement and now fully owns and operates that facility.

The school will now enter into negotiations with Gilbane.  Friday’s award announcement doesn’t commit ISU into an agreement, according to the procurement document.

Neil Doyle can be reached at [email protected]

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