Hodgson Russ Represents Corvias in $517 Million Student Housing Public-Private Partnership
Hodgson Russ served as co-counsel to Corvias Group and its student housing division, Corvias Campus Living, in connection with the company’s recently awarded 65-year, $517 million contract, to develop, construct, manage, and maintain student housing for the University System of Georgia (USG). The USG Board of Regents selected Corvias for the first phase of the privatized student housing initiative at nine of its campuses after a competitive bidding process that ended in November 2014.
The innovative deal was structured as a public-private partnership (P3) to safeguard long-term affordability of housing for students, ensure flexibility of facility use, and to help reduce USG’s student-housing debt without compromising housing quality. This multi-campus concession-based P3 student housing venture is at the cutting edge of public university collegiate student housing and is unique in terms of both its scope and duration. Hodgson Russ partner Terrence Gilbride led the Hodgson Russ team representing Corvias in the deal. He was assisted by attorneys Kimberly Sayoc and Rafael Pignataro. Hodgson Russ worked with a team of attorneys from the Atlanta, Washington, D.C., and Orlando offices of Holland & Knight in counseling Corvias Group on this transaction.
Corvias Group is a privately owned company that provides the U.S. military, colleges and universities, and public-sector clients with fully integrated development, construction, and property management services, as well as tailored solutions to environmental, energy and infrastructure challenges, using a public-private partnership model.