Millersville University

Millersville,

Student Housing Programming, Financial Analysis, Market Study, Industry Analysis, Demand Study, Developer Selection Support, And Market Analysis Updates

In 2011 Millersville University selected B&D to develop a preliminary financial model and project schedule for new on-campus student housing. The purpose of this analysis was to review financial assumptions of this project and identify key milestones associated with design and construction. In 2009 we had conducted a market study for the university that identified demand for new types of student housing, consistent with changing trends in the student housing market. In recent years, many of Millersville’s peer institutions had or were currently replacing outdated housing with unit types reflective of demand. Our specific deliverables included: a preliminary market update through which an outline program statement was developed; a financial analysis of potential revenues, expenses, and capital costs of new housing; and a detailed project schedule outlining the tasks associated with implementation. Our research identified a financially feasible project based on key assumptions related to development, type of construction, and financing. Developed using a public-private structure as the conduit for financing and construction, the project would include two phases of 400 beds each, with a mix of style options. We also developed a preliminary schedule of the steps needed to complete the first phase of housing. In 2012 we were retailed to evaluate the demand for student housing as the university moved forward with housing development plans. The purpose of the market study was to engage students, faculty, and staff in order to quantify housing demand, unit-style preferences, and interest in amenities. Our research and analysis demonstrated that strong demand existed to improve the university’s on-campus housing, far exceeding the anticipated Phase I development. We were retained in 2013 to benchmark student housing with respect to other Pennsylvania institutions. Later that year, we were hired to help evaluate and qualify a developer for the suite-style student housing project. We also were retained twice in 2014 to prepare market assessments for Phase II. The 2,000-bed, $180 million housing project proceeded in three phases, with the first phase completed in 2014.