Rowan to build new dorms

The New Jersey Economic Development Authority approved a $145 million bond project Thursday for construction of new multistory dormitories at Rowan University in Glassboro.

Tax-exempt bonds will finance design and construction in a public-private partnership between the university, University Student Living LLC of Marlton and Provident Group.

University spokesman Joseph Cardona said the university board of trustees could approve the project as early as April to accommodate future enrollment growth.

"Because it is a private residence hall being built on public land, Rowan needed to have the EDA review the financing particulars to ensure the university interests are protected," he said. "There is no financing involved with the EDA — just an approval."

The plan calls for 1,400 dormitories in two connected buildings of four and seven stories on an 8.3-acre site bounded by Route 322, Main Street and Carpenter Street. Student Living LLC will undertake the design, development, construction and furnishing, while Provident Group will finance the project. All but $1 million of the bonds are eligible for federal tax-exempt status.

The two buildings will total 310,000 square feet and connect via bridges. One will house a 550-seat, two-story dining facility. Other student amenities will include study areas, a game room and laundry.

University Student Living is a sister company of the Michaels Group of Marlton, which has developed university, military, luxury and affordable housing in New Jersey and other states. Both are headquartered on Stow Road in Marlton. University Student Living built graduate housing at 330 Cooper St. in Camden for Rutgers University a few years ago.

"This will be state-of-the-art living. It is part of an exciting master plan of the university, and we're proud to be part of adding to this living learning center," said Joseph Coyle, University Student Living president.

Provident has financed dormitories at Montclair State University and Kean University and also affordable housing projects.

University Student Living will construct, own and manage the facilities, according to Cardona. He said Rowan will have a purchase option in 37 years.

Since 2004, Provident has successfully financed and developed more than $776 million in student housing projects with more than 7,500 beds of student housing at colleges and universities in nine states and the District of Columbia.

In 2010, Provident participated with the state authority in the first public-private partnership development under the Higher Education Public Private Partnership Program for $235 million for 2,000 Montclair dormitories.

Rowan has 4,319 dorm beds on campus and 1,500 to 2,000 off-campus rental units.

Cardona said the university has an enrollment goal of 25,000 by 2023 with a projected increase from 10,000 to 12,000 undergraduates on the Glassboro campus. Current enrollment is approximately 15,000 graduate and undergraduate students.