A public-private partnership between Capstone Development Partners and the University of Maine System has announced the development of a 577-bed residence hall and student center on the University of Southern Maine’s (USM) Campus in Portland. The proposed 209,000-square-foot community will offer apartment-style units alongside academic support space. The partnership hopes to break ground on the project in spring 2020, with Capstone providing financing for the student housing component and the university providing financing for the student center.
The design/build team for the community includes architectural and engineering firm SMRT Architects and Engineers; architectural firm Elkus Manfredi Architects; and general contractor PC Construction. Capstone Management Partners — the management subsidiary of Capstone Development — is the proposed maintenance and operations provider for the community upon completion.
“Capstone is thrilled to be selected as the University of Maine System and USM’s partner for this exciting student support initiative for the Portland campus,” says Jeff Jones, principal of Capstone Development Partners. “We look forward to collaborating with the University of Maine System and USM in the coming months on this project — the first P3 for each — and to working diligently to negotiate our project agreements, refine our design concepts and prepare for the financial closing and construction groundbreaking in 2020.”