University of Utah plans for P3 to support housing project
The University of Utah will enter a public-private partnership (P3) to build 5,000 student housing units by 2030. A P3 will allow the university to build and own the much-needed beds and save on tuition and state funding for other projects.
The University of Utah intends to select P3 consultants by the end of February. Then, the university will request bids from private housing developers for the project. The chosen firm will design, finance, build and maintain the new student housing. Construction is expected to begin in 2024 and be completed in 2026.
The university is currently in the process of building more than 1,700 campus beds across three residence centers on campus. The new residences are expected to open in the summer and fall of 2023 and in the fall of 2024. A privately owned and operated residence hall will open in the fall of 2023 with 552 beds. The university is requesting the Utah bond authority to finance $384 million to independently build up to 2,000 student housing units.
The University of Utah has proportionately less student housing compared to other U.S. public universities where roughly one in four students live on-campus. University leaders are prioritizing building student residences as undergraduate enrollment is expected to grow to 40,000 over the next seven years. The university will need to add about 10,000 beds for 25% of the student population to live on campus.