Renovation of an educational facility in Raleigh, North Carolina. Completed plans call for the renovation of a educational facility.

https://www.bizjournals.com/triangle/news/2024/05/13/nc-state-completes-university-towers-purchase.html N.C. State University has finalized a transaction to boost its student housing capacity. The university earlier this month completed a deal to acquire University Towers, a residence hall on Friendly Drive near Hillsborough Street, for about $29.3 million, according to Wake County real estate records. The deal adds more than 900 beds to the university's student housing inventory. With the transaction complete, the university will shift its focus to renovating the property, which includes upgrading the building's fire alarm, sprinkler, mechanical and security systems. In April, the University of North Carolina system Board of Governors authorized N.C. State to spend $25.4 million on the renovations. This was a $3 million increase from a previous $22.4 million funding request the board approved last year. The university is issuing bonds to fund both its purchase of the property and the renovations. The Board of Governors in February approved N.C. State's request to issue bonds to support the project. This vote came about a year after the board first approved the university's request to move forward with its purchase of University Towers. S&P Global Ratings in March assigned an AA rating to N.C. State's roughly $51 million series 2024 general revenue bonds. Credit analyst Megan Kearns said the agency assessed the university's financial risk portfolio as "very strong" with a moderate debt burden and solid financial resources. "We assessed N.C. State's enterprise risk profile as very strong, reflecting its role as the state's co-flagship leader in public higher education, a positive full-time-equivalent enrollment trend, and strong demand metrics," Kearns said. N.C. State acquired the building from University Towers Operating Partnership LP. This is an operating partnership that was previously a subsidiary of Education Realty Trust, which was acquired in 2018 by an affiliate of the global apartment giant Greystar Real Estate Partners, based in Charleston, South Carolina, in a $4.6 billion deal. Prior to this transaction, N.C. State had leased space for student housing at University Towers since August 2018. The roughly 215,000-square-foot property has 916 beds and was built in the late 1980s. The property includes a dining facility and a 470-car parking deck. Duke University similarly has made recent moves to expand its student housing options. The university in January acquired the Blue Light Living apartments for $43 million, according to Durham County deed records. The 84-unit building is off Highway 147 near the Hilton Garden Inn. The apartments will be added to the university's housing inventory for the 2024-25 academic year. ______________________________________________________________________________________________________________________________________ NC State is taking ownership of the University Towers student housing building and will be making upgrades to the fire alarm and mechanical systems during the summer of 2024. Work will include temporary outside air units placed on the rooftop, new dedicated outside air units (arriving after summer), new shafts and air distribution, and pathways/infrastructure for new fire alarm and IT systems. Additionally, doors & hardware will be swapped to meet university standards and the exterior hardscapes will be reworked as part of this project. Principal trade contractors are solicited for the following bid packages: Bid Package Bid Package Description UT Estimated Budget BP081113 Doors & Hardware Material $700,000 Additional packages may be added or deleted by the Owner and Construction Manager. Outreach session information will be posted at a later date. Blum Construction has a long-standing commitment to maximize minority and other HUB participation on all of our projects, and we recognize the importance NC State University places on minority and HUB participation for all of their projects. There is an established 20% MWBE goal for this project. Historically underutilized and minority business participation is strongly encouraged. Blum Construction has the ability to create custom solutions to support a successful project outcome. Examples of Trade Partner Support: quick pay arrangements, modified insurance limits, bonding access or alternative bonding solutions, joint check agreements, prequalification assistance, disaggregation of bid packages, alternate options for financial statements prequalification requirements, break out of materials and equipment to support cash flow. Completed prequalification forms should be submitted to Alex Carroll by February 6, 2024. For any questions, please contact Alex Carroll via email (alex.carroll@flblum.com). Target bid date is February 28, 2024.