Working with an established team on the flagship campus of Louisiana State University, in our hometown of Baton Rouge, Provident is proud to have served an integral role in the multi-phase, multi-purpose transformation of the Nicholson Drive corridor, the largest under-developed tract of University-owned property adjacent to LSU’s campus core.
To meet the need to expand and update the existing student housing on the main campus of Louisiana State University, the University engaged in an extensive selection process in 2015 and 2016, ultimately partnering with Provident and RISE to develop in three phases over a five year period, significant new and renovated student housing, as well as the construction of a student recreation center, surface parking and structured parking and approximately 40,000 square feet of retail space.
Phase II of this expansive endeavor focused on the replacement and renovation of existing University facilities. Cedar Hall (405 new beds) replaced Kirby Smith Hall (577 existing beds). Evangeline Hall was renovated and brought online with 165 beds. Highland Hall was renovated and reopened with 112 beds in 2020. Additionally, the existing greenhouses on campus were demolished with new greenhouses be constructed for the LSU Agriculture Center.
The Louisiana Public Finance Authority issued $87.7 million of bonds for the Project, the proceeds of which were loaned to Provident to finance the development costs of the Project, fund capitalized interest and pay costs of issuance. The bonds are fully amortizing, tax-exempt revenue bonds with a term of 40 years. The bonds are payable from the facilities lease payments made by LSU. RBC Capital Markets acted as the underwriter for the placement of the bonds.
The student housing complex is owned and operated by Provident with management services being provided by RISE and LSU.
The project has turned what was historically the back of the campus into an exciting new gateway district, revitalizing an under-developed area on campus and further invigorating the corridor surrounding LSU Stadium.