Advisor appointments due for Michigan campus P3

A university in Michigan is to appoint advisors for a campus P3 in the coming weeks.

A spokesperson for Rieth Jones Advisors confirmed to P3 Bulletin that legal and financial advisors for the Lake Superior State University Housing Improvements Project would be selected by November 16.

Earlier this month, the university issued a request for proposals for partners to design, build, finance, operate and maintain existing, renovated as well as new housing facilities on its main campus in Sault Ste. Marie, Michigan.

The university currently has a campus housing system of 935 beds and is considering the development of an 80,000 gross sq ft indoor athletics facility between the Norris Center and Easterday Avenue.

With proposals due by November 16 for the $40-50m deal, the source added that both legal counsel and financial advisors would be selected by the same date “so they can participate in the review of proposals, interviews, and the selection” of a developer.

Rieth Jones Advisors is supporting the Lake State P3 Select Committee as development advisor.

The project has already attracted significant interest following a pre-proposal meeting in mid-October, with the attendance of Corvias, LendLease, Goldman Sachs and RBC Capital Markets, among others.

Under the current schedule, the university expects to have a shortlist by November 28, with interviews taking place in early December and an appointment slated for the week commencing on December 10.