Columbia, SC — Richland County
The University of South Carolina Development Foundation is using $88.1 million and $4.6 million in tax-exempt and taxable revenue bonds, respectively, from the South Carolina Jobs-Economic Development Authority (JEDA) to finance the construction of new student housing.
The Series 2014 bonds will be used to develop an approximately 878-bed student housing complex at the corner of Blossom and Huger streets in Columbia.
The bond issue is expected to create 38 new jobs within the first 12 months of the project and a total of 75 new jobs within 24 months of completion.
The new housing project is in response to continued growth at USC, which enrolled 32,800 students – including 24,180 undergraduates – in the fall 2014 semester.
“We’re very excited to begin this major project to increase the number of USC’s student housing options and are thankful for this public-private partnership for the opportunity to do so.”
— Russell Meekins, CPA, Executive Director of the USC Development Foundation
Students will begin moving into the first buildings on August 1, 2015. A final phase will be completed by August 1, 2016.
“We know what an impact increasing student housing options can have on the university and the community as a whole, and we feel privileged to be able to play an active role in it,” said Bond Counsel Robert Galloway with Haynsworth Sinkler Boyd, P.A., in Greenville.
“The University of South Carolina is growing in stature as a Tier 1 research and teaching university. With that comes a sharply growing student population, and we’re proud to help finance state-of-the-art housing options for these future leaders,” said Harry A. Huntley, CPA, Executive Director of JEDA in Columbia.