The University of Missouri plans to request proposals from private developers interested in building properties on the MU campus.
This effort was announced at the last UM System Board of Curators meeting earlier in September. UM System President Mun Choi presented a map during the meeting highlighting zones across the campus where such a project might be feasible.
Mizzou spokesperson Christopher Ave said the university is seeking opportunities that could serve as year-round commercial assets while enhancing the game day experience within the MU Athletics Sports Complex.
Ave added the initiative will explore all appropriate opportunities for development, including “public-private partnerships” and long-term lease arrangements for mixed-use development, housing and other viable projects.
“The main benefit to the university would be to increase revenue, but development could also enhance game day experiences as well as provide people more reasons to visit our campus community,” said Ave.
The group heading this initiative includes Board Chair Todd Graves, Curator Bob Blitz, Athletic Director Laird Veatch, General Counsel Mark Menghini and Executive Vice President and Chief Financial Officer Ryan Rapp.
Graves noted during a news conference in September that public-private partnerships are a national trend to bring more amenities surrounding a university, such as Mizzou.
“We don’t have any preconceived notions,” Graves said. “We are going to ask for requests for people to submit proposals; we have zones of interest around the university that we’re going to throw out there and see what we get.”
While this opportunity is new for Mizzou, higher education institutions have recently started to establish these partnerships enabling them to cope with escalating costs and meet the demands of their campuses.
At the start of this academic year, the University of Tennessee, Knoxville, opened two new residential communities for students with its public-private partnership with RISE Real Estate.
On the other hand, the University of Iowa has run into trouble recently with its utilities partner, resulting in a lawsuit against the campus just three years into a $1.165 billion, 50-year contract.
The lawsuit, which was caused by differences of opinion related to certain contractual terms and conditions, was settled in July between the university and the UI Energy Collaborative (UIEC), including partners ENGIE North America, Meridiam, and HA Sustainable Infrastructure Capital (HASI).
Ave said Mizzou’s pursuit is consistent with what is taking place across the country at both the collegiate and professional level. He said he is not aware of specifics on budget goals or other possible projects toward the university and its students.
