SeamusMcFly
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Who's bright idea was it to outsource it?????
[ . . . ]
The dorm was built, and is operated, by a private, for-profit company that leases land from UMass. Students make their housing payments directly to the company, Capstone Development, which will own the building for 40 years. After that, ownership will revert to UMass.
Capstone Development spent $119.4 million building the dorm, while UMass Boston contributed $18 million for staff, the dining hall, and other services, according to a university spokesman.
A Capstone spokeswoman, Nicole Ivanovich, said the company has been working with its contractor and subcontractors to respond quickly to “residual construction-related issues.”
“Most have been able to be repaired or resolved in short order. A few issues required the ordering of materials or parts [and] have taken a bit longer,” Ivanovich said in a statement. She said the number of issues has been “relatively modest — particularly given the size and complexity of this community.”
“We regret any inconvenience to student residents in addressing these items. We will continue to provide prompt and professional attention to any construction related repairs that are needed,” the Capstone statement said.
Sodexo declined to comment.
[ . . . ]
By the time this building becomes owned by the Commonwealth it may have caved in already. "Let the private sector do it" they say. "The private sector is always better they say...." Well voila!
My understanding is that UMB has maximized it's debt, and could not afford to build these without going the PPP route (private/public/partnership). That was from the horses mouth.
So it was either wait to pay down existing debt, and not have on campus living. Or, go private.
It then is not the cash cow that dorms normally are for universities, but they don't have additional debt they can't afford.
However, I agree, that when these are handed over in 40 years, there will be a major cost to upgrade or maintain them, and won't be cash cows then either.