WEST VIRGINIA UNIVERSITY CONNECTOR
Evansdale Crossing Building
Morgantown, WV 26505
Public Private Partnership between West Virginia University and Fresh Capital
Fresh Capital negotiated with a public university to provide a unique solution for West Virginia University’s needs: the university wanted a building to use as a connector from their PRT (personal rapid transit) system on the main campus to the separated Evansdale campus. Using university credit, FC managed to borrow 100% of the building cost without any upfront equity, allowing them to maintain complete ownership of the building and alternatively preventing the university from tapping into their bond capacity. When the deal was sealed, WVU received a new and much needed multi-purpose building, suitable for administration needs, student education and leisure; and FC gained an incredibly valuable addition to the portfolio.
A unique structure and partnership in which the University owns the land and FC owns the physical building, the WVU Connector provides great benefits to both parties via our profit sharing agreement. While the building owners get the tax benefit of depreciation and the elimination of paying property taxes, WVU gains the benefit of a beautiful new building that was constructed quickly. Since the building was conceived outside of the normal processes set by the university, it avoids the rigamarole of being approved by dozens of committees, superiors, and university officials.
Fresh Capital leveraged current restaurant relationships to build a brand new on-campus food hall complete with four restaurant concepts, a juice bar, and a sandwich-and-coffee shop. The majority of the restaurants implemented have health-heavy menus, serving high-quality, fresh food instead of the traditional fast-fare seen on most college campuses. In addition to the food hall, an on-campus Barnes & Noble, a PNC Banking Branch, a PostNet and a WVU Student Services all have space within the building as well, making on-campus life more convenient and efficient for students. Additionally, the School of Journalism and other University Administrative Offices occupy space on the upper levels.
The four restaurant tenants include: Tazikis Mediterranean Grill, Let’s Go Tacos, Hugh Baby’s BBQ & Burger Shop, and Waldo’s Chicken, while Panini Pete’s provides coffee and sandwiches, and Juice Bar serves fresh juice.
FC negotiated deal structure, sourced debt financing, secured tenants, worked with the architect to deliver plans, hired and value engineered the General Contractor, and most impressively, completed the project early and under budget, all occurring outside of FC’s traditional home market, Nashville, TN.