The LSU Utilities Modernization Initiative is designed to modernize utility systems at the flagship campus and bring $90 million in savings over three decades. The deal arose as two central plants that heat and cool buildings neared the end of their life cycles.
Louisiana State University, the LSU Property Foundation, RISE: A Real Estate Company, and Provident Resources Group worked together to design, build, finance, operate, and maintain new student housing, retail space, a recreation center, and other amenities.
Since its evacuation for Hurricane Katrina in 2005, the former Charity Hospital building in New Orleans sat unoccupied and deteriorating, costing the LSU Health Sciences Center – New Orleans over $1 million annually to maintain. LSU needed a commercial partner who could transform the building for the benefit of the Health Sciences Center and the entire New Orleans medical district.