The University of Hawaii on Thursday broke ground on its $70 million Residences for Innovative Student Entrepreneurs.
The live-learn-work community is being developed through a public-private partnership between the university, its fundraising arm, the UH Foundation and Hunt Companies.
“It has taken extraordinary leadership and commitment on the part of all of the key partners to collaborate in new ways so we can begin construction of the university’s first major new construction P3 project,” UH President David Lassner said in a statement. “The outpouring of support from our community validates our shared vision to build this innovative facility that will help us nurture the next generation of student entrepreneurs, who will help transform Hawaii‘s economy.”
When it is complete, RISE will couple an innovation and entrepreneurship center with housing for both undergraduate and graduate students. The center will be operated by the Pacific Asian Center for Entrepreneurship at UH Manoa Shidler College of Business.
The six-story, 374-bed RISE – located on the site of the former Atherton YMCA and which will connect to the historic pink Charles Atherton House – is expected to be complete in 2023.
In addition to its 219 residential units, RISE also includes a 7,263-square-foot multipurpose space that includes co-working spaces, meeting areas, a classroom, and prototyping labs with 3-D printers, scanners, sewing machines and laser cutters.
“It is gratifying to see this important milestone happen after five years of thoughtful planning,” Tim Dolan, CEO of UH Foundation and vice president of advancement at UH. “The donors’ generosity and hard work of our partners to make UH’s first P3 a reality is inspiring. Mahalo to everyone who has worked to get us to this day.”
According to UH, the UH Foundation purchased the one-acre University Avenue property in 2017 for $8 million.
To date, $2 million has been raised from individuals and corporate and foundation donors, including Water Dods Jr. and First Hawaiian Bank Foundation, Rich and Eileen Wacker, Hawaiian Electric and American Savings Bank, and Island Insurance Foundation, which will be used for the center's furnishing, fixtures and equipment, along with operational programs and student scholarships over the first 10 years, the university said.
The construction cost is largely being funded by tax-exempt bonds that will be repaid with student housing fees.
“Our team is honored to play a role in the development of RISE, which has established a model for P3 projects in the state of Hawaii,” Steve Colón, president of Hunt’s Hawaii Development Division, said in a statement. “This P3 will deliver a first-of-its-kind project that is absolutely unique in Hawaii. We look forward to future students at RISE helping transform the state’s economy because of their experiences in this innovative new center.”
