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Harrison Street Launches Partnership to Manage Illinois Tech Utility System
Harrison Street has entered into public-private partnership (P3) with a hometown school, the Illinois Institute of Technology, to operate, manage and redevelop the university’s on-campus utility system. The 40-year P3 will support Illinois Tech and provide the university with a capital solution for deferred maintenance costs, operations and maintenance services, energy conservation measures and cost savings efforts.
Illinois Tech’s utility plant provides chilled water and steam production and distribution, as well as electricity production to the campus. As part of the P3 arrangement, Harrison Street intends to install a new, highly efficient trigeneration system to reduce costs and carbon emissions.
Christopher Merrill, Harrison Street’s co-founder, chairman and CEO, said, “This agreement is consistent with Harrison Street’s strategy to invest in mission critical social infrastructure and to deliver a comprehensive capital and maintenance solution with world-class operators to support our top-tier university partners, both large and small.”
- ◦Financing
