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UMaine Forms First P3 to Turn 1888-Constructed Halls into On-Campus Boutique Hotel
Harrison Street has formed a joint venture with Radnor Property Group to rehabilitate and expand two historic buildings centrally located on the University of Maine’s flagship Orono campus. The JV, which is structured as a public-private partnership agreement, is the first P3 for the UMaine System and is fully contracted through a coterminous 99-year ground lease.
The 1888-constructed Coburn Hall and Holmes Hall have been non-operational for the past 15 years. They will be converted into a boutique with 95 hotel rooms and suites and a bistro café at the center of campus. The project will offer workforce development and internship programs in collaboration with regional tourism and hospitality programs to help prepare and develop young professionals in the industry.
The buildings are Certified Historic Structures, and the redevelopment plan will meet the National Park Service standards for rehabilitation. The property will be operated by Portland, ME-based Olympia Hotel Management.
- ◦Development
