Gilbane and University of Rhode Island reach financial close on transformative student housing P3
University of Rhode Island’s new North Building student housing, part of the on-campus modernization project developed and built through a public-private partnership (P3) with Gilbane. Rendering by CannonDesign.
Kingston, RI (November 6, 2025) – The University of Rhode Island and Gilbane today announced they have reached the financial close of a major new public-private partnership that represents the first step in URI’s comprehensive plan to modernize on-campus housing at the University’s Kingston Campus. Gilbane—URI’s selected development partner and a globally known real estate development and building company headquartered in Providence—is set to begin construction on three new residence halls, with 1,100 beds, later this month. The first will open as early as fall 2027.
Provident Resources Group, Inc., a nonprofit 501(c)(3) entity, will serve as conduit borrower and finance the Project under a tax-exempt structure, while Raymond James will serve as the underwriter for the tax-exempt bond financing.
Delivering Modern, On-Campus Student Housing
Through this partnership, Gilbane will build two new residence halls with apartment-style suites on Flagg Road, located on the northwest side of campus, and reconstruct the Graduate Village Apartments complex for graduate students on Route 138.
The new Flagg Road residence halls will add 914 new beds, while the new Graduate Village complex will increase occupancy for graduate students to 200 by fall of 2028. The residence hall north of Flagg Road is expected to open in August 2027, followed by the residence hall south of Flagg Road, near Brookside Residence Hall, in August 2028. The current Graduate Village complex closes in May 2026 and will reopen for the fall 2028 semester.
Leadership Perspectives
“We’re seeing more and more students who want to live on campus—close to their classes, friends, and everything that makes our URI community so special,” said URI President Marc Parlange. “Expanding our on-campus housing will give students even more access to the resources and amenities that support their success. This project is an important step forward for our University and advances our strategic priorities to enhance student achievement and strengthen our inclusive, supportive campus culture. We deeply appreciate the leadership and partnership of Gov. McKee, Speaker Shekarchi, the General Assembly, and all our elected leaders in advancing the public-private collaboration that is making this project a reality.”
“We are thrilled to see this new on-campus housing effort at the University of Rhode Island moving forward, creating opportunities for future generations of students,” said Governor Dan McKee. “The momentum at the University of Rhode Island has never been stronger. My administration has made major investments in a new Bay Campus and upgraded athletic facilities, and URI was recently named the number one public university in New England by The Wall Street Journal for the second year in a row. I want to thank the University and all of the partners for their collaboration and commitment to moving Rhode Island forward.”
With a record number of applications for admission submitted for the fall 2025 semester, and with increasing interest in on-campus housing opportunities, the construction project aligns with the University’s commitment to provide high-quality, accessible housing for students and supports its strategic plan, Focus URI.
“This project is a great example of how public-private partnerships can help us meet the growing demand for on-campus living,” said Abby Benson, URI vice president for administration and finance. “By collaborating with experienced partners, we’re able to move forward efficiently and deliver high-quality residence halls that complement our campus and serve our students well. This approach allows us to expand housing options without diverting resources from other academic priorities, helping us create a vibrant, inclusive environment where students can thrive.”
The groundbreaking of this new housing project also coincides with the comprehensive renovation of the University’s Fine Arts Center and transformative investments in the Narragansett Bay Campus, including the construction of a new Ocean Robotics Laboratory. URI also was recently named the No. 1 public university in New England by The Wall Street Journal for the second year in a row in addition to its recent designation as an R1 institution in the latest Carnegie Classification of Institutions of Higher Education.
“We’re building more than new facilities. The Office of Housing and Residential Life is strengthening the student experience and improving campus living,” said Thomas Cooley, URI’s associate vice president for student affairs and campus living. “Each of these projects adds to the momentum on campus and reflects how URI continues to invest in its community.”
“Founded and proudly based in Rhode Island, Gilbane is honored to partner with the University of Rhode Island to help advance the University’s growth objectives. Together, we’re delivering a full spectrum of modern, on-campus student housing that serves as a model for how public-private partnerships can elevate the student experience and support long-term institutional success,” said Russell Broderick, executive vice president at Gilbane Development. “Here and across the nation, Gilbane is dedicated to delivering thoughtfully designed, amenity-rich communities that provide everything students need to succeed academically, socially, and personally.”
“As design-builder, we are proud to bring this concept to life in collaboration with the University of Rhode Island, and CannonDesign,” said Michael Busam, Rhode Island business leader with Gilbane Building. “We look forward to beginning construction on this impactful project that will offer new spaces for learning, collaboration, and connection.”
Enhancing the Student Experience
The Flagg Road residence halls will feature two- and four-bedroom apartment units, and amenities will include expanded study spaces and common areas, community wellness rooms, a grab-and-go cafe, and an outdoor courtyard space with walking and bike paths. The new Graduate Village complex will feature a mix of studio, one-, two-, and three-bedroom apartment units; a revived community garden; and an enhanced community center with the potential for additional lounge space or fitness classes to promote students’ general well-being through socialization.
Other key facts and figures:
- The residence hall north of Flagg Road will cover approximately 173,739 square feet with a total of 134 units.
- The residence hall south of Flagg Road will be 135,177 square feet with 105 total units.
- Graduate Village will feature a total of 152 units covering 84,813 square feet.
The three new projects, once completed, will represent an increase in the number of on-campus beds by more than 2,000 since 2012.
About Gilbane
Gilbane, Inc., a private holding company with a more than 155-year history, is one of the oldest and largest family-owned construction, investment, and real estate development firms in the world. Gilbane Development is the project development, financing, and ownership arm of Gilbane, providing a full slate of real estate development and property management services. Gilbane Building is a full-service construction services firm providing preconstruction, general contracting, construction management, and design-build services on some of the nation’s most complex projects. Gilbane’s Public-Private Partnership Group has delivered or has underway more than $4.4 billion in P3 projects for healthcare, higher education, K-12 schools, and federal/state/municipal clients. To learn more, visit gilbaneco.com.
About CannonDesign
CannonDesign is a global Living-Centered Design firm at the nexus of strategy, experience, architecture, engineering and social impact. We leverage the heart, passion and intelligence of more than 1,300 creative thinkers to create transformational places, plans and strategies to help organizations, people and communities continuously flourish. Working across education, science and technology, health, commercial, community, sports and beyond, our team and solutions are consistently recognized as some of the most innovative and impactful in the world.
About University of Rhode Island
The University of Rhode Island is a global education leader and the state of Rhode Island’s flagship public research institution. URI offers its undergraduate, graduate, and professional students distinctive educational opportunities designed to meet the global challenges of today’s world and the rapidly evolving needs of tomorrow. Founded in 1892, URI now enrolls more than 17,000 students and has earned the prestigious Carnegie R1 designation for high research activity. As a land- and sea-grant institution, URI is a key driver of economic development in Rhode Island and contributes significantly to the health and vitality of the state and New England region. Discover more at uri.edu.