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Riverfront Residence Hall will expand capacity, amenities with help of $7-million Mott Foundation grant
January 22, 2010
Contact: Carol D. Rugg,
810.238.5651,
crugg@mott.org
Riverfront Residence Hall will expand capacity, amenities with help of $7-million Mott Foundation grant
FLINT, Mich. – The
Riverfront Residence Hall, which opened downtown in September with nearly every bed reserved, will soon undergo further transformation, thanks to a
$7-million repayable grant to the Foundation for Uptown Reinvestment Corporation (FURC) from the Charles Stewart Mott Foundation.
The FURC is the supporting organization for
Uptown Reinvestment Corporation (URC), which will use the funds to complete the renovation of the building’s 16 floors, increasing bed capacity from 243 to 541 and turning an on-site conference center into a best-in-class meeting space. The project is expected to be completed by the fall 2010 semester.
The announcement kicks off the final phase of a $30-million renovation of the former Character Inn, which the URC purchased from the Institute for Basic Life Principles in January 2009 with the help of an initial
$20-million repayable grant from Mott. The building originally opened in 1981 as a Hyatt Regency Hotel.
That first Mott grant also funded extensive renovations to the structure, including updated heating and air-conditioning systems; conversion of the building’s third through eighth floors into apartment-style student housing; and spaces created for entertainment, group activities and studying.
Both Mott grants are to be repaid within 10 years, with interim payments required based on cash flow, or upon sale of the building.
“Flint is home to several top-rate colleges and universities, and a number of new restaurants and other businesses have set up shop downtown,” said William S. White, Mott Foundation president. “That can create a kind of synergy that will attract even more young people to live and learn in Flint, and ultimately build the entire area’s economic and cultural momentum.”
“The growing sense of vitality and excitement in downtown Flint is key to sparking a new future for all of Genesee County,” agreed Tim Herman, president of the URC Board of Directors and CEO of the
Genesee Regional Chamber of Commerce. “Launching this next phase in the renovations of the Riverfront Residence Hall is yet another step toward that goal. The FURC is very thankful for the Mott Foundation's continuing support of the project and the greater Flint community."
Riverfront is one of several student housing developments in downtown Flint. The
University of Michigan-Flint opened its first on-campus housing in fall 2008, with 308 students filling the $21-million First Street Residence Hall to capacity. Mott provided a
$1.75-million grant for that building.
In November 2008, the Foundation commissioned the Scion Group LLC, a student housing research and development company based in Chicago, to assess the local demand for student housing. Its findings suggested the need for a total of 1,000 beds by the start of the 2010 academic year.
The Mott Foundation, established in 1926 by an automotive pioneer, is a private philanthropy committed to supporting projects that promote a just, equitable and sustainable society. It supports nonprofit programs throughout the U.S. and, on a limited geographic basis, internationally. Grantmaking is focused in four programs: Civil Society, Environment, Flint Area and Pathways Out of Poverty. Besides Flint, offices are located in metropolitan Detroit, Johannesburg (South Africa) and London. The Foundation, with 2012 year-end assets of $2.28 billion, made 439 grants totaling $91 million. For more information, visit www.mott.org.
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