U3 Advisors advances International House New York Project
U3A was engaged by International House – New York (I-House), a private nonprofit residence for graduate students and scholars, in 2016 to help the organization consider options for the significant expansion its Morningside Heights campus through the construction of a new building in an effort to fulfill key parts of its strategic plan for the 21st Century. Working closely with an internal team and a committee of Trustees, U3A led a detailed analysis of the range of options available to I-House, including comparing options to joint venture with a third party developer partner vs. “self developing” the new building using tax-exempt bond financing. Several different site planning options were considered, numerous financial models were created, and key factors that were taken into account included operating budget implications, tax-exempt bond financing issues, alignment with the organization’s mission and strategic planning objectives. U3A then presented its findings to organizational stakeholders, including the Board, facilitating the selection of a preferred development option.
As International House NY moved forward with implementing the preferred development option, U3A lead the selection process for an Owner’s Representative. Leveraging its deep experience working with academic and nonprofit institutions in this area, U3A managed the full cycle of the selection process on an expedited schedule. U3A also participated in the Design Architect RFP and the selection of International House NY’s real estate attorney. The project is currently in the design phase, and U3A continues to support International House to update and refine the financial models for the project.