Summary:
- The University of Akron has signed a 50-year agreement outsourcing management of its residence halls to PRG-Akron Properties, securing $91.6 million for debt relief and $50.6 million for major housing renovations, marking a strategic step in its multiyear revitalization plan to reduce debt and enhance student services.
- Renovations will begin in May 2024 on Bulger and Spanton residence halls, including privacy upgrades, new communal spaces, and keyless entry systems; work on four additional dorms will follow through 2027, while three smaller dorms will close afterward, reducing total on-campus beds but aligning capacity with demand.
- Radnor Campus Management, a joint venture including Capstone On-Campus Management, will oversee daily housing operations without layoffs of current custodial or maintenance staff; the university will retain Residence Life programming and campus security, maintaining continuity in student support services.
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