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University of South Carolina Rutledge Building Lease and Development
University of South Carolina
The buyer seeks a private developer to lease, renovate, and repurpose the Rutledge Building for residential occupancy. The developer will design, construct, finance, operate, and maintain the property through a long-term ground lease. The project involves converting office space into market-rate residential apartments. The buyer requires no funding or financial support for the improvements. The developer must comply with city zoning codes, state building codes, and University safety standards.
- 2/13/2025 - RFP Issue Date
- 4/30/2025 - Proposal Due Date
- Must be properly licensed to conduct business in South Carolina
- Must agree to a long-term lease
- Must agree to design, build, finance, operate, and maintain the development
- Must agree to University design and law enforcement standards
- Design and construct residential apartments in the Rutledge Building
- Finance the development project
- Operate and maintain the residential property
- Provide revenue to the University through ground lease and/or shared rental income
- Comply with building codes and University safety standards
- Conduct hazardous materials abatement
- Incorporate improvements for campus safety and security systems
- Develop a financial analysis and market-based pro forma
- Create a long-term maintenance and operation plan
- Negotiate lease terms with the University
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