Student U-Pearson Center (2017)

Durham, NC

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COMMUNITY IMPACT

As a result of the decision by DPS to sell The W. G. Pearson Center, Student U does not be able to continue to operate within the current arrangement as a rent-free tenant of The Center. In November, 2015, Student U created a Space Committee comprised of staff and Board members. This committee was tasked with exploring potential long-term space options, including purchasing The Center from DPS, purchasing or leasing an existing building other than The W. G. Pearson Center, purchasing land to construct a new building, or fostering partnerships with other entities that could offer permanent space for us. To facilitate this discernment, Student U hired Real Estate Associates. The Space Committee and the Board of Directors believe that The W. G. Pearson Center is the best available long-term, permanent home for Student U. The upfront cost of the acquisition, renovation, and remediation of The W. G. Pearson was approximately $11,000,000. Self-Help utilized the New Markets Tax Credit, the Federal Historic Tax Credit, the State Historic Tax Credit to cover approximately $5,000,000 of the total cost. Durham County provided approximately $4,250,000 for renovation and remediation. Student U funds were utilized to cover any remaining gap between overall project expenses and these other revenue streams.

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