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Austin Peay State University·Tennessee

26-05-001 RFP (27-001) Residential Multi-Family Housing

Closes 1/5/2027$5M – $15MRequest for Proposal
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Description

Austin Peay State University is seeking a qualified developer to design, finance, construct, operate, and lease a mixed‑use residential multi‑family housing complex (including ground‑floor retail) on a 0.6‑acre university parcel in Clarksville, TN. The project will be executed under a 30‑year ground lease with renewal options, and the developer must provide a comprehensive master‑plan, detailed design, financing package, construction schedule, and long‑term operating plan. The scope also requires a faculty/staff housing component, preferred retail (grocery/pharmacy), innovative parking solutions, and end‑of‑term demolition or in‑kind payment.

Attached files

Contact

Patricia Walton(RFP Coordinator)

[email protected]

(931) 221-7573

Key dates

Opened
6/1/2026
Questions due
7/16/2026
Pre-bid meeting
6/11/2026
Site visit
6/11/2026
Closes
1/5/2027
Projected award
7/9/2027
Duration
30 years

Last updated

Details

Type
Request for Proposal
Industry
Property Development
NAICS
236116
Solicitation №
26-05-001

Budget estimate

$5,000,000 – $15,000,000

The RFP does not disclose a fixed payment to the developer; revenue will derive from ground‑rent or profit‑share arrangements, rental income from the residential units, and retail leases. Assuming a 30‑year lease, a typical ground‑rent for comparable sites in Clarksville ranges from $2 million to $5 million per year, plus additional profit‑share. Over the lease term, total returns to the developer could be roughly $60 million – $150 million. After accounting for construction costs, financing expenses, and operation, the net earnings for the developer might fall in the $5 million to $15 million range.

AI estimate from the solicitation

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Austin Peay State University·Tennessee

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