by Talk Business & Politics staff
The P3 Group, Inc. and Brown Foundation Community Development Corporation (Brown Foundation) announced a partnership Wednesday (April 12) with Southeast Arkansas College (SEARK) for a 171-bed student housing development and a $7.24 million endowment.
It is the most significant single endowment to date for SEARK and will be fulfilled over a 20-year period.
This strategic alliance between The P3 Group, Inc., the Brown Foundation, and SEARK aims to address pressing challenges faced by higher education institutions, including increasing enrollment and graduation rates and tackling housing and food insecurities.
“Through our expertise in Design-Build-Finance and operations, we’re proud to be part of this transformative project that will not only enhance the student experience at SEARK, but also generate tangible benefits for the wider community,” said Dee Brown of the Brown Foundation. “Working alongside SEARK and The P3 Group, the Brown Foundation CDC, and other stakeholders, are confident in our ability to deliver a state-of-the-art, fit-for-purpose housing solution that will transform the lives of students for years to come.”
“We are beyond grateful for the support and collaboration of The P3 Group, Inc. and Brown Foundation CDC. Their commitment to our institution will help drive SEARK’s vision to advance our mission and promote access to quality higher education for all students,” said Dr. Steven Bloomberg, President of SEARK. ”The new housing development and substantial endowment will empower SEARK to better serve our student community, attract new enrollment, and inspire academic success.”
The 171-bed student housing development will feature modern amenities, while addressing the housing needs of the growing student population.
SEARK was established in 1991 and provides a comprehensive community college education experience focused on technical education and workforce development for the citizens of Jefferson, Cleveland, Desha, Drew, Grant and Lincoln counties.