Monday, May 27, 2013

With new luxury dorm, Orlando philanthropists offer Hillel evergreen funding model


Real estate developer Hank Katzen has a dream: If you build it, they will come.

Except this is no baseball field in an Iowa cornfield. It’s a $60 million, 600,000-square-foot luxury dormitory at the nation’s second-largest college campus, the University of Central Florida in Orlando.

When it opens in August, the new dorm will push the bounds of cushiness. Every room has en-suite bathrooms and flat-screen TVs. Suites have island kitchens with stone countertops, washer-dryers and walk-in closets. Duplex units feature spiral staircases and two-story atriums.

There is a resort-style swimming pool, 24-hour fitness center, sauna and game room. The parking garage is seven stories, ensuring that no student will have to take an elevator or brave the Florida elements on the way from their cars to their dorm rooms.

But what makes Katzen’s new facility noteworthy isn’t so much the lavishness as the idea behind it: to create America’s first self-sustaining Hillel. The ground floor of the seven-story building will include a 20,000-square-foot Hillel center with operations to be be funded in large part by rental income from the 600-bed dormitory.

The Jewish philanthropists behind this unique arrangement aren’t simply giving the 15-year-old Hillel at UCF a building; they’re giving it a permanent income stream.

“This is a remarkable gesture of philanthropy — the university desperately needs the beds, and Hillel could use this funding,” said Sidney Pertnoy, a Miami businessman and philanthropist who is chairman-elect of Hillel International. “There are some Hillels connected to some housing, but nothing even remotely resembling this model. It’s a unique cash-flow model and we’re super excited about it. We’re hoping this is a prototype for other communities.”

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