With a new incoming president, a few new regents and a new board chairperson, there is a tremendous opportunity for the University of Hawaii Board of Regents to take the next step to elevate UH to become the best institution of higher learning in the Asia-Pacific region, as well as another economic generator for the state.

It starts with providing sufficient facilities to accommodate every qualified Hawaii resident student, as well as removing the cap on the number of nonresident students who wish to attend the university.

To accommodate additional students at UH-West Oahu, Chancellor Rockne Freitas has received $28 million from the Legislature to construct a new allied health and administration building. This project would free up the spaces currently occupied by school administrators for offices to be used for additional classrooms.

He also initiated the process to build a new minimum 300-bed student housing facility on campus. These new beds, together with the construction of the new Tokai University on campus, will achieve the critical mass of improvements much needed to facilitate the growth of the campus.

New facilities and programs can be funded by the higher nonresident tuition revenues, funding from the Legislature, private contributions and proceeds from the monetization of excess UH lands. Other public universities have entered into public/private partnerships to develop their lands as a way to generate revenues, especially in view of the declining contributions from state governments, which are faced with decreasing tax revenues and increasing competing spending demands.

The Board of Regents in 2004 initiated the use of public/private partnerships as an additional funding mechanism. The development of the UH-West Oahu campus, the 810-bed Frear Hall dorms at Manoa, the Cancer Research Center in Kakaako and the new Hawaii Community College West Hawaii campus were started under this model. After the financial markets collapsed in 2008, improvements continued with bond financing from the Legislature.

Currently, the real estate fundamentals have improved, developers have the necessary equity funds and the interest rates for debt financing are very attractive. The University of Hawaii could start monetizing more than 300 acres of fully entitled lands that have a master plan as well as sufficient infrastructure for full development. These parcels are adjacent to the UH-West Oahu’s 200-acre campus. A few years ago, the Legislature enacted a law mandating that the proceeds from these lands be deposited in a special fund and be used solely for the development of the campus.

Imagine a community of mixed uses, such as faculty housing, training hotels, international schools, film studios, a science and research park, medical offices, affordable rentals, living facilities for active seniors who wish to be part of the university environment and programs, and appropriate retail shops. These uses would not only facilitate the financing of future university improvements but would synergistically add to the development and value of the rapidly growing city of Kapolei and also create jobs.

Add the rail and now we can begin to visualize the resulting economic opportunities and a vibrant university city such as Halifax and Boston. All that needs to be done is to start.