RISE, University of Tennessee Break Ground on Two Residence Halls

Knoxville, Tenn. — A public-private partnership between the University of Tennessee and RISE: A Real Estate Co. has broken ground on two residence halls expected to open on the university’s Knoxville campus in fall 2025. The two communities will add approximately 1,950 beds to the university’s housing inventory, which currently totals 8,500 beds. The first development will be located at the intersection of Andy Holt Avenue and 20th Street and will offer 788 beds throughout a seven-story building. The second, two-building residence hall will offer 1,166 beds between Caledonia and Terrace Avenues. Construction of the two communities represent Phase I of a larger project, which will include the development of a third 1,028 residence hall. The project is being delivered through a ground lease structure, with the university retaining ownership of the land. Provident Group–UTK Properties will own the facilities for the term of the project-based bond financing. At the end of the debt, the ownership of the buildings will revert to the university. RISE — alongside undisclosed partner firms — is developing, financing and constructing the facilities and will maintain them in partnership with the university through a long-term shared services partnership. The development team includes Niles Bolton Associates.